text: ally guarantee the Senior Credit Facility, senior notes, senior debentures, and senior 
  subordinated notes. MGM Grand Detroit, LLC is a guarantor under the Senior 
  Credit Facility, but only to the extent that the proceeds of borrowings under such 
  facilities are made available to MGM Grand Detroit, LLC. Substantially all of the 
  Company’s assets, other than assets of foreign subsidiaries and certain assets in use at 
  MGM Grand Detroit, were pledged as collateral for the Company’s senior notes, 
  excluding subordinated notes, and the Company’s bank credit facilities at December 
  31, 2004. See Note 18 for additional information. 
  
  The Company’s long-term debt obligations contain certain customary covenants. 
  The Company’s Senior Credit Facility contains covenants that require the Company 
  to maintain certain financial ratios. At December 31, 2004, the Company was 
  required to maintain a maximum leverage ratio (average debt to EBITDA, as 
  defined) of 5.5:1, which decreases periodically to 4.75:1 by December 2007. The 
  Company must also maintain a minimum coverage ratio (EBITDA to interest 
  charges, as defined) of 2.75:1. As of December 31, 2004, the Company’s leverage 
  and interest coverage ratios were 4.0:1 and 3.7:1, respectively. 