what if COMPANY OVERVIEW
The Premier Casino Resort Company in the World
World-Class Properties
Operating Expertise Resulting in Industry-Leading Margins
An Employee Base of Over 70,000
Collection of Signature Brands Across all Business Lines
Proven Development Track Record NET REVENUES
($ in millions) $7,500 $7,308
$6,482
$6,000
$4,500 $4,238 $3,863
$3,000
$1,500
$0 2003 2004 2005 LTM 6/30/06 REVENUE MIX LTM 06/30/06
($ in millions)
Entertainment, Retail & Other $1,213 15%
Casino F & B $3,246 $1,509 41% 19%
Rooms $1,988 25% PROPERTY EBITDA
($ in millions)
$2,500 $2,362
$2,082 $2,000
$1,500 $1,431
$1,130 $1,000
$500
$0 2003 2004 2005 LTM 6/30/06 INVESTING IN WINNING BRANDS
World-Wide Brand Recognition Newest Resort Portfolio on the Las Vegas Strip All Resorts Are Expandable Continue to Enhance the Resort Experience Recent Examples: Las Vegas Strip EDITDA (Q2 2006)
EBITDA in Millions Bellagio $131.0 MGM Grand $82.6 Mandalay Bay $79.5 Caesars Palace $74.0 Wynn $73.2 Venetian $63.2 The Mirage $46.1 MGM GRAND DETROIT
World-Class Hotel & Casino
400 Hotel Rooms & Suites
100,000 Sq. Ft. Casino
Exciting Restaurant, Entertainment & Nightclubs
Total Project Cost of $765 Million
Opening Late 2007 MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND MACAU MGM GRAND MACAU
Located on Prime Waterfront Site Unique Three Strata Iconic Tower 347 Table Games & 1,037 Slot Machines 600 Rooms, Suites & Villas World-Class Entertainment Signature Restaurants Substantial Expansion Opportunity (70,000 sq. ft.) Schedule to Open Late 2007 MGM GRAND MACAU MGM GRAND MACAU MGM GRAND MACAU MGM GRAND MACAU LAS VEGAS REAL ESTATE
CIrcus MGM Circus Grand
TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay
Other Land Sloan 85 Acres Total Las Vegas Strip Acres - 831 Jean 60 Acres Primm 573 Acres LAS VEGAS REAL ESTATE
CIrcus MGM Circus Grand
TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay
Other Land 150 Undeveloped Acres Sloan 85 Acres 200 Underutilized Acres Jean 60 Acres Primm 573 Acres 350 Acres For Future Development LAS VEGAS REAL ESTATE
CIrcus MGM Circus Grand
TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay CityCenter
CityCenter CITYCENTER
Monte Carlo Bellagio New York CityCenter Cosmopolitan New York Towers CITYCENTER
CityCenter Hotel/Casino Hotel/Condo
Mandarin Oriental Lifestyle Hotel HOTEL/CASINO HOTEL/CASINO MANDARIN ORIENTAL MANDARIN ORIENTAL RESIDENTIAL RESIDENTIAL SOBELLA LIFESTYLE HOTEL LIFESTYLE HOTEL HOTEL/CONDO HOTEL/CONDO CITYCENTER CITYCENTER
Foster & Partners
SIEMENS CITYCENTER
66 Acre Site - Best Property in Las Vegas 4,000 Room Luxury Casino/Hotel 2 Boutique Hotels 470,000 Sq. Ft. of Retail, Dining, & Entertainment Over 2,700 Residential Units Total Cost of Approximately $7 Billion Estimated Residential Gross Sales of $2.5 Billion Overall Estimated Net Investment of $4.5 Billion Ownership Structure to Suit Our Cash Flow, Earnings & Returns Expect Mid-Teen Return on Net Investment Scheduled to Opening Late 2009 SIGNATURE AT MGM GRAND SIGNATURE AT MGM GRAND SIGNATURE AT MGM GRAND
Three 576-Room Hotel/Condo Towers Tower 1 - Sold Out at $780 per sq. ft. Opened May 2006 Profit to MGM $52 Million in 2006 Accepting Reservations
Tower 2 - Sold Out at $940 per sq. ft Scheduled Opening Dec. 2006 Anticipated Profit to MGM $60+ Million
Tower 3 - Over 80% Sold at $1,065 per sq. ft Scheduled Opening Q2 2007 ATLANTIC CITY
72 Acres for Development INVESTMENT CONSIDERATIONS
Strong Development Pipeline
Expect Mid-Teen ROI on Growth Capital
Distinctive Position In the Las Vegas Market with Selective Geographic Diversity in Domestic & International Markets
Strong Operating Margins
Significant Potential Cash Flow Generation what if