49 Notes to Consolidated Financial Statements The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit (see Note 10) and trademarks. The Company’s finite–lived  intangible assets consist primarily of lease acquisition costs, amortized over the life of the related leases, and certain license rights with contractually limited terms, amortized over their contractual life. Goodwill and indefinite-lived intangible assets must be reviewed for impairment  at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment test for goodwill and indefinite-lived intangible assets in the fourth quarter of each fiscal year. No impairments were  indicated as a result of the annual impairment reviews for goodwill and  indefinite-lived intangible assets in 2004 or 2003. Revenue recognition and promotional allowances. Casino revenue is the  aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs (“casino front money”) and for chips in the customers’ possession (“outstanding chip liability”). Hotel, food and beverage, entertainment and other operating revenues are recognized as services are performed. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. Revenues are recognized net of certain sales incentives in accordance with the Emerging Issues Task Force (“EITF”) consensus on Issue 01-9, “Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor’s Products).” The consensus in EITF 01-9 requires that sales incentives  be recorded as a reduction of revenue and that points earned in point-loyalty  programs, such as our Players Club loyalty program, must be recorded as a  reduction of revenue. The Company recognizes incentives related to casino play  and points earned in Players Club as a direct reduction of casino revenue. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill related to the Mirage acquisition was assigned to Bellagio, The Mirage and TI. Other goodwill relates to the Company’s 2003 acquisition for $9 million of majority interests in the entities that operate the nightclubs Light and Caramel, located in Bellagio, and Mist, located in TI. Changes in the recorded balances of goodwill are as follows: Goodwill and other intangible assets. Goodwill and intangible assets consisted  of the following: At December 31 (In thousands) 2004 2003 Goodwill: Mirage acquisition (2000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76,342 $ 76,342 MGM Grand Australia acquisition (1995) . . . . . . . . . . . . . . . . . . . . . . .  — 34,259 Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,415 7,833 83,757 118,434 Indefinite-lived intangible assets: Detroit development rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  115,056 115,056 Trademarks, license rights and other . . . . . . . . . . . . . . . . . . . . . . . . . . 17,554 17,554 132,610 132,610 Other intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16,968 16,624 $ 233,335 $ 267,668 Y ear Ended December 31 (In thousands) 2004 2003 Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 118,434 $ 105,504 Currency translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (992) 8,433 Goodwill assigned to discontinued operations . . . . . . . . . . . . . . . . . . .  (33,267) (3,336) Goodwill acquired during the period . . . . . . . . . . . . . . . . . . . . . . . . . . — 7,833 Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (418) — Balance, end of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 83,757 $ 118,434