UNITED STATES
SECURITIES & EXCHANGE COMMISSION
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 0-16760
MGM MIRAGE
(Exact name of registrant as specified in its charter)
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Delaware |
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88-0215232 |
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(State or other
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(I.R.S. Employer Identification No.) |
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3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109 |
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(Address of principal executive offices - Zip Code) |
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(702) 693-7120 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act): ý Yes o No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at August 8, 2003 |
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Common Stock, $.01 par value |
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149,697,914 shares |
MGM MIRAGE AND SUBSIDIARIES
FORM 10-Q
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
MGM MIRAGE AND SUBSIDIARIES
(In thousands, except share data)
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June 30, |
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December
31, |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
130,724 |
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$ |
211,234 |
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Accounts receivable, net |
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131,091 |
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139,935 |
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Inventories |
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61,995 |
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68,001 |
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Deferred income taxes |
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51,937 |
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84,348 |
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Prepaid expenses and other |
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69,808 |
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86,311 |
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Assets held for sale |
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219,646 |
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— |
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Total current assets |
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665,201 |
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589,829 |
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Property and equipment, net |
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8,579,833 |
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8,762,445 |
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Other assets |
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Investments in unconsolidated affiliates |
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710,559 |
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710,802 |
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Goodwill and other intangible assets, net |
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256,704 |
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256,108 |
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Deposits and other assets, net |
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198,874 |
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185,801 |
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Total other assets |
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1,166,137 |
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1,152,711 |
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$ |
10,411,171 |
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$ |
10,504,985 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
80,444 |
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$ |
69,959 |
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Income taxes payable |
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1,602 |
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637 |
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Current portion of long-term debt |
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8,025 |
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6,956 |
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Accrued interest on long-term debt |
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80,580 |
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80,310 |
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Other accrued liabilities |
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553,762 |
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592,206 |
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Liabilities related to assets held for sale |
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24,204 |
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— |
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Total current liabilities |
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748,617 |
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750,068 |
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Deferred income taxes |
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1,747,060 |
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1,769,431 |
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Long-term debt |
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5,116,344 |
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5,213,778 |
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Other long-term obligations |
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110,112 |
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107,564 |
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Commitments and contingencies |
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Stockholders’ equity |
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Common stock, $.01 par value: authorized 300,000,000 shares; issued 166,471,784 and 166,393,025 shares; outstanding 151,218,384 and 154,574,225 shares |
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1,665 |
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1,664 |
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Capital in excess of par value |
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2,127,579 |
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2,125,626 |
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Deferred compensation |
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(23,217 |
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(27,034 |
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Treasury stock, at cost (15,253,400 and 11,818,800 shares) |
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(408,196 |
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(317,432 |
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Retained earnings |
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994,959 |
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890,206 |
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Accumulated other comprehensive loss |
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(3,752 |
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(8,886 |
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Total stockholders’ equity |
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2,689,038 |
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2,664,144 |
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$ |
10,411,171 |
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$ |
10,504,985 |
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The accompanying notes are an integral part of these consolidated financial statements.
1
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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