text: The Company’s investments in Monte Carlo and Borgata were recorded at their 
  estimated fair value at the date of the Mirage Acquisition, which value exceeded the 
  Company’s share of the net assets of the unconsolidated affiliates by approximately 
  $361 million. Substantially all of this difference relates to the excess of the fair value 
  of land owned by the affiliates over its pre-existing carrying value. The investment 
  balance also includes interest capitalized on the Borgata investment, which is being 
  amortized over 40 years. 
  
  The Company also owns 50% of The Residences at MGM Grand, along with 
  Turnberry Associates. As of December 31, 2004, the Company has a negative 
  investment balance of $3 million, recorded as other long-term liabilities in the 
  accompanying consolidated balance sheet, representing cumulative losses on the 
  venture. In July 2004, the Company contributed land to The Residences at MGM 
  Grand for construction of the first tower. The equity credit of $9 million is greater 
  than the $1 million previous book value of the land, and the $8 million gain has 
  been deferred until the earnings process is complete, which will occur when The 
  Residences at MGM Grand recognizes revenue on the sale of the first tower’s units. 