MGM Grand Annual Report
* MGM GRAND, INC. Our Mission MGM Grand consistently provides the premier entertainment experience while maximizing value and opportunity for our guests, cast members, business partners and shareholders. MGM Grand is a premier owner, developer and operator of entertainment/gaming destination resorts in the United States, Australia and South Africa. The Company owns the MGM Grand's "City of Entertainment," the New York-New York Hotel and Casino on the Las Vegas Strip and other properties in Nevada acquired from Primadonna Resorts. A temporary casino is scheduled to open in Detroit, Michigan, this year, and planning continues on a resort hotel/casino in Atlantic City, New Jersey. * F i n a n c i a l H i g h l i g h t s (IN THOUSANDS EXCEPT SHARE DATA) FOR THE YEARS ENDED DECEMBER 1998 1997 1996 1995 1994 31, NET REVENUES $ 773,863 $ 827,597 $ 800,189 $ 718,781 $ 739,676 EBITDA(1) 218,547 287,064 258,781 169,837 181,827 OPERATING PROFTIT BEFORE 142,263 222,960 196,585 113,905 137,147 NON-RECURRING ITEMS AND CORPORATE EXPENSE OPERATING INCOME 131,574 190,970 129,294 103,823 129,715 INCOME BEFORE INCOME TAXES, 109,528 180,301 99,151 46,565 73,540 DISCONTINUED OPERATIONS AND EXTRAORDINARY ITEM NET INCOME 68,948 111,018 43,706 46,565 74,576 BASIC EARNINGS PER SHARE: INCOME BEFORE DISCONTINUED $ 1.24 $ 2.00 $ 1.41 $ 0.97 $ 1.53 OPERATIONS AND EXTRAORDINARY ITEM DISCONTINUED OPERATIONS - - - - 0.02 EXTRAORDINARY ITEM - LOSS ON - (0.07) (0.58) - - EARLY EXTINGUISHMENT OF DEBT, NET OF INCOME TAX BENEFIT NET INCOME PER SHARE $ 1.24 $ 1.93 $ 0.83
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