Q: After MGM Grand merged with Mirage Resorts, it added several upscale restaurants and nightclubs to the properties, as well as Treasure Island re-theming as TI. Are you planning similar upgrades or re-theming for Mandalay's resorts?

A: No company in our industry invests as much money as we do in refreshing our buildings to create a new and better experience. In our view, if you're not moving forward, you're falling rapidly behind. We'll build on the strengths of our existing properties, but we're failing in our mission if people walk into our resorts and don't see something new. Ideally, they should walk in and see something they've never seen before.

Q: How is MGM MIRAGE planning these changes?

A: We've been evolving plans since the merger process began in June 2004. One of the first changes was to give the general manager of each property the title of “president.” We call them presidents for a reason, because they really do have a lot of control over what happens at their resorts. These men and women were given the task of evaluating all aspects of their property—the physical structure, the marketing program, the personnel—and developing a program to make each one the best it can be. There will be lots of changes at all the resorts, including improvements to public spaces— restaurants, retail, entertainment—and also the gaming floors and hotel rooms. However, I don't think there will be a revolutionary change at any one location. We're not jumping into anything. The properties are making a good return, they're all very popular, and we bought a company that was well run, so we're not going to make material changes without studying them thoughtfully.

Q: Since each property is run by its own president and has its own marketing programs, are they actually competing against each other?

A: Yes, they are. The Mirage is a very different experience from MGM Grand, which is different from TI and New York-New York. One advantage of this model is that people can visit Las Vegas as often as they want, and have a completely unique experience each and every time. We believe the resort experience is best defined by a company that has individual brands which promise and deliver individual experiences. We encourage that distinctiveness by empowering the presidents to run their resorts in a very individual way, and they also get compensated based on the performance of their properties.