text: These investments in your company’s future paid 
  dividends even before the year was out. We established a 
  new record for net revenues posting $4.2 billion, a 10% 
  increase over 2003. 
  
  Your company’s resorts produced record EBITDA of 
  $1.46 billion, an increase of 23% over 2003, while operating 
  income was $951 million, an increase of 36%, with record 
  results at Bellagio, MGM Grand Las Vegas and Beau Rivage. 
  
  Defining Momentum in the Community 
  I’ve spent 27 years in this profession and the 
  incredible generosity of our employees never 
  ceases to amaze me. Shortly after the merger 
  with Mirage Resorts in 2000, we established 
  the Voice Foundation. This allows employees to 
  express themselves in the communities we serve by 
  
  **4 7 . 6 %**
  **19 . 5 %**
  
  providing them a mechanism to raise monies for 
  **.**
  **8**
  **1**
  
  worthy causes. It’s their money and they decide 
  where it goes. Your company provides the marketing 
  and administrative support. 
  
  Casino 
  Rooms 
  Food & Beverage 
  Entertainment, Retail, 
  & Other 
  In each year since we established the program, 
  employees have given record amounts to support a 