Overall revenues within the gorup were $4.24bn (Euro 3.25bn, £2.24bn), with MGM’s casino arm reporting record revenues of $2.04bn (Euro 1.56m, £1.08m).

Jim Murren, MGM Mirage’s chief financial officer, said: “We generated significant operating cash flow in 2004 and will continue to do so to provide support for ous growth initiatives.”

During the financial year, MGM announced plans to merge with rival casino giant, Mandalay Resort Group – a deal it hopes to complete later this spring.

Murren added: “We look forward to enhancing our already strong portfolio of resorts with the coming Mandalay merger. This transaction will allow us to further invest in strategic developments.”

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