<PAGE>
Exhibit 12
Ratio of Earnings to Fixed Charges*
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<TABLE>
<CAPTION>
Year Ended December 31, Six Months Ended
---------------------------------------------------------------- June 30,
1999 ------------------
1995 1996 1997 1998 1999 Pro forma(1) 2000 2000PF(1)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Pre-tax Income before extraordinary items
and cumulative effect of accounting change $ 46,565 $ 99,151 $180,301 $109,528 $150,153 $181,571 $ 41,124 $ 85,392
Fixed Charges (Gross Interest, Debt Discount,
Issuance Costs, and Cap. Int.) 63,646 40,801 9,044 40,158 76,200 523,727 85,260 271,438
Interest Expense, Unconsolidated Affiliates 380 6,975 9,891 8,376 1,058 4,003 273 1,629
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64,026 47,776 18,935 48,534 77,258 527,730 85,533 273,067
Capitalized Interest (4,317) (7,023) (7,802) (15,546) (16,300) (148,017) (15,800) (72,571)
Construction Capitalized Interest,
Unconsolidated Affiliates (380) (6,975) - - - - - -
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(4,697) (13,998) (7,802) (15,546) (16,300) (148,017) (15,800) (72,571)
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Total Earnings 105,894 132,929 191,434 142,516 211,111 561,284 110,857 285,888
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Ratio of Earnings to Fixed Charges 1.65 2.78 10.11 2.94 2.73 1.06 1.30 1.05
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</TABLE>
* The calculation of "Total Earnings" does not include the amortization of
interest previously capitalized due to immateriality.
The calculation of "Fixed Charges" does not include the interest factor of
rental expense due to immateriality.
(1) Pro forma to give effect to the acquisition of Mirage Resorts, Incorporated.
