|
Data from the 2003 10-K. As of December 31, 2003, excluding the Golden Nugget Las Vegas and the Golden Nugget Laughlin. MGM completed the sale of the subsidiaries operating these resorts (the “Golden Nugget Subsidiaries”) in January 2004. Except as otherwise indicated, the company wholly owned and operated all of the resorts. In February 2004, the company entered into an agreement to sell the subsidiaries that owned and operated MGM Grand Australia.
Exhibit 3
MGM MIRAGE
MGM Mirage Revenue and Direct Expense Relations:
Percent of Segment-to-Total and Percent Change in Account Balance
|
Percent of Segment-to-Total
|
|
Percent Account Change
|
|
2003
|
2002
|
2001
|
2000
|
|
2003
|
2002
|
2001
|
Revenues
|
|
|
|
|
|
|
|
|
Casino
|
48.0
|
48.7
|
49.0
|
53.0
|
|
1.6
|
1.3
|
12.9
|
Rooms
|
19.3
|
19.1
|
19.3
|
18.1
|
|
4.7
|
0.7
|
30.0
|
Food and Beverage
|
17.7
|
17.0
|
16.6
|
15.2
|
|
7.6
|
4.5
|
33.0
|
Entertainment and Other
|
15.0
|
15.2
|
15.1
|
13.7
|
|
1.6
|
2.8
|
34.3
|
Total Revenue*
|
100.0
|
100.0
|
100.0
|
100.0
|
|
4.4
|
5.1
|
32.3
|
|
|
|
|
|
|
|
|
|
Direct Expenses
|
|
|
|
|
|
|
|
|
Casino
|
48.8
|
50.2
|
50.9
|
52.8
|
|
3.5
|
(2.1)
|
21.6
|
Rooms
|
10.9
|
10.4
|
10.6
|
11.1
|
|
11.2
|
(1.9)
|
20.1
|
Food and Beverage
|
20.4
|
19.5
|
18.5
|
18.2
|
|
11.4
|
4.5
|
28.2
|
Entertainment and Other
|
19.8
|
19.9
|
20.0
|
17.9
|
|
6.1
|
(1.5)
|
40.7
|
Total Direct Expenses
|
100.0
|
100.0
|
100.0
|
100.0
|
|
(0.7)
|
4.5
|
15.4
|
|
|
|
|
|
|
|
|
|
* Before promotional allowances and complements.
Exhibit 4
MGM MIRAGE
MGM Mirage and Key Competitors
|
MGM Mirage
|
Caesars Entertainment
|
Mandalay Resort Group
|
|
|
|
|
Ticker
|
MGG
|
CZR
|
MBG
|
Market Capitalization
|
$ 6,870
|
$ 4,260
|
$ 3,930
|
Revenue
|
$ 3,908
|
$ 4,460
|
$ 2,490
|
Earnings per Share
|
$ 1.57
|
$ 0.18
|
$ 2.33
|
Price to Earnings
|
31
|
77
|
26
|
Current Ratio
|
0.99
|
1.04
|
1.15
|
Long-term Debt
|
$ 5,531
|
$ 4,620
|
$3,020
|
Debt to Equity
|
2.18
|
1.51
|
2.98
|
Share Price (12/31/03)
|
$ 37.61
|
$ 10.83
|
$ 44.72
|
Share Price (3/31/04)
|
$ 45.34
|
$ 13.04
|
$ 57.26
|
Short Ratio
|
2.90
|
3.70
|
5.22
|
Short Percent of Float
|
2.5%
|
1.9%
|
9.8%
|
No. of Employees
|
36,000
|
55,000
|
26,800
|
|
|
|
|
Primary Source: Thomson Financial. Data as of 3/30/04.
Exhibit 5
MGM MIRAGE
Consolidated Statement of Financial Position – MGM Mirage
(year ended December 31, in thousands)
ASSETS
|
2003
|
2002
|
2001
|
Cash and cash equivalents
|
178,047
|
211,234
|
208,971
|
Accounts receivable, net
|
139,475
|
139,935
|
144,374
|
Inventories
|
65,189
|
68,001
|
78,037
|
Income tax receivable
|
9,901
|
—
|
12,077
|
Deferred income taxes
|
49,286
|
84,348
|
148,845
|
Prepaid expenses and other
|
89,641
|
86,311
|
69,623
|
Assets held for sale
|
226,082
|
—
|
—
|
Total current assets
|
757,621
|
589,829
|
661,927
|
|
|
|
|
Property and equipment, net
|
8,681,339
|
8,762,445
|
8,891,645
|
Investment in unconsolidated affiliates
|
756,012
|
710,802
|
632,949
|
Goodwill and other intangible assets, net
|
267,668
|
256,108
|
103,059
|
Deposits and other assets, net
|
247,070
|
185,801
|
207,863
|
Total other assets
|
1,270,750
|
1,152,711
|
946,871
|
|
|
|
|
TOTAL ASSETS
|
10,709,710
|
10,504,985
|
10,497,433
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
Accounts payable
|
85,439
|
69,959
|
75,787
|
Income taxes payable
|
—
|
637
|
—
|
Current portion of long-term debt
|
9,008
|
6,956
|
168,079
|
Accrued interest on long-term debt
|
87,711
|
80,310
|
78,938
|
Other accrued liabilities
|
559,445
|
592,206
|
565,106
|
Liabilities related to assets held for sale
|
23,456
|
—
|
|
Total current liabilities
|
765,059
|
750,068
|
887,910
|
|
|
|
|
Deferred income taxes
|
1,765,426
|
1,769,431
|
1,746,272
|
Long-term debt
|
5,521,890
|
5,213,778
|
5,295,313
|
Other long-term obligations
|
123,547
|
107,564
|
57,248
|
|
|
|
|
Common stock, $.01 par value
|
1,683
|
1,664
|
1,637
|
Capital in excess of par value
|
2,171,625
|
2,125,626
|
2,049,841
|
Deferred compensation
|
(19,174)
|
(27,034)
|
—
|
Treasury stock, at cost
|
(760,594)
|
(317,432)
|
(129,399)
|
Retained earnings
|
1,133,903
|
890,206
|
597,771
|
Accumulated other comprehensive income (loss)
|
6,345
|
(8,886)
|
(9,150)
|
Total stockholders’ equity
|
2,533,788
|
2,664,144
|
2,510,700
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
10,709,710
|
10,504,985
|
10,497,433
|
|
|
|
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