MGM MIRAGE DEFINES MOMENTUM TO OUR SHAREHOLDERS “Your company has undergone several defining moments throughout its history.” Defining Momentum for Las Vegas rom its roots some 35 years ago with the opening of the International Hotel, we have played a  leading role in continuously redefining the Las Vegas experience. F We announced two significant initiatives in 2004 that, taken together, give your company unrivaled momentum  to set industry standards for creativity, performance and responsibility for decades to come.  Our merger agreement with Mandalay Resort Group and our plans to develop Project CityCenter on the Las Vegas Strip are among the most significant announcements in Las Vegas history. As this fabled city begins its second hundred years, MGM MIRAGE is positioned like no other company to take advantage of unsurpassed growth oppor- tunities in the most dynamic gaming and entertainment market in the world. Project CityCenter will uniquely re-position Las Vegas like no other project before it. Far more than simply another casino-hotel, Project CityCenter encompasses a myriad of elements that will propel Las Vegas into a new generation of urban sophistication. While additional details of this extraordinary develop- ment will come in the months ahead, I am pleased to tell you that we have secured the services of the internationally acclaimed architect Cesar Pelli to design our anchor resort at the heart of Project CityCenter. Cesar Pelli & Associates has worked with corporate, government and private clients to design major public spaces, museums, airports, research centers, performing arts centers, academic buildings, hotels, office and residential towers and mixed-use projects. The work of Cesar Pelli is not constrained by a personal style or a signature that would limit his architecture; instead, it celebrates the unique characteristics of each project. Using this approach, he has designed several exceptional buildings in the United States and abroad.  We are very excited about our partnership with Mr. Pelli and his colleagues and believe they will deliver for MGM MIRAGE and the residents of Southern Nevada  a building of iconic stature around the world. 02 BELLAGIO SPA TOWER  The quintessential luxury hotel is now even more opulent. This expansion includes 928 rooms and suites, 80,000 square feet of convention space, retail outlets, and restaurants.  SHIBUYA  MGM GRAND Designed by superstar team Yabu Pushelberg, Shibuya  features stellar sushi and the widest sake selection this side of the Pacific, all served in a sleek, airy ambiance. CRAVINGS  THE MIRAGE The zenith of all-you-can-eat. Designed by Adam Tihany, Cravings boasts 11 cooking stations, a street of unique restaurants,  and an array of temptations in what’s unquestionably the ultimate buffet dining experience.  J. TERRENCE LANNI  Chairman & Chief Executive Officer