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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
_________________________
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(B)(2) [x]__
--------------------------
U.S. TRUST COMPANY, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
95-4311476
(I.R.S. employer
Identification No.)
515 South Flower Street, Suite 2700
Los Angeles, CA 90071
(Address of principal (Zip Code)
executive offices)
KAREN YAMAMOTO
515 South Flower Street, Suite 2700
Los Angeles, California 90071
(213) 861-5000
(Name, address, including zip code and telephone number of agent for service)
____________________________
MGM MIRAGE
(Exact name of obligor as specified in its charter)
DELAWARE 88-0215232
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
3600 Las Vegas Boulevard South
Las Vegas, Nevada 89109
(Address of principal chief executive offices)
8-1/2 % Senior Notes due 2010
------
(Title of indenture securities)
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(Exact Name of guarantors as specified in their charters)
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MGM Grand Hotel, Inc., a Nevada corporation 88-0108587
MGM Grand Movieworld, Inc., a Nevada corporation 88-0260416
Grand Laundry, Inc., a Nevada corporation 88-0298834
MGM Grand Advertising, Inc., a Nevada corporation 88-0396568
MGM Dist., Inc., a Nevada corporation 88-0230514
Destron, Inc., a Nevada corporation 88-0234293
Destron Marketing, Inc., a Nevada corporation 88-0330790
MGM Grand Merchandising, Inc., a Nevada corporation 88-0339740
MGM Grand Entertainment, Inc., a Nevada corporation 88-0373099
MGM Grand Atlantic City, Inc., a New Jersey corporation 88-0354792
MGM Grand Development, Inc., a Nevada corporation 88-0368826
MGM Grand Detroit, Inc., a Delaware corporation 91-1829051
New York-New York Hotel & Casino, LLC, a Nevada limited liability company 88-0329896
PRMA, LLC, a Nevada limited liability company 88-0430017
The Primadonna Company, LLC, a Nevada limited liability corporation 88-0430016
PRMA Land Development Co., a Nevada corporation 88-0325842
New PRMA Las Vegas, Inc., a Nevada corporation 88-0430015
PRMA-MS, Inc., a Mississippi corporation 88-0377915
AC Holding Corp., a Nevada corporation 88-0220212
AC Holding Corp. II, a Nevada corporation 88-0220229
The April Cook Companies, a Nevada corporation 88-0401505
Beau Rivage Distribution Corp., a Mississippi corporation 64-0898763
Beau Rivage Marketing Corp., a Nevada corporation 58-2384341
Beau Rivage Resorts, Inc., a Mississippi corporation 88-0340296
Bellagio, a Nevada corporation 88-0289848
Boardwalk Casino, Inc., a Nevada corporation 88-0304201
Bungalow, Inc., a Mississippi corporation 64-0410882
Country Star Las Vegas, LLC, a Nevada limited liability company 88-0352410
DAP Corporation, a Pennsylvania corporation 23-2257393
EGARIM, Inc., an Alabama corporation 88-0310857
GN Marketing Corp., New York corporation 88-0227856
GNL, Corp., a Nevada corporation 88-0237066
GNLV, Corp., a Nevada corporation 88-0135579
GNLV Marketing Corp. - Canada, a Nevada corporation 88-0279815
GNS Finance Corp., a Nevada corporation 88-0235356
Golden Nugget (ASIA) Ltd., a Nevada corporation 88-0186785
Golden Nugget Aviation Corp., a Nevada corporation 88-0173596
Golden Nugget Finance Corp., a Nevada corporation 88-0225681
Golden Nugget Marketing Corp., a California corporation 94-2931670
Golden Nugget Marketing Corp., a Texas corporation 74-2289642
Golden Nugget Marketing Corp. - Illinois, a Nevada corporation 88-0279814
Golden Nugget Manufacturing Corp., a Nevada corporation 88-0195439
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LV Concrete Corp., a Nevada corporation 88-0337406
MAC, Corp., a New Jersey corporation 22-3424950
MCD Gaming Corp., a Michigan corporation 38-3365594
MH, Inc., a Nevada corporation 88-0245162
M.I.R. Travel, a Nevada corporation 88-0276369
Mirage Resorts, Incorporated, a Nevada corporation 88-0058016
MGM Mirage Advertising, Inc., a Nevada corporation 88-0162200
MGM Mirage Design Group, a Nevada Corporation 88-0406202
MGM Mirage Entertainment and Sports, a Nevada corporation 88-0245169
MGM Mirage Retail, a Nevada corporation 88-0385232
The Mirage Casino-Hotel, a Nevada corporation 88-0224157
The Mirage-Golden Nugget Hong Kong, Ltd., a Nevada corporation 88-0256446
The Mirage-Golden Nugget Taiwan, Ltd., a Nevada corporation 88-0271601
Mirage Hawaii Marketing Corp., a Nevada corporation 88-0277611
Mirage International, a Nevada corporation 86-0868640
Mirage Laundry Services Corp., a Nevada corporation 88-0287118
Mirage Leasing Corp., a Nevada corporation 88-0424843
Mirage Resorts of Maryland, Inc., a Maryland corporation 52-1936504
Mirage Resorts, Incorporated, a Nevada corporation 88-0058016
Mirage Resorts Risk Management, a Nevada corporation 88-0220450
MRGS Corp., a Nevada corporation 88-0321295
Restaurant Ventures of Nevada, Inc., a Nevada corporation 88-0376749
SHCR Corp., a Texas corporation 76-0436501
See Saw Sign Corp., a Nevada corporation 88-0303757
Treasure Island Corp., a Nevada corporation 88-0279092
Treasure Island Productions, Inc., a Nevada corporation 88-0303757
VidiAd, a Nevada corporation 88-0428375
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GENERAL
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1. General Information.
--------------------
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to which
it is subject.
Comptroller of the Currency
490 L'Enfant Plaza East, S.W.
Washington, D.C. 20219
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, D.C. 20429
Federal Reserve Bank (12th District)
San Francisco, California
(b) Whether it is authorized to exercise corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
2. Affiliations with the Obligor
-----------------------------
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15.
The obligor currently is not in default under any of its outstanding
securities for which U.S. Trust Company, National Association is Trustee.
Accordingly, responses to Items 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15
of Form T-1 are not required under General Instruction B.
16. List of Exhibits
----------------
T-1.1 - A copy of the Articles of Association of U.S. Trust Company,
National Association currently in effect; incorporated herein by reference to
Exhibit T-1.1 filed with Form T-1 Statement, Registration No. 333-59485.
T-1.2 - A copy of the certificate of authority of the trustee to commence
business, if not contained in the articles of association, incorporated herein
by reference to Exhibit T-1.1 filed with Form T-1 Statement, Registration No.
33-33031.
T-1.3 -A copy of the authorization of the trustee to exercise corporate trust
powers, if such authorization is not contained in the documents specified in
paragraph (1) or (2) above, incorporated herein by reference to Exhibit T-1.1
filed with Form T-1 Statement, Registration No. 33-33031.
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T-1.4 - A copy of the By-Laws of U.S. Trust Company, National Association,
as amended to date; incorporated by reference to Exhibit T-1.4 filed with Form
T-1 Statement, Registration No. 33-54136.
T-1.6 - The consent of the trustee required by Section 321(b) of the Trust
Indenture Act of 1939; incorporated herein by reference to Exhibit T-1.6 filed
with Form T-1 Statement, Registration No. 33-33031.
T-1.7 - A copy of the latest report of condition of the trustee published
pursuant to law or the requirements of its supervising or examining authority
T-1.8 - Not applicable.
T-1.9 - Not applicable.
NOTE
----
As of September 1, 2000, the Trustee had 20,000 shares of Capital Stock
outstanding, all of which are owned by U.S. Trust Corporation.
The responses to Items 2, 5, 6, 7, 8, 9, 10, 11 and 14 set forth the information
requested as though U. S. Trust Company, National Association and U.S. Trust
Corporation were the "trustee."
In answering Item 2 in this statement of eligibility as to matters peculiarly
within the knowledge of the obligor or its directors, the trustee has relied
upon information furnished to it by the obligor and will rely on information to
be furnished by the obligor and the trustee disclaims responsibility for the
accuracy or completeness of such information.
-----------------------------
Pursuant to the requirements of the Trust Indenture of Act of 1939, the trustee,
U.S. Trust Company, National Association, a corporation organized and existing
under the laws of the United States of America, has duly caused this statement
of eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Los Angeles, and State of
California, on the 15th day of September 2000.
U.S. TRUST COMPANY, NATIONAL ASSOCIATION
Trustee
By: /s/ Lawrence E. Gerquest
-----------------------------------------------
Lawrence E. Gerquest, Assistant Vice President
Authorized Signatory
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U.S. Trust Company, N.A. Call Date: 06/30/00 ST-BK: 06-0784 FFIEC 033
515 South Flower Street, Suite 2700 Vendor ID: D Cert #: 33332 Page RC-1
Los Angeles, CA 90071 Transit #: 12204024
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9
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CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR June 30, 2000
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC - Balance Sheet
C300 (-
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<CAPTION>
Dollar Amounts in Thousands
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ASSETS
RCON
1. Cash and balances due from depository institutions (from Schedule RC-A) ----
a. Noninterest-bearing balances and currency and coin (1)................ 0081 19,697 1.a
---- ------- -------
b. Interest bearing balances (2)......................................... 0071 175 1.b
---- ------- -------
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)............ 1754 0 2.a
---- ------- -------
b. Available-for-sale securities (from Schedule RC-B, column D).......... 1773 165,062 2.b
---- ------- -------
3. Federal funds sold and securities purchased under agreements to resell.... 1350 86,900 3.
---- ------- -------
RCON
4. Loans and lease financing receivables: ----
a. Loans and leases, net of unearned income (from Schedule RC-C)......... 2122 124,954 4.a
-------
b. LESS: Allowance for loan and lease losses............................ 3123 1,092 4.b
-------
c. LESS: Allocated transfer risk reserve................................ 3128 0 4.c
-------
RCON 123,832
d. Loans and leases, net of unearned income, allowance, and reserve ----
(item 4.a minus 4.b and 4.c).......................................... 2125 4.d
---- ------- -------
5. Trading assets............................................................ 3545 0 5.
---- ------- -------
6. Premises and fixed assets (including capitalized leases).................. 2145 10,416 6.
---- ------- -------
7. Other real estate owned (from Schedule RC-M).............................. 2150 0 7.
---- ------- -------
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M)...................................................... 2130 0 8.
---- ------- -------
9. Customers' liability to this bank on acceptances outstanding.............. 2155 0 9.
---- ------- -------
10. Intangible assets (from Schedule RC-M).................................... 2143 49,336 10.
---- ------- -------
11. Other assets (from Schedule RC-F)......................................... 2160 18,888 11.
---- ------- -------
12. Total assets (sum of items 1 through 11).................................. 2170 474,306 12.
---- ------- -------
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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
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U.S. Trust Company, N.A. Call Date: 06/30/00 ST-BK: 06-0784 FFIEC 033
515 South Flower Street, Suite 2700 Vendor ID: D Cert #: 33332 Page RC-2
Los Angeles, CA 90071 Transit #: 12204024
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10
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Schedule RC - Continued
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<CAPTION>
Dollar Amounts in Thousands
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LIABILITIES
<S> <C> <C> <C> <C> <C> <C>
13. Deposits:
a. In domestic offices (sum of totals of RCON
------
columns A and C from Schedule RC-E)............................... 2200 396,811 13.a
-------
RCON
------
(1) Noninterest-bearing (1)...................................... 6631 58,301 13.a.1
-------
(2) Interest-bearing............................................. 6636 338,510
-------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
(1) Noninterest-bearing..........................................
(2) Interest-bearing.............................................
14. Federal funds purchased(2) and securities sold under agreements
to repurchase: RCON 0 14
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2800
15. a. Demand notes issued to the U.S. Treasury.......................... 2840 0 15.a
------ ------- -------
b. Trading liabilities............................................... 3548 0 15.b
------ ------- -------
16. Other borrowed money (includes mortgage indebtedness and
obligations under capitalized leases):
a. With a remaining maturity of one year or less..................... 2332 0 16.a
------ ------ -------
b. With a remaining maturity of more than one year through 0
three years....................................................... A547 16.b
------ ------ -------
c. With a remaining maturity of more than three years................ A548 0 16.c
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17. Not applicable
18. Bank's liability on acceptances executed and outstanding.............. 2920 0 18.
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19. Subordinated notes and debentures..................................... 3200 0 19.
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20. Other liabilities (from Schedule RC-G)................................ 2930 5,062 20.
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21. Total liabilities (sum of items 13 through 20)........................ 2948 401,873 21.
------ ------ -------
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus......................... 3838 5,000 23.
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24. Common stock.......................................................... 3230 2,010 24.
------ ------ -------
25. Surplus (exclude all surplus related to preferred stock).............. 3839 38,962 25.
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26. a. Undivided profits and capital reserves............................ 3632 27,828 26.a
------ ------ -------
b. Net unrealized holding gains (losses) on available-for-sale
securities........................................................ 8434 (1,367) 26.b
------ ------ -------
27. Cumulative foreign currency translation adjustments.....................
28. a. Total equity capital (sum of items 23 through 27)................... 3210 72,433 28.
------ ------- -------
29. Total liabilities and equity capital (sum of items 21and 28)............ 3300 474,306 29.
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Memorandum
To be reported only with the March Report of Condition.
<S> <C> <C> <C>
1. Indicate in the box at the right the number of the statement below that best describes the RCON
most comprehensive level of auditing work performed for the bank by independent external ----
auditors as of any date during 1997............................................................. 6724 N/A M.1
---
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1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank performed by other
with generally accepted auditing standards by certified external auditors (may be required by state chartering
public accounting firm which submits a report on the bank authority)
2 = Independent audit of the bank's parent holding company 5 = Review of the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 = Compilation of the bank's financial statements by
submits a report on the consolidated holding company (but external auditors
not on the bank separately) 7 = Other audit procedures (excluding tax preparation
3 = Directors' examination of the bank conducted in accordance work)
with generally accepted auditing standards by a certified 8 = No external audit work
public accounting firm (may be required by state chartering
authority)
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_________
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited life preferred stock and related surplus.
