Q2 Highlights Generated Record Net Revenues of $1.7 Billion, Up 60% Same-Store Net Revenues were $1.2 Billion, Up 11% Over 2004 Produced Record Property-Level EBITDA of $567 Million Same-Store Property-Level EBITDA Grew 6% to $394 Million Produced Record Adjusted EPS of $0.46 Reduced Debt by $513 Million Since the Close of Mandalay Invested $121 Million in the Company s Resorts Invested $177 Million in MGM Grand Macau Joint Venture
Q2 Financial Results Before One-Time Charges Three months ended June 30 ($ in millions, except EPS) 2004 2005 Net Revenue $1,073 $1,716 Property-Level EBITDA 384 567 Adjusted Earnings 107 137 Adjusted EPS $0.37 $0.46
Q2 Property EBITDA Before One-Time Charges Three months ended June 30 Actual ($ in millions) 2004 2005 % Las Vegas Strip $277 $444 60% Other Nevada Properties 11 22 102% MGM Grand Detroit 44 39 (12%) Mississippi 22 31 41% Unconsolidated Affiliates 30 31 5% Total Property-Level EBITDA $384 $567 48%
Pro Forma Property EBITDA Before One-Time Charges Three months ended June 30 ($ in millions) 2004 2005 % Las Vegas Strip * $464.2 $495.3 6.7% Other Nevada Properties 24.8 24.1 (2.8%) MGM Grand Detroit 44.4 39.1 (11.9%) Mississippi 29.8 32.4 8.7% Unconsolidated Affiliates 28.8 29.8 3.5% Total Property-Level EBITDA $591.9 $620.7 4.9%
Strong Same-Store REVPAR (Las Vegas Strip Resorts) 2004 2005 (1) $170 $160 Up 15% $167 Up 15% $164 $150 $140 $146 $142 $130 $120 $110 $100 Q1 Q2 (1) Excludes the recently acquired Mandalay properties
Strong REVPAR Growth (Las Vegas Strip Resorts) 2002 2003 2004 2005 (1) $170 $167 $164 Q3 Pro Forma LV Strip REVPAR Guidance of 8% $146 $142 $141 $135 $121 $131 $126 $127 $123 $134 $118 $124 $113 $100 Q1 Q2 Q3 Q4 (1) Excludes the recently acquired Mandalay properties
Mandalay Integration Update Organizational Structure Completed Annual Savings & Enhancements of $100 Million Finished Further Operational Cost Savings/Synergies Corporate Expenses Purchasing Consolidation of Certain Back-of-the-House Functions Utilize Technology Platform to Gain Efficiencies Revenue Enhancements Opportunities Cross-Marketing Players Club & TITO Yield Management Convention Business Retail, Restaurant & Entertainment
Improving Profitability (EBITDA $ in millions) Mirage Resorts Mandalay Bay Group Up 22% $754 $745 $617 LTM 6/30/00 LTM 6/30/01 LTM 3/31/05
Beau Rivage Update Substantial Property Damage Operations Suspended Indefinitely Deploying Various Programs for Employees Mobilizing Clean-Up & Construction Teams Insurance Coverage on Business Interruption & Property Damage
Beau Rivage Update
Beau Rivage Update
MGM GRAND MACAU Located on Prime Waterfront Site 600 Rooms, Suites & Villas 300 Table Games & 1,000 Slot Machines Signature Restaurants World-Class Entertainment 75,000 sq. ft. Available for Expansion Total Project Cost of USD $975 Million
Wynn MGM Site
MGM GRAND MACAU
Las Vegas Strip Real Estate MGM MIRAGE CIrcus Circus MGM Grand TI The Mirage Bellagio Monte Carlo NY NY Excalibur Luxor Mandalay Bay MGM MIRAGE 831 Total Acres
Las Vegas Strip Real Estate MGM MIRAGE CIrcus Circus MGM Grand TI The Mirage Bellagio Monte Carlo NY NY Excalibur Luxor Mandalay Bay 150 Undeveloped Acres 200 Underutilized Acres 350 Acres For Future Development Other Land Sloan 85 Acres Jean 60 Acres Primm 573 Acres
Las Vegas Strip Real Estate MGM MIRAGE CIrcus Circus MGM Grand TI The Mirage Bellagio CityCenter Monte Carlo NY NY Excalibur Luxor Mandalay Bay CityCenter
Project CityCenter 66 Acre Site - Larger than Rockefeller Center, SoHo & Times Square Combined Phase I - 18 Million Square Feet Construction Project 4,000 Room Casino/Hotel 2 Boutique Hotels 500,000 Sq. Ft. of Retail, Dining, & Entertainment 1,640 Units of Luxury Residential Units Approximately 7,000 Construction Jobs & 12,000 Permanent Jobs Anticipated 2009 Opening Further Phases Over Time on Contiguous Company-Owned Land Expect Mid Teens ROI with Superior Growth Potential
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Investment Considerations World-Class Properties Collection of Signature Brands Across All Business Lines Outstanding Operating Performance, Proven Track Record Continued Targeted Investments Fueling Growth Mandalay Resort Group Acquisition Significant Development Pipeline