Notes to Consolidated Financial Statements 66 NOTE 16 — CONSOLIDATING CONDENSED FINANCIAL INFORMATION The Company’s subsidiaries (excluding MGM Grand Detroit, LLC and certain minor subsidiaries) have fully and unconditionally guaranteed, on a joint and several basis,  payment of the Senior Credit Facility, the senior notes and the senior subordinated notes. Separate condensed financial statement information for the subsidiary guarantors  and non-guarantors as of December 31, 2004 and 2003 and for the years ended December 31, 2004, 2003 and 2002 is as follows: As of and for the Years Ended December 31 (In thousands) 2004 2003 Guarantor Non-Guarantor Guarantor Non-Guarantor Balance Sheet Parent Subsidiaries Subsidiaries Elimination Consolidated Parent Subsidiaries Subsidiaries Elimination Consolidated Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 48,477 $ 541,537 $ 230,188 $ — $ 820,202 $ 64,429 $ 708,764 $ 85,987 $ — $ 859,180 Property and equipment, net . . . . . . . . . . . . . . . . . . . .  8,266 8,820,342 97,506 (11,972) 8,914,142 9,373 8,525,531 158,407 (11,972) 8,681,339 Investments in subsidiaries. . . . . . . . . . . . . . . . . . . . . .  8,830,922 192,290 — (9,023,212) — 8,023,527 186,114 — (8,209,641) — Investments in unconsolidated affiliates . . . . . . . . . . . .  127,902 1,056,903 — (342,165) 842,640 127,902 970,275 — (342,165) 756,012 Other non-current assets . . . . . . . . . . . . . . . . . . . . . . .  67,672 346,201 124,172 — 538,045 47,251 312,699 154,788 — 514,738 $ 9,083,239 $10,957,273 $ 451,866 $(9,377,349) $ 11,115,029 $ 8,272,482 $ 10,703,383 $ 399,182 $ (8,563,778) $ 10,811,269 Current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 132,279 $ 726,581 $ 69,117 $ — $ 927,977 $ 118,078 $ 685,531 $ 63,009 $ — $ 866,618 Intercompany accounts . . . . . . . . . . . . . . . . . . . . . . . .  (231,630) 206,698 24,932 — — (781,455) 756,181 25,274 — — Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . .  1,802,008 — — — 1,802,008 1,761,706 — 3,720 — 1,765,426 Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4,607,118 851,730 — — 5,458,848 4,640,365 878,651 2,874 — 5,521,890 Other non-current liabilities. . . . . . . . . . . . . . . . . . . . . .  1,760 102,595 50,137 — 154,492 — 71,702 51,845 — 123,547 Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . .  2,771,704 9,069,669 307,680 (9,377,349) 2,771,704 2,533,788 8,311,318 252,460 (8,563,778) 2,533,788 $ 9,083,239 $10,957,273 $ 451,866 $(9,377,349) $ 11,115,029 $ 8,272,482 $ 10,703,383 $ 399,182 $ (8,563,778) $ 10,811,269 Statement of Operations Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ — $ 3,816,162 $ 421,942 $ — $ 4,238,104 $ — $ 3,466,394 $ 396,349 $ — $ 3,862,743 Equity in subsidiaries earnings . . . . . . . . . . . . . . . . . . .  955,995 117,686 (1,073,681) — 646,997 110,528 — (757,525) — Expenses: Casino and hotel operations . . . . . . . . . . . . . . . . . . .  — 2,081,435 211,460 — 2,292,895 — 1,945,203 196,025 — 2,141,228 Provision for doubtful accounts . . . . . . . . . . . . . . . .  — (3,555) (74) — (3,629) — 13,188 (618) — 12,570 General and administrative . . . . . . . . . . . . . . . . . . .  — 552,890 59,725 — 612,615 — 532,591 51,008 — 583,599 Corporate expense . . . . . . . . . . . . . . . . . . . . . . . . . . 11,988 65,922 — — 77,910 5,892 55,649 — — 61,541 Preopening and start-up expenses . . . . . . . . . . . . . . 129 10,147 — — 10,276 105 28,711 450 — 29,266 Restructuring costs (credit) . . . . . . . . . . . . . . . . . . . — 4,118 1,507 — 5,625 248 6,349 — — 6,597 Property transactions, net . . . . . . . . . . . . . . . . . . . . (1,521) 9,831 355 — 8,665 363 (19,855) 551 — (18,941) Depreciation and amortization . . . . . . . . . . . . . . . . . 1,039 371,229 30,277 — 402,545 1,081 367,030 32,655 — 400,766 11,635 3,092,017 303,250 — 3,406,902 7,689 2,928,866 280,071 — 3,216,626 Income from unconsolidated affiliates. . . . . . . . . . . . . .  — 119,658 — — 119,658 — 53,612 — — 53,612 Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 944,360 961,489 118,692 (1,073,681) 950,860 639,308 701,668 116,278 (757,525) 699,729 Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . (322,627) (49,129) (966) — (372,722) (278,122) (53,378) (2,008) — (333,508) Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  162 (22,532) 47 — (22,323) (6,134) (16,427) — — (22,561) Income before income taxes and discontinued  operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  621,895 889,828 117,773 (1,073,681) 555,815 355,052 631,863 114,270 (757,525) 343,660 Provision for income taxes . . . . . . . . . . . . . . . . . . . . . .  (206,258) — 299 — (205,959) (109,645) — (3,742) — (113,387) Income from continuing operations. . . . . . . . . . . . . . . .  415,637 889,828 118,072 (1,073,681) 349,856 245,407 631,863 110,528 (757,525) 230,273 Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . .  (3,305) 7,362 58,419 — 62,476 (1,710) 6,585 8,549 — 13,424 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 412,332 $ 897,190 $ 176,491 $(1,073,681) $ 412,332 $ 243,697 $ 638,448 $ 119,077 $ (757,525) $ 243,697 Statement of Cash Flows Net cash provided by (used in) operating activities . . . .  $ (351,000) $ 1,038,957 $ 141,290 $ — $ 829,247 $ (306,665) $ 904,743 $ 142,681 $ 53 $ 740,812 Net cash provided by (used in) investing activities . . . .  (20,325) (448,995) 125,856 (4,289) (347,753) (5,000) (525,983) (20,658) (4,047) (555,688) Net cash provided by (used in) financing activities . . . .  381,467 (599,480) (112,248) 4,289 (325,972) 310,575 (385,004) (94,800) 3,994 (165,235)