EX-12 5 p14843exv12.htm EX-12 exv12
Exhibit 12
MGM MIRAGE
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended December 31,  
    2004     2005     2006     2007     2008  
            (In thousands)                  
Earnings
                                        
Income from continuing operations before income taxes
   $ 548,810     $ 667,085     $ 977,926     $ 2,158,428     $ (668,988 )
Minority interests in consolidated subsidiaries
     4,289       4,480       4,749       6,244       8,110  
Earnings from unconsolidated affiliates
     (107,360 )     (134,132 )     (229,295 )     (162,217 )     (40,752 )
Distributed income of unconsolidated affiliates
     51,500       89,857       212,477       211,062       70,546  
Fixed charges (see below)
     390,588       670,285       882,501       924,294       795,049  
Capitalized interest
     (23,005 )     (29,527 )     (122,140 )     (215,951 )     (185,763 )
 
                              
 
     864,822       1,268,048       1,726,218       2,921,860       (21,798 )
 
                                        
Fixed Charges
                                        
Interest expense, net (1)
     367,583       640,758       760,361       708,343       609,286  
Capitalized interest
     23,005       29,527       122,140       215,951       185,763  
 
                              
 
     390,588       670,285       882,501       924,294       795,049  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges
     2.21x       1.89x       1.96x       3.16x       (2 )
 
                              
 
(1)   Interest expense does not include the interest factor of rental expense as these amounts are not material.
 
(2)   Negative ratio. Coverage deficiency of $795,049.