Good afternoon, and welcome to the MGM MIRAGE Fourth Quarter Conference Call. Joining the call from the company today are Jim Murren, Chairman and Chief Executive Officer; Bobby Baldwin, Chief Design and Construction Officer of MGM MIRAGE and President and CEO of CityCenter; Jeremy Jacobs, Executive Vice President and General Counsel and Secretary; Aldo Manzini, Executive Vice President and Chief Administrative Officer; and Bob Selwood, Executive Vice President and Chief Accounting Officer. Participants are now in a listen-only mode. After the company’s remarks, there will be a question-and-answer session. Now I would like to turn the call over to Mr. Dan D’Arrigo. Dan D’Arrigo: (inaudible) we’re getting some background noise there. Is it possible to look into that real quick before we get started? Well, good afternoon and welcome to MGM MIRAGE fourth quarter earnings call. This call is being broadcast live on the Internet at www.mgmmirage.com and at www.companyboardroom.com. A replay of the call will be made available on our website. We furnished our press release on form 8-K to the SEC this afternoon. Additional information was posted to our website, which gives significant detail behind the numbers included in this release. Information we present on this call may contain forward-looking statements as defined by the SEC. Such forward-looking statements are protected by the Safe Harbor amendments of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ material from – materially from estimates. Listeners should also refer to our disclosures about risks and uncertainties made in our filings with the SEC. I’ll now turn it over to Jim Murren.

Well, thanks Dan and good afternoon everyone. As you know, we are reporting later than as typical, but the added time I think was well spent as we’ve achieved a sought-after amendment. So, first I want to address our liquidity situation. I’ll be succinct, but we’ll fully cover what we are able to disclose at this time. For further detail, I would refer you to our earnings release and the 10-K, which as Dan mentioned, we filed earlier this afternoon. We will not be addressing these items further in the Q&A portion of the call. As discussed in the release and in our 10-K, we obtained an amendment providing for a waiver of the requirement to comply with our financial covenants under the senior credit facility through May 15th of this year. Under the terms of that amendment, we paid – repaid $300 million outstanding under the senior credit facility. This amount is not available to be drawn upon without the consent of our lenders. And as we have previously disclosed, in February we had drawn the remaining availability, which was $842 million under that facility. The amendment that we signed restricts us from repaying or repurchasing our long-term debt and limits our ability currently to sell assets. But importantly, we have not provided any collateral to obtain the short-term waiver. And the fees and the rate increase of 100 basis points, we believe are reasonable. Also of note, we will be able to continue to make our required equity contributions to CityCenter during this period. We are very pleased that our lenders have worked with us to obtain this waiver and amendment. It is just the first step, but an important step towards developing a comprehensive long-term solution to our liquidity issues. Following the expiration of the waiver, we…

Thanks, Dan, and good afternoon, everyone. CityCenter remains on track to have the entire project, except for the Harmon Hotel, open in about nine months in December of this year. Most buildings are at full height and the buildings are in various stages of interior fit-out. There are currently six remaining tower cranes on the site and approximately 8,500 men and women actively involved in the construction of CityCenter. Peak construction is expected to be reached in May of this year with approximately 9,000 workers on site. There will be a phased opening of CityCenter. Vdara opens October 1st 2009; Mandarin, Veer Towers, and Crystals, December 3rd of this year; and finally, the ARIA Resort and Casino on December 16th this year. In Crystals, we’ve begun the process of turning over the spaces – the various spaces for tenants. At ARIA, we will turn over the theater to Cirque du Soleil in June of this year when training for the new Elvis show will commence. The closing process for residential units will commence in the fourth quarter of 2009 for the residences at Mandarin Oriental first, later followed by Veer and Vdara in the first quarter of 2010. We announced in December 2008 the postponement of the Harmon Hotel until late 2010 and the cancellation of the residential component of the Harmon. All corresponding deposits have now been returned to those who have signed the contracts for units in the Harmon. The exterior of this building, however, will be complete before CityCenter opens later this year. Our construction budget estimate is lower than our previous announcements due to the cancellations of the Harmon residences, about $140 million. As disclosed in our Form 10-K filed this morning, we had GMP contracts totaling $6.9 billion with estimated cost savings of approximately $500 million. Non-construction project cost totaled $2.3 billion for a net estimated budget of $8.7 billion including the ultimate completion of the Harmon Hotel, which is $200 million. Management believes an additional $200 million in savings is quite possible in addition to the amounts that I’ve just discussed. The CityCenter career center began accepting employment applications from external candidates on January the 5th. To date, CityCenter has received 90,000 applications in total, 15,000 of which are MGM MIRAGE employees mostly in Las Vegas. The internal – the interview process to fill the 10,000 open positions at CityCenter is approximately 30% complete. On February 23rd, room reservations opened to the public for ARIA and Vdara. All reservations are currently being handled through the existing Bellagio call center, proprietary website, and online distribution partners. And with that, I’ll turn it back to Dan D’Arrigo. Dan D’Arrigo: Thanks, Bobby. That concludes our prepared remarks. At this time, operator, we’ll turn it over for questions and answers.

(Operator instructions) We’ll pause for just a moment to compile the Q&A roster. Your first question is from the line of Felicia Hendrix with Barclays Capital. Felicia Hendrix – Barclays Capital: Hi, good afternoon guys.

Hi, Felicia. Felicia Hendrix – Barclays Capital: Hi. Just a question – I know you mentioned that you weren’t going to talk about the amendment. I think this is just a question you can answer though. It suggests that you can’t sell assets, but we’re interpreting that as you can’t sell assets without the bank’s consent. Is that true?

That’s correct, Felicia. Felicia Hendrix – Barclays Capital: Okay. And then just, moving on to your operations, I’m wondering at ARIA, are you seeing any turnover by tenants who have signed prior – prior to opening?

Yes, we’ve seen some, but it’s very limited. Felicia Hendrix – Barclays Capital: Okay. And how booked – how booked is that now?

Are you referring to Crystals, Felicia? Felicia Hendrix – Barclays Capital: I’m sorry. Yes, Crystals, sorry.

Okay. The tenants? Felicia Hendrix – Barclays Capital: That’s right.

Crystals will be about 65% to 70% booked at opening. Felicia Hendrix – Barclays Capital: Okay. And then just to clarify, you interpreted my question correctly when I asked about the turnover by the tenants?

Yes. Felicia Hendrix – Barclays Capital: Okay. And then, just talking about – on Bellagio with the out-performance in the quarter relative to the rest of your properties, are you still seeing that?

Well, we don’t know how everyone else is doing in the current quarter, but – Felicia Hendrix – Barclays Capital: No, relative to your own properties.

Yes. Felicia Hendrix – Barclays Capital: Okay. And then finally, I’m trying not to ask yes-and-no questions here.

We’ll try not to give you a yes-and-no answer. Felicia Hendrix – Barclays Capital: My last one. Okay, so just – and then as far as just your property level EBITDA margins, it sounds like you are expecting them to get worse before they improve, but to potentially improve as you go throughout the year. Is that correct?

Well, we – this is Jim, Felicia. The – certainly the cost savings that we are implementing are ongoing and that will have a – it should have a positive impact mitigating the fact that – yes, our RevPAR is down more in the first quarter than it was in the fourth. And RevPAR and rooms revenue is the real issue for Las Vegas right now. The operating leverage of this business is very significant on the positive and on the negative and I would guess about 70% of the shortfall in cash flows is represented solely by the rooms department. So, we are occupying the buildings reasonably well. We’ve sacrificed rate to do that. We still have to service the customers in an outstanding manner and we are doing that. And so, the margins will be impacted by the lower rooms revenue as a result of lower RevPAR, but we do expect that our cost savings will continue to have a positive impact as the year progresses. Felicia Hendrix – Barclays Capital: Okay. All right, that’s it. Thank you.

Thank you.

Your next question is from the Larry Klatzkin with Jefferies. Larry Klatzkin – Jefferies: Hi guys, happy St. Patty’s Day.

Thank you, Larry. Larry Klatzkin – Jefferies: Dan, what’s your cash on hand right this minute?

Are you talking about Dan D’Arrigo or are you talking about – Dan D’Arrigo: My wife picked me up this morning. We have a little over $600 million of cash on hand. Larry Klatzkin – Jefferies: Okay. And then, you still have to put 500 in the CityCenter, is that correct?

Just a little less than that, a little bit less. Larry Klatzkin – Jefferies: Okay. So then you’re getting, say, $600 million from Ruffin, so you really have $700 million of cash at the end of this month available to you plus what you generated in the – in cash flow plus $24 million I guess from the insurance. Am I doing this right? Dan D’Arrigo: Sounds about accurate. Larry Klatzkin – Jefferies: Okay. So, at this point in time, as far as your bank relation with the banks and the talks, they made you pay down some money in advance and at the same time they didn’t let you buy some of your bonds that are – some of the pretty extreme discounts. Would you call the relation, Jim, contentious or friendly at this point in time?

I would say extremely constructive and friendly. The banks – our bank group is unique in a sense that it’s been with us for many, many years, certainly the 11 years that I’ve been here, and longer than that. And what the banks and MGM attempted to accomplish with the waiver and amendment was to give us some runway for a couple of months so that we can work with the banks and come up with solutions. Asset sales, as an example, will likely be part of a solution, but we certainly can’t sell anything within the next 30 days. Same with debt restructuring with our bonds. So, we’re going to sit down through Evercore who we’ve hired as our financial adviser and with our bank group and work through all of these issues and that’s why we got the two months and I think that that is a sufficient amount of time to make a lot of progress. Larry Klatzkin – Jefferies: Jim, what would you – if you woke up in the morning, what would be the perfect waiver that you got? What are you looking for?

Well, we felt very strongly that at this point in time, Larry, that it was not in our best interest to grant collateral for a waiver and our banks agreed with us. And I feel that returning some of the money and paying a little bit more in fees was a very fair deal from the banks’ perspective and we appreciate their position that they have taken. So, I can’t tell you exactly what the ultimate solution will look like, but I can tell you that the dialog with the steering committee and with the banks, banks that we’ve known for decades, and through Evercore has been very constructive and we appreciate their efforts. And these banks that have lent us this money are also have been major underwriters of our bonds over many years and they have strong liability management departments and we’re going to be working through this. That’s why we wanted to have a short-term solution. That’s what we went out to seek. We got exactly what we were looking for in this waiver and amendment and I think that’s a good first step. Larry Klatzkin – Jefferies: Yes, how about the ability to buy back bonds that – which will be tomorrow, probably more discounted prices, which given that everyone’s trying to pursue right now would improve the banks’ position I guess you could argue?

I think that the banks and MGM took the view that it should part of a global solution if we do sell at all and that’s what we are working toward and the fact that we did not grant collateral means that we have significant amount of collateral that we can use overtime and we are going to use that collateral to its maximum benefit to the benefit of all our constituents. Larry Klatzkin – Jefferies: How much can you give the banks today if you go out and buy the bond covenants?

I don’t think that we’ve disclosed that. Dan D’Arrigo: We have not. It’s a pretty complex – Larry, this is Dan. It’s a pretty complex debt structure given the issuers we have out there and the different levels and aspects that are under each of the particular issues of the debt.

We – I’ve seen a lot of estimates and they are fairly close. Larry Klatzkin – Jefferies: So, between $2 billion and $2.5 billion or $2 billion and $3 billion is probably a good estimate?

We can’t go any farther. Larry Klatzkin – Jefferies: All right. That’s fine. The tax payment –?

This is the last question, Larry, to give everyone else a chance. Larry Klatzkin – Jefferies: All right. What assets you are working on selling?

Are you interested in buying something? We have had – we’ve had an extraordinary amount of interest in our portfolio of assets, both individually and in some cases, collectively and we have turned over that body of work to Evercore so that they can help us sift through this. One thing that we do know about MGM MIRAGE is that we have the highest quality assets, the most desirable assets in every market in which we operate and they are operated by the best people in our business and that will be part of the dialog that we have and we will not talk about any specific asset sale at this time. Larry Klatzkin – Jefferies: Okay. Well, thank you, Jim.

Thank you, Larry.

Our next question is from Steven Kent with Goldman Sachs. Steven Kent – Goldman Sachs: Hi, Jim and Dan. Just a couple of questions, one – and maybe this is for Bobby, why not push back the opening of CityCenter given the core weakness we’re seeing out there? Second, your 85% occupancy that you saw roughly in Q4, is the target to move that too higher and even if you need to take even lower room rate and is that what went on in Q1? And then, on the CityCenter condos, what are you hearing from the buyers as to their ability to close? And then just one final, just housekeeping, on the Ruffin numbers that you put – you’ve noted now a couple of times, are those pretax and what would it be after tax?

Okay, Steve. We are going to jot down and you had a bunch there. So, I’ll turn it over to Bobby first and then, you had two different CityCenter questions I think Steve, and we’ll have Bobby handle those and we’ll hit the rest.

Hi, Steve. Well, as it relates to the slowdown of CityCenter, if you had so much momentum, we are only nine months from opening, this is a six-year project, it’s not easily slowed down. If we – we have looked at slowdown scenarios in order to eliminate overtime and some other things and maybe make the project more efficient. It’s actually less efficient if we slow it down. It also can unwind all of our Crystals retail leases that are very important to us and our partners and it could impact the residential closings because those people, the people that intend to close are quite anxious to get into their spaces. So, we have looked at the slowdown. It doesn’t look like a good idea, we are on schedule, we’re going to stay on schedule. Everything with the exception of Harmon Hotel will be opened by December 16th ready or not. There is no indication that if we slowed it by three or six months we’d open up into a more robust environment any way. So, we’re going to open in 16th December. The second part – what was your second question as to the condo buyers, Steve? Steven Kent – Goldman Sachs: Yes, Bobby, all I wanted to know was when you talk to your condo buyers, their ability to get their own financing to in fact close with you in Q4, or a little bit after?

Well, we’ve polled all the condo buyers as to their likelihood of closing as to whether they are going to be cash or people that might need bank assistance. We have about a total of $1.6 billion in contracted sales after you deduct the Harmon residencies and we have a whole mixed group as to the people that are intent to pay cash and as people would be financing. The most troubled financing is in the condo hotel environment since condo hotel financing is currently not available. But the net result of it is that we are where we believe we can close and generate cash proceeds at least in the 75% range of what we’ve contracted. And there is a lot to be done as it relates to closing these units and we’ll know a lot more by the time we talk on our next call. Steven Kent – Goldman Sachs: Okay. And then, Dan or Jim, if you had answers to the other two?

Well, I’ll hit the occupancy one since I forgot the other one and maybe Dan can hit the other one. In the first quarter, Steve, we saw – the most weakness we saw was actually in January and we lost quite a bit of convention business in the January period and then it really slowed down in terms of losing business or another way of looking at it, convention business perked up a little bit until President Obama took a hit on Las Vegas. And then we saw more cancellation business for about a two-week period and that has also now slowed down. We have seen very little cancellation after that one-week period. So, the weakest month for us from an occupancy and rate perspective will probably be January of the first quarter. February improved and we did sacrifice rate in order to maintain some level of occupancy as a result of losing that convention business in January and for that one-week period in February. We have seen an improvement in the convention business and therefore – a little bit, we’ve seen an improvement in rate. And so, we are willing to discount more to keep the buildings occupied. That will be result of the lower RevPAR year-over-year in the first quarter versus the fourth quarter. We think it’s important to keep the buildings reasonably occupied. And so, we have sacrificed rate to do that and it has been a little bit sporadic in the first quarter, but because as I said, that was weak in January, perked up again, we took a temporary hit from our TARP babies that left us and we have now improved again, since that has not been in the news lately. Dan, if you want to –? Dan D’Arrigo: Yes. I think, Steve, the last question you had related to the TI transactions, the – those numbers that recorded earlier are all gross and the tax that we’ll pay related to that transaction will be offset by several factors including taxable income as we go forward. So, that cash taxes could be anywhere from $80 million to $100 million throughout this year and into early next year. Steven Kent – Goldman Sachs: Okay. Thanks, guys.

Thank you.

Your next question is from the line of David Katz with Oppenheimer. David Katz – Oppenheimer: Hi, good afternoon.

Hello, David. David Katz – Oppenheimer: Hi. So, I wanted to make sure that I can try and get my cash flows just right. And I think what it says is $494 million left to spend on CityCenter. If you could talk about how you expect to that flow, we’ve been modeling $100 million, $150 million a quarter or so going out and I think if I’m understanding correctly, that – the $1 billion 8 of bank financing on CityCenter does not come into play if I heard you correctly, until June. And then with respect to the Treasure Island proceeds, it sounds on the one end like we’re not a 100% sure that the $20 million discount is going to be taken or do you have some indication that that’s a more likely outcome than less? And I guess I’m just trying to map out how the rest of the year flows cash wise. Dan D’Arrigo: David, this is Dan. As it relates to CityCenter, remaining $494 million will be between now and early June. We are running roughly per partner about $100 million to $150 million a month in terms of payments for the joint venture and that obviously depends on the amount of construction activity on the site, but we get to the 1.8 in bank funds, once each partner makes those remaining contributions of $494 million each, which we project would be in early June when get to the 1.8, which will take us through completion.

And we’ve already made $240 million of payment this year per partner, made $240 million so far. As it relates to Treasure Island, I can’t speak for Phil, but I do believe that it’s highly that we will get the $500 million obviously upon closing and that could happen as early as the end of this week, if not next week. So, that’s an acceleration versus our original timeframe and we may receive the other $100 million, which is payable within six months. We probably will get that I would guess within 30 days. As it relates to the remaining money, there is no way for me to know. David Katz – Oppenheimer: Got it. One last quick one. Just as a – an outside observer with respect to Las Vegas, there has been so much as we read the newspapers every morning about the financial institutions and the economy and everything else and very little sort of collective messaging in terms of the value proposition that Las Vegas offers. I recognize that you all are sort of tending to your own yards at this point, but is there any collective effort toward communicating that value proposition and we’ve all sort of read about the instances with some institutions canceling paying any way and then going somewhere else more expensive just for optics reasons. What – is there anything collectively going on?

Yes, there is quite a bit actually. We’ve worked very aggressively with the Las Vegas convention authority and obviously, with U.S. Travel Association. There has been a tremendous amount of effort that’s going on nationwide. You’re going to see more ads on TV as it relates to this effort. We have our federal delegation highly engaged and they have been extremely vocal in support of and – all of them and that’s been very appreciative. The President’s Press Secretary came out with clarifying remarks on Las Vegas, which we felt was also positive. It supports the view that Las Vegas is an attractive value destination. So, we have been working with the convention authority, we’ve been working with the broader trade groups like U.S. Travel Association, and we’ve been working with the airlines, quite particularly Southwest, but all the carriers that are very aggressively bringing in flights here. Also, charter flights have increased from locations such as Canada. So, this is a message we need to get out. You are correct that we all have our own individual issues to deal with, but collectively we are all over this. As an industry – we agree as an industry that we need to get the message out. We’ve been using our travel partners to help us and our federal delegation and state representatives as well. David Katz – Oppenheimer: Okay, hang in there guys. Thanks.

Thank you.

Your next question is from Joe Greff of JPMorgan. Joe Greff – JPMorgan: Good afternoon, guys. Jim, I was hoping if you can just discuss the relationship with Dubai World. Is it contentious, is it friendly, are they supportive of this strategy and do you anticipate they are being a big part of the solution going forward?

Well, our relationship with Dubai World is outstanding and has been since August of ’07 when we consummated the joint venture. They have been steadfast partners, they are major shareholders in MGM and 50% owners in CityCenter. We have been aligned in our interest from the beginning. They have, as have we, made our monthly payments or sometimes twice-a-month payments. Just talked with Johnny on the Spot. They were just actually out here. We hosted them for about a week and half, Bobby? Maybe a week and a half and it’s beautiful weather out here, they left with great awe and pride in CityCenter. And they realize, as do we, that this is a tough time that we’re all in, both globally, financial crisis, the economic crisis, and they have been great to work with and I’m very proud of the relationship that we have with them, and I’m glad that we have them. Joe Greff – JPMorgan: Will they be part of the solution going forward in the broadest sense of that?

It’s hard to say at this point. If what you are saying is in terms of the broader solution at MGM MIRAGE and in terms of how we restructured the company to best handle the economic crisis, I can’t say that specifically, but they certainly are very much engaged in the dialog with our advisors on looking for best solutions. Joe Greff – JPMorgan: Dan D’Arrigo: No, Joe. Overall, we had – we are pretty consistent in terms of our available room nights year-over-year. Joe Greff – JPMorgan: Okay. Thanks, guys.

Thank you.

Your next question is from Bill Lerner with Deutsche Bank. Bill Lerner – Deutsche Bank: Hi guys. Hi Jim, lots of people think you’ll fail. I think others unfortunately are rooting for it. I think maybe this is a good platform to speak too – I think the tools you have at your disposal and the desire to resolve as quickly as possible, I mean that’s an obvious question, you touched on that. Also – you touched on a little bit, but also I guess as the largest private employer and taxpayer in the state I suspect people in Nevada and Washington are polling for you or are supportive somehow. Can you color that in a little bit?

Sure, Bill. I know – I spent a little time on Wall Street myself and I really do not get at all emotional about people’s points of view as it relates to securities, whether they are long or short, whether they are rooting for or against companies. That is part of the capital system that I think is great in America and I’m proud of the system. I can only control to the best of our ability what we can do here and I do not ever try to control people’s attitudes toward our company positively or negatively, that’s for them to decide. I do know a few things about the company that I think are relevant. I do know that we are the market share leader everywhere we operate. I do know we out-operate everybody else. I do not think it’s a coincidence that when we acquire properties or merge with properties, the end result is those properties make more money than they did under prior ownership. I don’t think it’s a coincidence that our properties are in better shape than our competitors or better located or better managed. I do think that we have many tools at our disposal. I think that our financial partners are second to none and I think that if polled, our bank group would say that we have been great sponsors, great partners over many years. I think that the fact that we have the best employees in the business, the best assets in the business, a very supportive and flexible bank group, that we have locations around the world, we have strong partners around the world whether that be Dubai or Mubadala or Diaoyutai or any of our international partnerships, which we have forged and pioneered, which have served us well. I…

Thanks.

Your next question is from Robin Farley with UBS. Robin Farley – UBS: Thanks, Jim. Your comments were pretty comprehensive. So, really just – I wanted to do a small follow-up, I was going to ask about Dubai World. You made a lot of comments about the constructive relationship. I guess I just want to ask how comfortable are you that they can make all the contribution that they need to and are obligated to?

Well, there’s been an awful lot of dialog and debate in the press and a lot of media around that, Robin. And so, that certainly is a logical question to ask. And all I can say is they have been steadfast, consistent, completely dependable partners, and they have done everything from the beginning that has ever been asked to them. And I think that somebody’s record should stand for itself and all I could say is their record has stood for support and enthusiasm on the project. Robin Farley – UBS: Okay. Okay, great. And then, just a minor clarification on the Q4 results actually. For Bellagio and the out-performance there, I know you normally just sort of give hold for the company overall, but was part of the out-performance there slightly above average hold or is it something that you’re seeing in consumer behavior? Dan D’Arrigo: No. Actually, Bellagio, Rob and this is Dan. Actually Bellagio was lower than the prior year in terms of whole percentage.

Yes, the whole percentage was down year-over-year. The whole percentage was down more significantly at MGM Grand, Las Vegas, and MIRAGE on a year-over-year basis. Robin Farley – UBS: Well, okay. All right, great. Thank you.

Thank you. Dan D’Arrigo: Operator, we’ll take one more question as we get to the 7 Eastern Time. Let our friends on Wall Street head home.

Okay. Your final question is a follow-up question from Larry Klatzkin with Jefferies. Larry Klatzkin – Jefferies: Hi guys. Just a couple of questions on CityCenter. You say you have $319 million more you might have to put in if no apartment sales. Would that be reduced by the non-refundable deposits you’re holding? Dan D’Arrigo: Where did $319 million come from, Larry? Larry Klatzkin – Jefferies: That’s in the 10-K. It says that related to your $600 million guarantee, that you may have $319 million more to put in.

That’s right. It would be reduced by condominium sales. Larry Klatzkin – Jefferies: But how would if there is no sales? You’re sitting with a chunk of non-refundable deposits. Would that deposit money lower that $319 million?

No. Larry Klatzkin – Jefferies: All right. As far as a partner to take over or to take part of the Vdara, is there any consideration to that, the Four Seasons kind of thing?

We are exploring lots of options at CityCenter, Larry, and there is nothing to report at this time, but we certainly have many options available to us in that project, but there are no current plans to do anything other than what we have announced. Larry Klatzkin – Jefferies: All right. The advance CityCenter bookings, could you just talk about what you have kind of in the pocket right now?

Well, we – we, Larry, we track this according to how we did see at Bellagio when we opened ten years ago with Bellagio on a more normal economic environment. We’re actually on pace for our convention bookings for 2010 or ’11, ’12, and ’13 and it’s – we’re on pace to satisfy our need there. We’re on pace or actually a little above pace to 2010 when you compare to where we were when we opened Bellagio ten years ago. So, bookings have been good. As you know, room reservations as it relates to the other segments in the market, they don’t book until much closer to opening, but the convention statistics look strong. Larry Klatzkin – Jefferies: All right. And then, is there – the $600 million guarantee, is there a cross default with the CityCenter debt? How does that work exactly? Dan D’Arrigo: There is a – at the CityCenter level, there is a cross default within the CityCenter credit facility at the CityCenter level. Larry Klatzkin – Jefferies: But not at MGM MIRAGE?

Not at the – not on the corporate credit facility. Larry Klatzkin – Jefferies: All right. So, how does that work exactly, Dan? If let’s say CityCenter would have event of default, what – how would that work at MGM? Dan D’Arrigo: We don’t believe that would impact the corporate credit facility. It doesn’t come upward in terms of that particular credit facility. Larry Klatzkin – Jefferies: Good, that’s the answer I wanted to hear. Thanks.

Thank you. Well, operator, I think that’s it for our call. As always, we’ll be available for any follow-up questions or calls and I’d like to thank you very much for participating in the call, and sorry that it was a little late back East, but it’s past happy hour on St. Patrick’s Day. So, enjoy yourselves. Thank you.

This does conclude today’s conference call. You may now disconnect.