MGM MIRAGE (NYSE: MGG) today reported earnings of 47 cents per diluted share for the 2001 second quarter, compared with a loss of 13 cents per diluted share in the 2000 quarter. Excluding nonrecurring expenses, the Company reported a 20% increase in earnings per share to 48 cents per share for the three months ended June 30, 2001, up from 40 cents per share in the prior year's quarter.
Net income before nonrecurring expenses grew 27% to $77.3 million in the 2001 quarter from $60.7 million in the prior year's quarter. These results reflect the continued strong performance from the Company's casino and hotel operations and the impact of the historic acquisition of Mirage Resorts, Incorporated ("Mirage Resorts") on May 31, 2000. Revenue and operating cash flow ("EBITDA") soared 74% and 63%, respectively, representing the tenth consecutive quarterly increase in revenue and EBITDA on a year-over-year basis.
On a pro forma basis to account for the Mirage Resorts acquisition in both periods, revenue grew 2% to $1.05 billion while EBITDA increased 5% to $324.8 million in the 2001 second quarter.
"This quarter marks the one year anniversary of the combination of two powerful companies. Our operating performance and results have not only exceeded expectations but exemplify the strength of our people, our properties and our brands," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "Given the variety of economic concerns corporate America has faced since the beginning of the year, we are pleased with our outstanding results. Many of those factors remain in place today, but with half of 2001 behind us, we are confident in our ability to succeed in this challenging environment."
Second Quarter Company Highlights
-- Overall the Company experienced 5% growth in revenue per available room
("REVPAR") at its Las Vegas properties
-- Produced significant free cash flow at all operating properties
-- Reduced debt by $195 million during the quarter, resulting in total
debt reduction of $846 million since the acquisition of Mirage Resorts
-- Successfully amended and extended our $800 million 364-Day Credit
Facility
-- Construction of Borgata, our 50% owned resort, continues on track and
the design phase for a second wholly-owned resort in Atlantic City is
underway
Company-Wide Operating Results
For the three months ended June 30, 2001, the Company reported consolidated net revenue of $1.05 billion, up 74% from the prior year's quarter of $603.5 million. The increase in net revenue was largely due to the acquisition of Mirage Resorts. The 2001 quarter reflects three months of operating results from Mirage Resorts when compared with only a one-month contribution in the prior year's quarter. EBITDA grew 63% to $324.8 million from $199.1 million in the 2000 quarter. EBITDA also benefited from a full quarter contribution by the Mirage Resorts properties. The Company recorded a 31% overall EBITDA margin during the 2001 second quarter.
"Our Las Vegas properties continue to exhibit strong growth, and this enabled us to improve our operating margins in the quarter," said Jim Murren, President and CFO of MGM MIRAGE. "We remain committed to improving our balance sheet as evidenced by the significant reduction of our leverage ratio. Our debt to EBITDA is now 4.3 times, down from 5.4 times just one year ago. Our strong capital structure affords our Company a tremendous opportunity to grow through selective investment in our existing resorts as well as expanding our portfolio of properties."
Bellagio
Bellagio achieved EBITDA of $76.3 million on net revenue of $240.5 million for the three months ended June 30, 2001, versus EBITDA and net revenue of $55.2 million and $217.0 million, respectively for the second quarter of 2000. Quarterly EBITDA margin was 32%, representing a seven percentage point increase over the 25% recorded in the second quarter of 2000. Casino revenue increased by $18.8 million, benefiting from a slightly higher than average table game hold percentage when compared with an abnormally low hold percentage in the year ago quarter, as well as increased table game volume. Net non-casino revenue increased by $4.6 million, attributable to significant increases in room, food and beverage and entertainment revenue. Double-digit increases in average daily room rate ("ADR") and REVPAR contributed to the increase in non-casino revenue, as did an 8% increase in average ticket price for the "O" Show.
MGM Grand Las Vegas - The City of Entertainment
MGM Grand Las Vegas - The City of Entertainment recorded a 6% increase in net revenue to $198.2 million and a 7% increase in EBITDA to $60.1 million for the three months ended June 30, 2001, versus $187.7 million and $56.0 million, respectively during the prior year's quarter. Quarterly EBITDA margin was up slightly to 30.3% in the most recent quarter. The increases in net revenue and EBITDA during the 2001 second quarter were due to a 5% and 6% increase in casino revenue and net non-casino revenue, respectively. Casino revenue benefited from strong increases in both table game and slot volumes. As a result of the increased table game volume, particularly baccarat, The City of Entertainment was able to achieve a record second quarter table game revenue despite a slightly lower hold percentage in the 2001 quarter when compared with the prior year's quarter. Net non-casino revenue benefited from increases in both room revenue and food and beverage revenue. Room revenue grew 9% in the 2001 second quarter as a result of record second quarter ADR of $113 and a $3 increase in REVPAR to $112. This represents the second highest room revenue quarter in the history of this property, ranking behind only the 2001 first quarter. The City of Entertainment also benefited from record second quarter food and beverage revenues, up 11% in the 2001 quarter when compared to the prior period.
The Mirage
The Mirage recorded net revenue of $163.9 million, versus $150.3 million reported in the second quarter of 2000. EBITDA of $47.7 million represented a 35% increase over the $35.4 million achieved in the second quarter of 2000, and was the resort's best second quarter result since 1997. EBITDA margin of 29% represented a five percentage point increase over the 24% reported in the prior-year second quarter. Casino and net non-casino revenue each increased by 9% versus the second quarter of 2000. The increase in casino revenue was principally the result of increased table game volume. Non-casino revenue benefited from the opening of The Mirage's new events center, which drove increases in the resort's ADR and REVPAR as well as a strong increase in its catering and banquet business.
Treasure Island
Treasure Island achieved its seventh consecutive year-over-year quarterly increase in EBITDA, to $27.5 million versus $26.9 million in the second quarter of 2000. Net revenue increased to $93.3 million from $91.6 million in the prior-year period. EBITDA margin increased slightly to 30% despite higher utility costs resulting from increased energy rates. The increase in quarterly net revenue was concentrated in the slot and entertainment areas, with entertainment revenue benefiting from an increase in ticket pricing as well as increased showroom capacity.
New York - New York
New York - New York recorded net revenue of $54.4 million and EBITDA of $23.8 million during the 2001 second quarter when compared to $55.0 million and $25.8 million, respectively, in the prior year's quarter. EBITDA margin remained impressive at 44% during the 2001 period. Both casino and net non-casino revenue remained relatively flat quarter-over-quarter, while operating expenses increased largely due to higher utility costs.
Primm Properties
The Primm Properties, located in Primm, Nevada, produced net revenue for the 2001 second quarter of $53.8 million and EBITDA of $11.5 million. This compares with net revenue of $62.6 million and EBITDA of $20.9 million during the 2000 second quarter. These results are consistent with our first quarter experience as these properties have been negatively impacted by increased competition from Native American casinos, as well as higher fuel and utility costs in California and Nevada.
Golden Nugget Las Vegas
The Golden Nugget in downtown Las Vegas produced net revenue of $44.7 million and EBITDA of $9.3 million during the second quarter of 2001, representing increases of $1.1 million and $0.4 million, respectively, versus the amounts achieved in the 2000 second quarter. The improved results were largely due to an increase in table game hold percentage, and were achieved despite an 8% reduction in available room nights for the quarter due to a guest room renovation project, which began in June 2001.
MGM Grand Detroit
MGM Grand Detroit produced net revenue of $88.0 million and EBITDA of $34.1 million for the three months ended June 30, 2001 when compared with net revenue and EBITDA of $99.3 million and $43.6 million, respectively, for the 2000 second quarter. Despite the increased competition in the Detroit market, MGM Grand Detroit continued to focus on maximizing its profitability as evidenced by the 39% EBITDA margin in the 2001 second quarter.
Beau Rivage
Beau Rivage reported net revenue of $75.0 million and EBITDA of $17.2 million for the three months ended June 30, 2001, versus $77.6 million and $18.0 million, respectively, in the prior-year period. EBITDA margin held steady at 23%. Second quarter net revenue and EBITDA increased $6.2 million and $2.7 million, respectively, when compared with the first quarter of 2001. Increases in table game and slot volumes resulted in a $3.4 million increase in casino revenue when compared with the second quarter of 2000, which was more than offset by a $6.0 million decline in net non-casino revenue. This decline was largely the result of the closing of the Cirque du Soleil show, Alegria, which ended its sixteen-month run at Beau Rivage in October 2000. Also contributing to the decline was the closure of the resort's coffee shop and lobby lounge in connection with the expansion of its buffet. The expanded buffet and new coffee shop were completed at the end of April.
Monte Carlo
Monte Carlo reported net revenue of $69.6 million and EBITDA of $24.0 million compared with $71.3 million and $26.4 million, respectively, for the second quarter of 2000. The Company's 50% share of this joint venture's results contributed $9.8 million to operating income for the three months ended June 30, 2001.
MGM MIRAGE is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada, which owns and/or operates through subsidiaries 18 casino properties on three continents. Its U.S. holdings include: Bellagio, the MGM Grand Hotel and Casino - The City of Entertainment, The Mirage, Treasure Island, New York - New York Hotel and Casino, the Boardwalk Hotel and Casino and 50% of Monte Carlo, all located on the Las Vegas Strip; the Golden Nugget in Downtown Las Vegas; Whiskey Pete's, Buffalo Bill's, the Primm Valley Resort and two championship golf courses at the California/Nevada state line; the exclusive Shadow Creek golf course in North Las Vegas; the Golden Nugget in Laughlin, Nevada; the Beau Rivage resort on the Mississippi Gulf Coast; and the MGM Grand Detroit Casino in Detroit, Michigan. The Company is a joint venture partner on Borgata, a resort under development in Atlantic City, New Jersey and also controls several development sites in the ocean-front resort community. Internationally, MGM MIRAGE owns and operates the MGM Grand Hotel and Casino in Darwin, Australia and manages casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa.
For more information on MGM MIRAGE and its operating subsidiaries, visit our website at http://www.mgmmirage.com/.
Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.
MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Revenues:
Casino $549,685 $355,370 $1,124,433 $640,310
Rooms 231,356 117,445 466,369 187,648
Food and beverage 190,553 94,386 382,114 150,216
Entertainment,
retail and other 169,101 84,046 332,649 129,649
Income from
unconsolidated
affiliate 9,809 2,740 21,360 2,740
1,150,504 653,987 2,326,925 1,110,563
Less: promotional
allowances 98,828 50,474 206,477 83,768
1,051,676 603,513 2,120,448 1,026,795
Expenses:
Casino 276,374 163,444 571,559 297,824
Rooms 64,307 35,928 125,111 58,419
Food and beverage 110,464 57,620 214,197 85,994
Entertainment,
retail and other 106,455 52,444 211,738 77,721
Provision for
doubtful accounts 17,088 7,967 31,737 13,241
General and
administrative 152,161 87,009 297,669 149,803
Preopening expenses
and other 1,105 1,190 1,980 2,199
Restructuring costs -- 18,040 -- 23,519
Write-Downs and
Impairments -- 102,225 -- 102,225
Depreciation and
amortization 97,394 59,337 193,337 99,520
825,348 585,204 1,647,328 910,465
Operating Profit 226,328 18,309 473,120 116,330
Corporate Expense 10,375 7,107 21,199 12,686
Operating Income 215,953 11,202 451,921 103,644
Non-Operating Income
(Expense):
Interest income 1,748 6,962 3,780 7,725
Interest expense, net (92,476) (47,369) (190,012) (69,460)
Interest expense from
unconsolidated
affiliate (693) (273) (1,510) (273)
Other, net (326) (350) (1,471) (512)
(91,747) (41,030) (189,213) (62,520)
Income (Loss) Before
Income Taxes and
Extraordinary Item 124,206 (29,828) 262,708 41,124
Benefit (Provision)
for income taxes (47,620) 11,567 (101,450) (15,080)
Income (Loss) Before
Extraordinary Item 76,586 (18,261) 161,258 26,044
Extraordinary Item:
Loss on Early
Extinguishment of
Debt, net -- (733) (778) (733)
Net Income (Loss) $76,586 $(18,994) $160,480 $25,311
Income Before Preopening
and Other, Restructuring,
Write-Downs and
Impairments and
Extraordinary Item $77,304 $60,685 $162,545 $109,207
MGM MIRAGE AND SUBSIDIARIES
PER SHARE OF COMMON STOCK
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Per Share Of Common Stock:
Basic:
Income (Loss)
Before Extraordinary Item $0.48 $(0.13) $1.01 $0.20
Extraordinary Item, net -- -- -- (0.01)
Net Income (Loss)
Per Share $0.48 $(0.13) $1.01 $0.19
Weighted Average Shares
Outstanding (000's) 159,340 150,184 159,280 131,399
Diluted:
Income (Loss) Before
Extraordinary Item $0.47 $(0.13) $0.99 $0.20
Extraordinary Item, net -- -- -- (0.01)
Net Income (Loss)
Per Share $0.47 $(0.13) $0.99 $0.19
Weighted Average Shares
Outstanding (000's) 161,653 150,184 161,489 133,748
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Per Share Of Common Stock:
Basic:
Income Before Preopening
and other, Restructuring,
Write-Downs and Impairments
and Extraordinary Item $0.49 $0.40 $1.02 $0.83
Preopening expenses and
Other, net (0.01) (0.01) (0.01) (0.01)
Restructuring costs,
net -- (0.08) -- (0.12)
Write-Downs and Impairments,
net -- (0.44) -- (0.50)
Extraordinary Item, net -- -- -- (0.01)
Net Income (Loss)
Per Share $0.48 $(0.13) $1.01 $0.19
Weighted Average Shares
Outstanding (000's) 159,340 150,184 159,280 131,399
Diluted:
Income Before Preopening
and other, Restructuring,
Write-Downs and Impairments
and Extraordinary Item $0.48 $0.40 $1.00 $0.82
Preopening expenses and
Other, net (0.01) (0.01) (0.01) (0.01)
Restructuring costs,
net -- (0.08) -- (0.11)
Write-Downs and Impairments,
net -- (0.44) -- (0.50)
Extraordinary Item, net -- -- -- (0.01)
Net Income (Loss)
Per Share $0.47 $(0.13) $0.99 $0.19
Weighted Average Shares
Outstanding (000's) 161,653 150,184 161,489 133,748
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
NET REVENUES:
Bellagio (1) $240,466 $66,619 $500,706 $66,619
MGM Grand Las Vegas 198,232 187,669 386,980 387,062
The Mirage (1) 163,894 48,213 333,444 48,213
Treasure Island (1) 93,300 28,558 190,666 28,558
New York-New York 54,393 54,972 108,811 107,842
Primm Properties 53,821 62,622 105,054 123,455
Golden Nugget
Las Vegas (1) 44,680 13,594 93,128 13,594
Golden Nugget
Laughlin (1) 11,792 3,463 24,259 3,463
MGM Grand Detroit 88,044 99,257 176,689 199,084
Beau Rivage (1) 75,043 25,150 143,856 25,150
Income from
Unconsolidated
Affiliate (1) 9,809 2,740 21,360 2,740
Boardwalk (1) 9,198 -- 18,313 --
MGM Grand Australia 7,648 9,143 14,793 18,247
MGM Grand South Africa 1,356 1,513 2,389 2,768
$1,051,676 $603,513 $2,120,448 $1,026,795
EBITDA:
Bellagio (1) $76,317 $16,978 $169,832 $16,978
MGM Grand Las Vegas 60,104 56,048 108,100 117,064
The Mirage (1) 47,655 12,249 102,213 12,249
Treasure Island (1) 27,540 7,751 58,545 7,751
New York-New York 23,820 25,813 47,276 49,231
Primm Properties 11,497 20,864 22,892 40,674
Golden Nugget
Las Vegas (1) 9,259 2,219 21,127 2,219
Golden Nugget
Laughlin (1) 1,331 359 2,827 359
MGM Grand Detroit 34,130 43,597 70,727 79,427
Beau Rivage (1) 17,206 5,408 31,695 5,408
Income from
Unconsolidated
Affiliate (1) 9,809 2,740 21,360 2,740
Boardwalk (1) 1,673 -- 3,373 --
MGM Grand Australia 3,142 3,595 6,111 6,977
MGM Grand South Africa 1,344 1,480 2,359 2,716
$324,827 $199,101 $668,437 $343,793
Note:
(1) The Company acquired Mirage Resorts, Incorporated on May 31, 2000,
thereby acquiring the Mirage Properties and 50% ownership in the
Monte Carlo Resort & Casino.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PRO FORMA PROPERTY OPERATING RESULTS
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 (1) 2001 2000 (1)
NET REVENUES:
Bellagio $240,466 $217,048 $500,706 $455,735
MGM Grand Las Vegas 198,232 187,669 386,980 387,062
The Mirage 163,894 150,271 333,444 316,963
Treasure Island 93,300 91,641 190,666 186,088
New York-New York 54,393 54,972 108,811 107,842
Primm Properties 53,821 62,622 105,054 123,455
Golden Nugget Las Vegas 44,680 43,618 93,128 89,925
Golden Nugget Laughlin 11,792 11,321 24,259 24,188
MGM Grand Detroit 88,044 99,257 176,689 199,084
Beau Rivage 75,043 77,593 143,856 152,973
Income from
Unconsolidated Affiliate 9,809 10,927 21,360 19,302
Boardwalk 9,198 9,785 18,313 19,283
MGM Grand Australia 7,648 9,143 14,793 18,247
MGM Grand South Africa 1,356 1,513 2,389 2,768
$1,051,676 $1,027,380 $2,120,448 $2,102,915
EBITDA:
Bellagio $76,317 $55,247 $169,832 $119,816
MGM Grand Las Vegas 60,104 56,048 108,100 117,064
The Mirage 47,655 35,408 102,213 91,433
Treasure Island 27,540 26,891 58,545 55,501
New York-New York 23,820 25,813 47,276 49,231
Primm Properties 11,497 20,864 22,892 40,674
Golden Nugget Las Vegas 9,259 8,906 21,127 19,564
Golden Nugget Laughlin 1,331 1,685 2,827 4,238
MGM Grand Detroit 34,130 43,597 70,727 79,427
Beau Rivage 17,206 18,006 31,695 35,402
Income from
Unconsolidated
Affiliate 9,809 10,928 21,360 19,302
Boardwalk 1,673 1,646 3,373 3,512
MGM Grand Australia 3,142 3,595 6,111 6,977
MGM Grand South Africa 1,344 1,480 2,359 2,716
$324,827 $310,114 $668,437 $644,857
Note:
(1) Pro forma amounts for 2000 include Mirage results for the period
prior to the acquisition.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL STATISTICAL INFORMATION
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
ROOM STATISTICS:
Bellagio (1) (3,005 Rooms)
Occupancy % 98.3% 98.6% 97.5% 98.7%
Average Daily Rate (ADR) $183 $170 $189 $170
Revenue per Available Room (REVPAR) $180 $168 $184 $168
MGM Grand Las Vegas (5,034 Rooms)
Occupancy % 98.5% 99.1% 96.7% 98.1%
Average Daily Rate (ADR) $113 $110 $118 $110
Revenue per Available Room (REVPAR) $112 $109 $114 $108
The Mirage (1) (3,044 Rooms)
Occupancy % 98.4% 97.4% 97.8% 97.3%
Average Daily Rate (ADR) $128 $123 $130 $120
Revenue per Available Room (REVPAR) $126 $120 $128 $116
Treasure Island (1) (2,885 Rooms)
Occupancy % 99.1% 99.8% 97.2% 99.4%
Average Daily Rate (ADR) $100 $98 $104 $96
Revenue per Available Room (REVPAR) $99 $98 $101 $96
New York-New York (2,024 Rooms)
Occupancy % 98.1% 98.1% 98.2% 96.7%
Average Daily Rate (ADR) $90 $92 $91 $89
Revenue per Available Room (REVPAR) $88 $90 $89 $85
Primm Properties (2,642 Rooms)
Occupancy % 59.3% 67.9% 59.3% 66.4%
Average Daily Rate (ADR) $38 $37 $38 $37
Revenue per Available Room (REVPAR) $23 $25 $23 $25
Golden Nugget Las Vegas (1) (1,907 Rooms)
Occupancy % 98.3% 98.8% 98.4% 97.9%
Average Daily Rate (ADR) $62 $57 $64 $59
Revenue per Available Room (REVPAR) $61 $56 $63 $58
Golden Nugget Laughlin (1) (300 Rooms)
Occupancy % 93.7% 92.7% 94.9% 94.9%
Average Daily Rate (ADR) $36 $38 $32 $36
Revenue per Available Room (REVPAR) $34 $35 $31 $34
Beau Rivage (1) (1,780 Rooms)
Occupancy % 97.2% 99.2% 95.7% 97.0%
Average Daily Rate (ADR) $87 $89 $80 $82
Revenue per Available Room (REVPAR) $84 $89 $76 $79
Boardwalk (1) (654 Rooms)
Occupancy % 92.1% 94.7% 90.9% 92.5%
Average Daily Rate (ADR) $66 $67 $68 $67
Revenue per Available Room (REVPAR) $60 $63 $62 $62
MGM Grand Australia (96 Rooms)
Occupancy % 78.0% 84.0% 66.7% 75.9%
Average Daily Rate (ADR) $57 $65 $57 $62
Revenue per Available Room (REVPAR) $45 $54 $38 $47
Note:
(1) The Company acquired Mirage Resorts, Incorporated on May 31, 2000
thereby acquiring the Mirage Properties and 50% ownership in the
Monte Carlo Resort & Casino. Information for 2000 includes Mirage
results for the period prior to the acquisition.
MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
ASSETS
June 30, December 31,
2001 2000
CURRENT ASSETS:
Cash and cash equivalents $214,866 $227,968
Accounts receivable, net 188,693 236,650
Inventories 87,239 86,279
Income tax receivable 8,743 11,264
Deferred income taxes 129,108 162,934
Prepaid expenses 62,211 70,549
Total current assets 690,860 795,644
PROPERTY AND EQUIPMENT, NET 8,913,647 9,064,233
OTHER ASSETS:
Investment in unconsolidated affiliates 590,670 522,422
Excess of purchase price over fair
market value of net assets acquired, net 104,401 54,281
Deposits and other assets, net 250,859 298,021
Total other assets 945,930 874,724
$10,550,437 $10,734,601
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $57,659 $65,317
Current portion of long-term debt 229,264 521,308
Accrued interest on long-term debt 84,719 77,738
Other accrued liabilities 536,261 568,842
Total current liabilities 907,903 1,233,205
DEFERRED INCOME TAXES 1,721,126 1,730,158
LONG-TERM DEBT 5,324,551 5,348,320
OTHER LONG-TERM OBLIGATIONS 50,627 40,473
STOCKHOLDERS' EQUITY:
Common stock ($.01 par value: authorized
300,000,000 shares, issued 163,455,434
and 163,189,205 shares and outstanding
159,396,434 and 159,130,205 shares) 1,635 1,632
Capital in excess of par value 2,046,458 2,041,820
Treasury stock, at cost (4,059,000
and 4,059,000 shares) (83,683) (83,683)
Retained earnings 588,436 427,956
Other comprehensive loss (6,616) (5,280)
Total stockholders' equity 2,546,230 2,382,445
$10,550,437 $10,734,601
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SOURCE: MGM MIRAGE
Contact: Investment Community, Jim Murren, President and Chief Financial
Officer, +1-702-693-8877, or Media, Alan Feldman, Vice President, Public
Affairs, +1-702-693-7147, both of MGM MIRAGE
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