MGM MIRAGE (NYSE: MGM) today reported its second quarter 2007 financial results, achieving the Company's highest ever second quarter diluted earnings per share from continuing operations of $0.62, a 27% increase over the $0.49 per share earned in 2006. Earnings benefited from strong revenue trends, solid operating margins, and profits from sales of Tower 3 of The Signature at MGM Grand.
Net income per share on a diluted basis, including discontinued operations, was $1.22 per share compared to $0.50 per share in 2006. During the second quarter, the Company recognized a pre-tax gain of $201 million on the sale of Primm Valley Resorts and a pre-tax gain of $63 million on the sale of its Laughlin Properties -- Colorado Belle and Edgewater.
Net revenues for the second quarter increased 10% to $1.9 billion, an all-time record quarter for the Company. In addition to the incremental revenue from Beau Rivage, which reopened in August 2006, the Company benefited from strong hotel revenues and the impact of new amenities at many of its Las Vegas Strip resorts.
Key results from the quarter include:
-- Las Vegas Strip REVPAR(1) increased 7%, which represents the sixteenth
consecutive quarter of year-over-year REVPAR increases for these
resorts;
-- Occupancy at the Company's Las Vegas Strip resorts was 97.8%, the
highest occupancy level achieved since 2000;
-- Property EBITDA(2) of $686 million was also a record for the second
quarter, and represented a 9% increase over the prior year;
-- MGM Grand Las Vegas earned Property EBITDA of $108 million, a 43%
increase over prior year second quarter and its best quarter ever. TI
and Excalibur also earned all-time record Property EBITDA of $34
million and $38 million, respectively;
-- The Mirage achieved record Property EBITDA for the second quarter of
$59 million, a 41% increase over prior year. New York-New York also had
a record second quarter Property EBITDA performance, earning $37
million;
-- Non-gaming revenues increased 13%, 10% excluding Beau Rivage, with
continued strong results from non-gaming amenities;
-- Gaming revenues increased 5%, but decreased 5% excluding Beau Rivage
due to a lower table games hold percentage. Slot revenues increased 4%
at the Company's Las Vegas Strip resorts;
-- Beau Rivage, which was closed in the prior year quarter, earned
Property EBITDA of $23 million;(3)
-- Earned $63 million of profit from closings on units of Tower 3 at The
Signature at MGM Grand;
-- Successfully issued $750 million of 7.5% senior notes maturing in 2016.
In June, the Company signed a letter of intent with Kerzner International to form a 50/50 joint venture to develop a multi-billion dollar integrated resort to be located on the corner of Las Vegas Boulevard and Sahara Avenue. The Company will provide 40 acres of land, which is being valued at $20 million per acre, and Kerzner International and one of its financial partners will contribute cash equity.
The following table lists significant items which affect the comparability of the current year and prior year results (EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):
Three months ended June 30, 2007 2006
--------------------------------------------------------------------
Profits from The Signature at MGM Grand $ 0.14 $ 0.06
Preopening and start-up expenses (0.03) (0.03)
Property transactions, net (0.01) (0.03)
"Our targeted capital investments, particularly in our non-gaming operations, have led to strong returns and record earnings," said Terry Lanni, MGM MIRAGE's Chairman and CEO. "The opening of MGM Grand Detroit and MGM Grand Macau later this year, and our recently announced joint venture project with Kerzner International, further illustrate the powerful momentum created by our accelerated growth platform."
Net revenues increased 10%; excluding Beau Rivage, net revenues were up 4%. As a result of its continued commitment to reinvest in its resorts, the Company generated significant increases in revenues from its non-gaming operations.
Recent and continuing upgrades at Mandalay Bay, including fully remodeled standard rooms, are expected to further enhance that property's results. In addition, the Company continues to make investments across its portfolio of resorts, most notably at Luxor and Monte Carlo, targeted at driving increased customer visitation. The Company believes that these enhancements will positively impact the Company's results in future periods.
The new MGM Grand Detroit is expected to open in October 2007 featuring Detroit's most luxurious hotel and casino with 400 rooms. The new resort will have a larger casino, with 4,500 slot machines compared to 2,840 in the current interim casino and 98 table games (including an eight-table poker room) versus 72. MGM Grand Detroit will include a variety of exciting food and beverage and entertainment amenities, including restaurants from world-famous chefs Wolfgang Puck and Michael Mina.
Gaming revenues increased 5%, but decreased 5% excluding Beau Rivage. Slot revenues at the Company's Las Vegas Strip resorts increased 4% with double-digit increases at Bellagio and MGM Grand Las Vegas. MGM Grand Detroit experienced a 4% decrease in slot revenues, as a competitor recently opened its expanded casino facility.
Table games volume excluding baccarat increased 15%, 5% excluding Beau Rivage. Baccarat volume decreased 13% against a tough prior year comparison -- 2006 results were up 19% on same store basis over the 2005 quarter. The overall table games hold percentage was within the normal 18-22% range in both periods, but was near the low end of the range in the current year versus the high end of the range in the 2006 quarter. In particular, Bellagio and Mandalay Bay experienced hold percentages below the Company's normal range in the current quarter.
Rooms revenues increased 9%, 5% excluding Beau Rivage, despite having 60,000 less available rooms due to room remodeling at Mandalay Bay and the closing of Nevada Landing in March 2007. Average room rates increased 5% at the Company's Las Vegas Strip resorts. Las Vegas Strip REVPAR increased 7%, led by double-digit percentage increases at MGM Grand Las Vegas, Excalibur, and TI. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:
Three Months Ended
----------------------
June 30, June 30,
2007 2006
---------- ---------
Occupancy % 98% 97%
Average Daily Rate (ADR) $ 162 $ 154
Revenue per Available Room (REVPAR) $ 159 $ 148
The Company's operating income increased 12% to $469 million, which includes $63 million of profit from closings on units of Tower 3 of The Signature at MGM Grand and $11 million of operating income from Beau Rivage. The prior year quarter included $28 million of income from Tower 1 of The Signature at MGM Grand. Excluding these items, operating income increased slightly from prior year with a margin of 22% in both quarters. Property EBITDA increased 9% to a record $686 million; excluding the above items, Property EBITDA increased slightly compared to the prior year quarter with a 33% margin, slightly below the 34% margin in the 2006 quarter.
Detailed Discussion of Certain Charges
In the second quarter of 2007 the company had minimal property transactions. In the 2006 period, net property transactions of $13 million largely related to the write-off of assets in connection with expansion projects at MGM Grand Las Vegas and Mandalay Bay and the write-off of Luxor's investment in the Hairspray show.
Preopening and start-up expenses of $14 million in 2007 primarily related to CityCenter, MGM Grand Detroit, and MGM Grand Macau. Preopening and start-up expenses of $15 million in the 2006 quarter related primarily to CityCenter, the Love show at The Mirage, The Signature at MGM Grand, and our share of preopening related to the Borgata expansion.
Financial Position
Second quarter capital investments totaled $1.3 billion, which included $441 million for CityCenter, $81 million for the permanent MGM Grand Detroit resort, and $23 million for trailing payments on the construction of Beau Rivage. Also during the quarter, the Company purchased 34 acres of land north of Circus Circus Las Vegas for $580 million, 26 acres of which are part of the land to be contributed to the joint venture with Kerzner International. Remaining capital expenditures included spending of $54 million on room and suite remodel projects, primarily at Mandalay Bay, expenditures for corporate aircraft of $27 million, and $90 million of other routine capital expenditures on various new and upgraded amenities at the Company's resorts.
During the quarter the Company received an additional $19 million of insurance recoveries related to Hurricane Katrina. These amounts were not recognized as income pending the final settlement of the Company's insurance claim. At June 30, 2007, the Company had $2.0 billion of available borrowings under its senior credit facility.
"Our operating results this quarter once again prove the power of our portfolio to generate consistent cash flows," said Jim Murren, MGM MIRAGE President, CFO and Treasurer. "More exciting is the pace of future growth. We will continue to develop strategic relationships designed to create additional value from our significant real estate portfolio. Of course, CityCenter is at the heart of our growth strategy; we are very pleased with the quality of the development and the pace of residential sales, and we continue on track for a late 2009 opening."
MGM MIRAGE will hold a conference call to discuss its second quarter earnings results and outlook for the third quarter at 11:00 a.m. Eastern Daylight Time today. The call can be accessed live at http://www.companyboardroom.com/ or http://www.mgmmirage.com/, or by calling 1-800-526-8531 (domestic) or 1-706-634-6528 (international). Until Thursday, August 9, 2007, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 7007679. A complete replay of the call will also be made available at http://www.mgmmirage.com/. Supplemental detailed earnings information will also be available on the Company's website.
(1) REVPAR is hotel Revenue per Available Room.
(2) "EBITDA" is earnings before interest and other non-operating income
(expense), taxes, depreciation and amortization. "Property EBITDA" is
EBITDA before corporate expense and stock compensation expense.
EBITDA information is presented solely as a supplemental disclosure
because management believes that it is 1) a widely used measure of
operating performance in the gaming industry, and 2) a principal basis
for valuation of gaming companies. In addition, capital allocation,
tax planning, financing and stock compensation awards are all managed
at the corporate level. Management uses Property EBITDA as the
primary measure of the Company's operating resorts' performance,
including the evaluation of operating personnel. EBITDA should not be
construed as an alternative to operating income, as an indicator of
the Company's operating performance; or as an alternative to cash
flows from operating activities, as a measure of liquidity; or as any
other measure determined in accordance with generally accepted
accounting principles. The Company has significant uses of cash
flows, including capital expenditures, interest payments, taxes and
debt principal repayments, which are not reflected in EBITDA. Also,
other gaming companies that report EBITDA information may calculate
EBITDA in a different manner than the Company. Reconciliations of
consolidated EBITDA to net income and of operating income to Property
EBITDA are included in the financial schedules accompanying this
release.
(3) Beau Rivage earned operating income of $11 million in the second
quarter of 2007, with depreciation and amortization of $12 million.
Beau Rivage was closed during the prior year second quarter as a
result of Hurricane Katrina.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. In addition, the Company has major new developments under construction in Nevada, Michigan and Macau S.A.R. CityCenter is a multi-billion dollar mixed-use urban development in the heart of the Las Vegas Strip; a new MGM Grand hotel and casino complex is being built in downtown Detroit; and the Company has a 50% interest in MGM Grand Macau, a hotel-casino resort currently under construction in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
--------------------- -----------------------
Revenues:
Casino $773,931 $734,694 $1,585,870 $1,514,952
Rooms 555,107 510,861 1,104,111 1,019,259
Food and beverage 424,717 369,734 842,166 738,778
Entertainment 143,237 104,853 277,485 203,833
Retail 79,072 70,022 147,322 134,508
Other 134,760 111,091 256,830 216,886
--------- --------- --------- ---------
2,110,824 1,901,255 4,213,784 3,828,216
Less: Promotional
allowances (174,408) (140,747) (347,933) (293,340)
--------- --------- --------- ---------
1,936,416 1,760,508 3,865,851 3,534,876
--------- --------- --------- ---------
Expenses:
Casino 410,168 381,509 828,276 792,541
Rooms 143,980 135,214 285,754 267,914
Food and beverage 249,699 222,248 494,081 438,619
Entertainment 104,249 76,104 202,394 148,996
Retail 49,499 45,696 93,890 89,582
Other 76,521 58,373 148,766 113,395
General and administrative 302,187 256,688 587,292 506,799
Corporate expense 43,668 38,579 77,623 75,231
Preopening and start-up
expenses 14,148 15,044 28,424 21,225
Restructuring costs -- 231 -- 1,035
Property transactions, net 2,407 12,688 7,426 36,173
Depreciation and
amortization 167,509 157,793 335,786 305,226
--------- --------- --------- ---------
1,564,035 1,400,167 3,089,712 2,796,736
--------- --------- --------- ---------
Income from unconsolidated
affiliates 96,592 57,081 137,967 92,635
--------- --------- --------- ---------
Operating income 468,973 417,422 914,106 830,775
--------- --------- --------- ---------
Non-operating income
(expense):
Interest income 5,509 3,027 8,166 5,772
Interest expense, net (183,429) (190,776) (367,440) (383,625)
Non-operating items from
unconsolidated affiliates (4,714) (3,341) (9,820) (6,936)
Other, net (804) (2,174) (3,532) (5,218)
--------- --------- --------- ---------
(183,438) (193,264) (372,626) (390,007)
--------- --------- --------- ---------
Income from continuing
operations before income
taxes 285,535 224,158 541,480 440,768
Provision for income taxes (102,637) (80,817) (195,572) (157,665)
--------- --------- --------- ---------
Income from continuing
operations 182,898 143,341 345,908 283,103
--------- --------- --------- ---------
Discontinued operations:
Income from discontinued
operations 2,615 4,589 10,461 11,071
Gain on disposal of
discontinued operations 263,881 -- 263,881 --
Provision for income taxes (89,222) (1,536) (91,905) (3,743)
--------- --------- --------- ---------
177,274 3,053 182,437 7,328
--------- --------- --------- ---------
Net income $360,172 $146,394 $528,345 $290,431
========= ========= ========= =========
Per share of common stock:
Basic:
Income from continuing
operations $0.64 $0.50 $1.22 $1.00
Discontinued operations 0.63 0.01 0.64 0.02
--------- --------- --------- ---------
Net income per share $1.27 $0.51 $1.86 $1.02
========= ========= ========= =========
Weighted average shares
outstanding 283,849 284,285 283,933 284,239
========= ========= ========= =========
Diluted:
Income from continuing
operations $0.62 $0.49 $1.17 $0.97
Discontinued operations 0.60 0.01 0.62 0.02
--------- --------- --------- ---------
Net income per share $1.22 $0.50 $1.79 $0.99
========= ========= ========= =========
Weighted average shares
outstanding 295,232 292,962 295,402 292,868
========= ========= ========= =========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
---------- ---------- ---------- ----------
Las Vegas Strip $1,640,648 $1,556,387 $3,266,991 $3,127,991
Other Nevada 47,058 51,650 91,490 98,449
MGM Grand Detroit 110,470 113,908 226,604 229,001
Mississippi 138,240 38,563 280,766 79,435
---------- ---------- ---------- ----------
$1,936,416 $1,760,508 $3,865,851 $3,534,876
========== ========== ========== ==========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
---------- --------- ---------- ----------
Las Vegas Strip $531,224 $518,115 $1,080,066 $1,041,496
Other Nevada 6,080 7,067 4,084 12,642
MGM Grand Detroit 28,116 38,499 62,942 75,599
Mississippi 27,907 8,031 63,310 17,390
Unconsolidated resorts 92,952 55,144 131,094 89,340
---------- --------- ---------- ----------
$686,279 $626,856 $1,341,496 $1,236,467
========== ========= ========== ==========
MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(In thousands)
(Unaudited)
Three Months Ended June 30, 2007
-----------------------------------------------
Preopening Property
and start- Restruc- trans-
up turing actions,
expenses costs net Total
--------- ----- ------ -------
Las Vegas Strip $7,131 $-- $2,587 $9,718
Other Nevada -- -- (20) (20)
MGM Grand Detroit 3,205 -- -- 3,205
Mississippi -- -- 603 603
Unconsolidated resorts 3,640 -- -- 3,640
--------- ----- ------ -------
13,976 -- 3,170 17,146
Corporate and other 172 -- (763) (591)
--------- ----- ------ -------
$14,148 $-- $2,407 $16,555
========= ===== ====== =======
Three Months Ended June 30, 2006
-----------------------------------------------
Preopening Property
and start- Restruc- trans-
up turing actions,
expenses costs net Total
--------- ----- ------ -------
Las Vegas Strip $11,818 $231 $9,073 $21,122
Other Nevada -- -- (18) (18)
MGM Grand Detroit 684 -- 3 687
Mississippi -- -- 13 13
Unconsolidated resorts 2,424 -- -- 2,424
--------- ----- ------ -------
14,926 231 9,071 24,228
Corporate and other 118 -- 3,617 3,735
--------- ----- ------ -------
$15,044 $231 $12,688 $27,963
========= ===== ====== =======
MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued)
(In thousands)
(Unaudited)
Six Months Ended June 30, 2007
-----------------------------------------------
Preopening Property
and Restruc- trans-
start-up turing actions,
expenses costs net Total
--------- ------ ------ -------
Las Vegas Strip $15,603 $- $2,865 $18,468
Other Nevada - - 4,610 4,610
MGM Grand Detroit 5,584 - - 5,584
Mississippi - - 601 601
Unconsolidated resorts 6,873 - - 6,873
--------- ------ ------ -------
28,060 - 8,076 36,136
Corporate and other 364 - (650) (286)
--------- ------ ------ -------
$28,424 $- $7,426 $35,850
========= ====== ====== =======
Six Months Ended June 30, 2006
-----------------------------------------------
Preopening Restruc- Property
and turing trans-
start-up costs actions,
expenses (credit) net Total
--------- ------ ------ -------
Las Vegas Strip $15,026 $1,035 $32,566 $48,627
Other Nevada -- -- (21) (21)
MGM Grand Detroit 1,277 -- 1 1,278
Mississippi -- -- 10 10
Unconsolidated resorts 4,645 -- -- 4,645
--------- ------ ------ -------
20,948 1,035 32,556 54,539
Corporate and other 277 -- 3,617 3,894
--------- ------ ------ -------
$21,225 $1,035 $36,173 $58,433
========= ====== ====== =======
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM CONTINUING
OPERATIONS
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- -----------------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
-------- -------- ---------- ----------
EBITDA $636,482 $575,215 $1,249,892 $1,136,001
Depreciation and
amortization (167,509) (157,793) (335,786) (305,226)
-------- -------- ---------- ----------
Operating income 468,973 417,422 914,106 830,775
-------- -------- ---------- ----------
Non-operating income
(expense):
Interest expense, net (183,429) (190,776) (367,440) (383,625)
Other (9) (2,488) (5,186) (6,382)
-------- -------- ---------- ----------
(183,438) (193,264) (372,626) (390,007)
-------- -------- ---------- ----------
Income from continuing
operations
before income taxes 285,535 224,158 541,480 440,768
Provision for income taxes (102,637) (80,817) (195,572) (157,665)
-------- -------- ---------- ----------
Income from continuing
operations $182,898 $143,341 $345,908 $283,103
======== ======== ========== ==========
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended June 30, 2007
----------------------------------------
Depreciation
Operating and
income amortization EBITDA
--------- -------- --------
Las Vegas Strip $397,731 $133,493 $531,224
Other Nevada 4,490 1,590 6,080
MGM Grand Detroit 22,204 5,912 28,116
Mississippi 12,781 15,126 27,907
Unconsolidated resorts 92,952 -- 92,952
--------- -------- --------
530,158 156,121 686,279
Stock compensation (11,060)
Corporate and other (38,737)
--------
$636,482
========
Three Months Ended June 30, 2006
----------------------------------------
Depreciation
Operating and
income amortization EBITDA
--------- -------- --------
Las Vegas Strip $380,645 $137,470 $518,115
Other Nevada 4,642 2,425 7,067
MGM Grand Detroit 35,262 3,237 38,499
Mississippi 2,534 5,497 8,031
Unconsolidated resorts 55,144 -- 55,144
--------- -------- --------
478,227 148,629 626,856
Stock compensation (15,835)
Corporate and other (35,806)
--------
$575,215
========
Six Months Ended June 30, 2007
----------------------------------------
Depreciation
Operating and
income amortization EBITDA
--------- -------- ---------
Las Vegas Strip $812,676 $267,390 $1,080,066
Other Nevada 619 3,465 4,084
MGM Grand Detroit 51,068 11,874 62,942
Mississippi 33,018 30,292 63,310
Unconsolidated resorts 131,094 -- 131,094
--------- -------- ---------
1,028,475 313,021 1,341,496
Stock compensation (24,640)
Corporate and other (66,964)
--------
$1,249,892
=========
Six Months Ended June 30, 2006
----------------------------------------
Depreciation
Operating and
income amortization EBITDA
--------- -------- ---------
Las Vegas Strip $775,996 $265,500 $1,041,496
Other Nevada 7,861 4,781 12,642
MGM Grand Detroit 69,445 6,154 75,599
Mississippi 6,393 10,997 17,390
Unconsolidated resorts 89,340 -- 89,340
--------- -------- ---------
949,035 287,432 1,236,467
Stock compensation (36,931)
Corporate and other (63,535)
--------
$1,136,001
==========
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30, December 31,
2007 2006
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $294,609 $452,944
Accounts receivable, net 333,295 362,921
Inventories 125,485 118,459
Income tax receivable -- 18,619
Deferred income taxes 69,909 68,046
Prepaid expenses and other 103,564 124,414
Assets held for sale 55,068 369,348
--------- ---------
Total current assets 981,930 1,514,751
--------- ---------
Real estate under development 344,994 188,433
Property and equipment, net 18,755,673 17,241,860
Other assets:
Investments in unconsolidated
affiliates 1,124,836 1,092,257
Goodwill 1,269,591 1,300,747
Other intangible assets, net 361,811 367,200
Deposits and other assets, net 659,336 440,990
--------- ---------
Total other assets 3,415,574 3,201,194
--------- ---------
$23,498,171 $22,146,238
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $149,868 $182,154
Construction payable 357,263 234,486
Income taxes payable 104,976 -
Accrued interest on long-term
debt 250,212 232,957
Other accrued liabilities 960,037 958,244
Liabilities related to assets
held for sale 3,456 40,259
--------- ---------
Total current liabilities 1,825,812 1,648,100
--------- ---------
Deferred income taxes 3,359,077 3,441,157
Long-term debt 13,560,785 12,994,869
Other long-term obligations 421,403 212,563
Stockholders' equity:
Common stock, $.01 par value:
authorized 600,000,000 shares,
issued 365,720,069 and
362,886,027 shares and
outstanding
284,243,042 and 283,909,000
shares 3,657 3,629
Capital in excess of par value 2,933,892 2,806,636
Treasury stock, at cost:
81,477,027 and 78,977,027
shares (1,771,707) (1,597,120)
Retained earnings 3,164,334 2,635,989
Accumulated other comprehensive
income 918 415
--------- ---------
Total stockholders' equity 4,331,094 3,849,549
--------- ---------
$23,498,171 $22,146,238
========== ==========
First Call Analyst:
FCMN Contact: dan_d'arrigo@mgmmirage.com
SOURCE: MGM MIRAGE
CONTACT: Investment Community, JAMES J. MURREN, President, Chief
Financial Officer & Treasurer, +1-702-693-8877, or News Media, ALAN M.
FELDMAN, Senior Vice President, Public Affairs, +1-702-891-7147, both of MGM
MIRAGE
Web site: http://www.mgmmirage.com/