Full Description

MGM MIRAGE, incorporated on January 29, 1986, is engaged in gaming and resort operations. The Company owns and operates casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities. As of December 31, 2008, the Company’s operations consisted of 17 wholly owned casino resorts and 50% investments in four other casino resorts. The Company owns and operates casino resorts in Las Vegas, Nevada, which include Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, Treasure Island (TI), New York-New York, Excalibur, Monte Carlo, Circus Circus Las Vegas and Slots-A-Fun. Other operations include Circus Circus Reno and Silver Legacy (50% owned) in Reno, Nevada; Gold Strike in Jean, Nevada; Railroad Pass in Henderson, Nevada; MGM Grand Detroit; Beau Rivage in Biloxi, Mississippi and Gold Strike Tunica in Tunica, Mississippi; Borgata (50% owned) in Atlantic City, New Jersey; Grand Victoria (50% owned) in Elgin, Illinois, and MGM Grand Macau (50% owned). Other operations also include the Shadow Creek golf course in North Las Vegas; the Primm Valley Golf Club at the California state line, and Fallen Oak golf course in Saucier, Mississippi.

Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company is a 50% owner of CityCenter, a mixed-use development on the Las Vegas Strip, between Bellagio and Monte Carlo. The Company and its local partners own and operate MGM Grand Detroit in Detroit, Michigan. The Company also owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica. The Company has 50% interests in three resorts outside of Nevada: MGM Grand Macau, Grand Victoria and Borgata.

Borgata occupies approximately 46 acres at Renaissance Pointe, including 19 acres the Company leases to Borgata. Borgata owns approximately 27 acres. MGM Grand Macau occupies an approximately 10 acre site, which it possesses under a 25 year land use right agreement with the Macau government. Silver Legacy occupies approximately five acres in Reno, Nevada, adjacent to Circus Circus Reno. CityCenter occupies approximately 67 acres of land between Bellagio and Monte Carlo.

Bellagio is a destination resorts. Bellagio offers 200,000 square feet of convention space. For both business and leisure customers, Bellagio’s restaurants offer several choices. Bellagio features O, the Cirque du Soleil production where acrobats, synchronized swimmers, divers and characters perform in, on, and above water. Other entertainment options include the nightclub, The Bank, and several bars and lounges, and Yellowtail, a Japanese sushi restaurant and bar opened during the year ended December 31, 2008.

MGM Grand Las Vegas, located on the corner of the Las Vegas Strip and Tropicana Avenue, is a casino resort. The resort’s guest rooms feature themes, including West Wing, an area offering boutique-style rooms; Skylofts, ultra-suites on the 29th floor, and the Mansion for gaming customers. MGM Grand Las Vegas features a range of restaurants, including two restaurants. Other amenities include the Studio 54 nightclub, Tabu ultra lounge, numerous retail shopping outlets, a 380,000 square foot conference center, 90,000 square foot trade show pavilion, and a pool and spa complex.

Mandalay Bay is a resort on the Las Vegas Strip to greet visitors arriving by automobile from southern California. This South Seas-themed resort features numerous restaurants, such as Charlie Palmer’s Aureole, Wolfgang Puck’s Trattoria Del Lupo, Hubert Keller’s Fleur de Lys and Michael Mina’s Stripsteak. Mandalay Bay offers multiple entertainment venues that include a 12,000-seat special events arena, a 1,734-seat showroom. Included within Mandalay Bay is a Four Seasons Hotel with its own lobby, restaurants and pool and spa. THEhotel is an all-suite hotel tower within the Mandalay Bay complex. THEhotel includes its own spa and fitness center, a lounge and two restaurants, including Mix Las Vegas, created by famed chef Alain Ducasse and located on the top floor of THEhotel.

The Mirage is a tropically-themed resort located on a site shared with TI at the center of the Las Vegas Strip. The exterior of the resort is landscaped with palm trees, foliage and more than four acres of lagoons and other water features centered around volcano, which erupts every evening at regular intervals, with flames that illuminate the front of the resort. Inside the front entrance is an atrium with a tropical garden and additional water features capped by a 100-foot-high glass dome, designed to replicate the sights, sounds and fragrances of the South Seas. Located at the rear of the hotel, adjacent to the swimming pool area, is a dolphin habitat featuring Atlantic bottlenose dolphins and The Secret Garden of Siegfried & Roy. The Mirage features a range of restaurants, including Kokomos, Japonais, Fin, Stack, Cravings, Carnegie Deli and BLT Burger.

Luxor is a pyramid-shaped hotel and casino complex situated between Mandalay Bay and Excalibur. Luxor offers 20,000 square feet of convention space, a 20,000-square-foot spa, and food and entertainment venues on three different levels beneath a soaring hotel atrium. Excalibur is a castle-themed hotel and casino complex situated immediately north of Luxor at the corner of the Las Vegas Boulevard and Tropicana Avenue. TI is a resort located adjacent to The Mirage on the Las Vegas Strip. TI connects to The Mirage via an automated elevated tram and a pedestrian bridge links TI to the Fashion Show Mall. TI features dining at restaurants, such as Social House, Isla Mexican Kitchen, Kahunaville and Canter’s Deli.

New York-New York is located at the corner of the Las Vegas Strip and Tropicana Avenue. Pedestrian bridges link New York-New York with both MGM Grand Las Vegas and Excalibur. The architecture at New York-New York replicates many of New York City’s buildings and icons, including the Statue of Liberty, the Empire State Building, the Brooklyn Bridge and a Coney Island-style roller coaster. Monte Carlo is located on the Las Vegas Strip adjacent to New York-New York. Circus Circus Las Vegas is a circus-themed hotel and casino complex situated on the north end of the Las Vegas Strip. Circus Circus Las Vegas offers its guests a variety of circus acts performed daily, free of charge. A mezzanine area overlooking the casino has a circus midway with carnival-style games and an arcade that offers a variety of amusements and electronic games. Specialty restaurants, a buffet, a coffee shop, snack bars, several cocktail bars and a variety of specialty shops are also available to guests. The Adventuredome, covering approximately five acres, offers theme park entertainment that includes thrills rides for adults and children, themed carnival-style midway games, an arcade, food kiosks and souvenir shops, all in a climate-controlled setting under a space-frame dome.

Circus Circus Reno is a circus-themed hotel and casino complex situated in downtown Reno, Nevada. Circus Circus Reno offers its guests a variety of circus acts performed daily, free of charge. A mezzanine area has a circus midway with carnival-style games and an arcade that offers a variety of amusements and electronic games. The property also has several restaurants, cocktail lounges and retail shops. Through a wholly owned entity, the Company is a 50% participant with Eldorado Limited Liability Company in Circus and Eldorado Joint Venture, which owns and operates Silver Legacy, a hotel-casino and entertainment complex situated in downtown Reno, Nevada. Silver Legacy is located between Circus Circus Reno and the Eldorado Hotel & Casino, which is owned and operated by an affiliate of its joint venture partner at Silver Legacy.