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Business Description
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.

Financial Information
For the nine months ended 9/30/04, total revenues rose 9% to $3.18 billion. Net income from continuing opts. rose 90% to $275 million. Revenues reflect higher room occupancy rates and increased food and beverage sales. Earnings also benefited from improved gross and operating margins.