MGM Mirage Inc
Industry: Casinos & Gaming

MGM MIRAGE acts largely as a holding company and, through wholly owned subsidiaries, operates hotel, casino and entertainment resorts. The Company's operations consist of 12 wholly owned casino resorts and 50% investments in two other casino resorts, including the Bellagio, MGM Grand Las Vegas, The Mirage, Treasure Island, New York-New York Hotel and Casino, Boardwalk Hotel and Casino and Monte Carlo Resort & Casino (50% owned) in Las Vegas, Nevada; The Primm Valley Resorts in Primm, Nevada; Beau Rivage in Biloxi, Mississippi; MGM Grand Detroit; Borgata (50%-owned) in Atlantic City, New Jersey, and MGM Grand Australia in Darwin, Northern Territory, Australia. MGM generates a majority of its net revenues and operating income from the Las Vegas Strip resorts. In 2003, over 75% of its net revenues and operating income was generated by wholly owned Las Vegas Strip resorts.

Business Summary
MGM MIRAGE is a gaming company that owns and/or operates casino resorts on the Las Vegas Strip in Las Vegas, Nevada, through its wholly owned subsidiaries. These resorts include Bellagio, MGM Grand Las Vegas, The Mirage, Treasure Island, New York-New York Hotel and Casino, Monte Carlo Resort and Casino, and the Boardwalk Hotel and Casino. The Company's other Nevada resorts are Primm Valley Resorts and the golf resorts, Shadow Creek and Primm Valley Golf Club. MGM MIRAGE, through its wholly owned subsidiary, MGM Grand Detroit, Inc., and its local partners, formed MGM Grand Detroit, LLC, to develop a hotel, casino and entertainment complex in Detroit, Michigan. MGM Grand Detroit, LLC operates a casino in an interim facility in downtown Detroit. The Company also owns and operates Beau Rivage, a beachfront resort located in Biloxi, Mississippi. The Company also owns a 50% interest in a company that owns Borgata, a casino resort at Renaissance Pointe, located in Atlantic City, New Jersey.

Financial Summary
MGM MIRAGE is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada, which owns and/or operates, through subsidiaries, casino properties on three continents. For the 3 months ended 3/31/05, total revenues rose 13% to $1.20B. Net income from cont. opts. rose 13% to $111.1M. Revenues reflect higher room occupancy rates and increased food and beverage sales. Earnings also benefited from improved gross and operating margins.