text: The most likely significant factors affecting operating results at our existing resorts 
  in 2005 will be the expected continued strength of the leisure and convention travel 
  segments, the expansion of Bellagio and the opening of*KÀ*and other amenities at 
  MGM Grand Las Vegas, and new competition from Wynn Las Vegas on the Las 
  Vegas Strip. Various lodging market observers, such as PricewaterhouseCoopers 
  and Smith Travel Research, are forecasting mid-single digit percentage growth in 
  REVPAR in 2005, with greater REVPAR gains in full service hotels. Our REVPAR 
  growth, and REVPAR growth in Las Vegas in general, has outpaced that of the 
  national market, and we expect that trend to continue. 
  
  The Bellagio expansion opened in late 2004 and added over 30% to the resort’s 
  room base. In addition, we added new meeting, retail and dining space and signifi- 
  cantly expanded the spa and salon.*KÀ*opened in late November 2004 at MGM 
  Grand Las Vegas, which had been without a featured production show for almost 
  two years. Along with the numerous restaurant and other entertainment additions 
  at MGM Grand Las Vegas,*KÀ*will enhance our ability to generate visitor traffic 
  and capture a greater share of our guests’ spending. 