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MGM Mirage Reports Third Quarter Financial Results
Operating Trends Continue to Improve; Credit Facility Amended to Provide Further Financial Flexibility

LAS VEGAS, Nov. 5 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the third quarter of 2009. The Company reported a third quarter diluted loss per share of $1.70 compared to income per share of $0.22 in the prior year third quarter. The current year results were impacted by non-cash impairment charges totaling $1.17 billion, or $1.72 loss per diluted share net of tax, including a pre-tax non-cash impairment charge of $956 million related to the Company's investment in CityCenter and a pre-tax non-cash charge of $203 million related to impairment of CityCenter's residential real estate under development.

The following table lists items which affect the comparability of the current and prior year quarterly results (EPS impact, net of tax, per diluted share; negative amounts represent charges to income):


    Three months ended September 30,                      2009          2008
    -------------------------------------------------------------------------
    Preopening and start-up expenses                   $ (0.01)      $ (0.01)
    Property transactions net:
      Investment in CityCenter non-cash
       impairment charge                                 (1.40)            -
      Other property transactions, net                   (0.02)        (0.08)
    Income (loss) from unconsolidated affiliates:
      CityCenter joint venture residential non-cash
       impairment charge                                 (0.30)            -
      Borgata joint venture insurance proceeds            0.02             -

The following key results for the quarter are presented on a "same store" basis excluding the results of TI in the prior year as the Company completed the sale of TI in March 2009:

    --  Net revenue decreased 9% to $1.5 billion;
    --  Casino revenue decreased 1% with strong baccarat results during the
        quarter;
    --  Las Vegas Strip REVPAR(1)1 decreased 23% compared to the prior year
        quarter versus a 31% year-over-year decrease in the second quarter of
        2009;
    --  Property EBITDA(2) was $415 million excluding items outlined in the
        detailed discussion below, or down 12%; and

    --  MGM Grand Macau earned operating income of $50 million, including
        depreciation expense of $23 million. The Company's 50% share of MGM
        Grand Macau's operating results was approximately $24 million, which is
        included in income (loss) from unconsolidated affiliates.

"We continue to show sequential improvement in our operating results over the course of 2009. Property EBITDA on a comparable basis increased from $379 million in the second quarter to $415 million in the third quarter with sequential improvement in our margins as well - 25% in the second quarter increasing to 27% in the third quarter," said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. "We continue to earn occupancy through our superior assets and focus on the customer, resulting in increased market share. We expect CityCenter to grow our business significantly and we are extremely excited to open this tremendous asset, with Vdara opening in less than a month on December 1, followed by Crystals on December 3, Mandarin Oriental on December 4, and Aria Resort and Casino on December 16."

Detailed Discussion of Third Quarter Operating Results

(Results are presented on a same store basis excluding TI)

Casino revenue declined 1%, with table games revenue up 7% and slots revenue down 6%. The Company's table games volume was up 3% in the quarter, including a 75% increase in baccarat volume. The overall table games hold percentage was slightly above the Company's normal 18% to 22% range in the current year period; in the prior year quarter the hold percentage was near the top end of the range. The 6% decrease in slots revenue represents a sequential improvement from the 11% year-over-year decrease in the second quarter of 2009 and 13% year-over-year decrease in the first quarter of 2009.

Rooms revenue decreased 21% while Las Vegas Strip REVPAR decreased 23%. Anticipated weakness in convention traffic led to lower room rates, however increased leisure and casino business has led to sequential improvements in occupancy throughout 2009. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:


    Three months ended September 30,                   2009       2008
    -------------------------------------------------------------------
            Occupancy %                                  95%        95%
            Average Daily Rate (ADR)                  $ 105      $ 136
            Revenue per Available Room (REVPAR)       $ 100      $ 129

Corporate expense increased to $32 million compared to $24 million in the 2008 third quarter. The prior year quarter included a $7 million reversal of bonus accruals.

The current quarter loss from unconsolidated affiliates of $133 million includes a $203 million non-cash charge related to the impairment of residential real estate under development at CityCenter. Excluding this item, income from unconsolidated affiliates increased 81% as a result of strong operating results at MGM Grand Macau and Borgata, as well as approximately $14 million for the Company's share of insurance proceeds recognized by Borgata.

Property EBITDA as reported was $203 million. On a comparable basis Property EBITDA was $415 million, down 12% from the prior year quarter with a margin of 27% compared to a 28% margin in the prior year quarter. The following table lists the items that impacted comparability of Property EBITDA (expense/(income)):


    Three months ended September 30,                   2009       2008
    -------------------------------------------------------------------
                                                        (In thousands)
    Preopening and start-up expenses                 $10,058     $5,451
    2008 bonus accrual reversal                            -    (14,325)
    Property transactions, net                        13,438      1,856
    Income (loss) from unconsolidated affiliates:
      CityCenter joint venture residential non-cash
       impairment charge                             202,559          -
      Borgata joint venture insurance proceeds       (14,367)         -

Operating loss for the third quarter was $963 million. After adjusting for items affecting comparability, including a total company-wide bonus accrual reversal of $22 million in the prior year, operating income decreased 16% compared to prior year with a margin of 13% compared to a 14% margin in the prior year. The Company has continued to manage its cost structure with full-time equivalents down 12% for the third quarter compared to the 2008 quarter, despite achieving occupancy levels equal to prior year. Non-operating expense increased to $195 million in the current year quarter mainly due to higher interest costs associated with the Company's fixed rate senior note issuances in the fourth quarter of 2008 and during 2009 and higher interest rates on the Company's senior credit facility, which factors were partially offset by higher capitalized interest.

Financial Position

Effective November 4, the Company and its lenders amended its senior credit facility to permit the Company to:

    --  Issue additional unsecured debt to refinance certain existing debt so
        long as the maturity of the newly issued debt is not earlier than the
        maturity of the debt being refinanced or six months after the date the
        senior credit facility is set to mature.
    --  Issue, in addition to any such refinancing debt, up to $1 billion of
        other unsecured debt, provided that 50% of the net cash proceeds over
        $250 million must be applied to permanently reduce outstanding senior
        credit facility balances;

    --  Issue additional equity securities, subject to compliance with the
        certain provisions, provided that 50% of the net cash proceeds over $500
        million must be applied to reduce outstanding senior credit facility
        balances.

"This amendment restores our credit facility to normal operating terms in line with our past arrangements," said Dan D'Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Offer. "Our uniquely strong relationship with our bank group provides us with confidence in our ability to further enhance our financial position."

At September 30, 2009, the Company had approximately $4.3 billion of borrowings outstanding under its senior credit facility with available borrowings of $1.4 billion. The Company's cash balance was $897 million at September 30, 2009, higher than normal due to net proceeds of approximately $451 million from its September issuance of $475 million 11.375% senior unsecured notes due 2018. In October, the Company used these proceeds to pay down the senior credit facility, including a permanent reduction in the facility of $226 million.

During the third quarter of 2009 the Company made capital investments of approximately $28 million related to various ongoing capital projects at its resorts and funded the remaining $89 million required pursuant to the Company's irrevocable letter of credit to CityCenter.

"Our $475 million unsecured senior notes due were issued at an attractive yield in September, and our recent bank amendment is another important step in our ongoing re-capitalization strategy," said Mr. D'Arrigo. "Net of proceeds from our senior notes issuance, debt at the end of the quarter was $12.5 billion and we will remain focused on strategically de-leveraging our balance sheet."

MGM MIRAGE will hold a conference call to discuss its third quarter results at 11:00 a.m. Eastern Standard Time today. The call can be accessed live at www.companyboardroom.com or www.mgmmirage.com, or by calling 1-800-526-8531 (domestic) or 1-706-758-3659 (international). Until November 11, 2009, a complete replay of the conference call can be accessed by dialing 1-800-642-1687 or 1-706-645-9291, access code 35345375. A complete replay of the call will also be made available at www.mgmmirage.com. Supplemental detailed earnings information will also be available on the Company's website.

(1) REVPAR is hotel Revenue per Available Room.

(2) "EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization. "Property EBITDA" is EBITDA before corporate expense and stock compensation expense. EBITDA information is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Management uses Property EBITDA as the primary measure of the Company's operating resorts' performance, including the evaluation of operating personnel. EBITDA should not be construed as an alternative to operating income, as an indicator of the Company's operating performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. Also, other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. Reconciliations of consolidated EBITDA to net income and of operating income to Property EBITDA are included in the financial schedules accompanying this release.

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts throughout the world. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the Company's Web site at http://www.mgmmirage.com.

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.


                           MGM MIRAGE AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)
                                   (Unaudited)

                        Three Months Ended            Nine Months Ended
                   ----------------------------  ----------------------------
                   September 30,  September 30,  September 30,  September 30,
                       2009           2008           2009           2008
                   -------------  -------------  -------------  -------------
    Revenues:
      Casino       $     699,806  $     739,331  $   1,990,103  $   2,271,978
      Rooms              340,165        458,051      1,045,504      1,500,322
      Food and
       beverage          344,284        395,090      1,040,540      1,229,045
      Entertainment      128,568        135,673        369,998        408,541
      Retail              54,525         69,205        156,785        202,060
      Other              138,073        155,335        419,248        478,664
                   -------------  -------------  -------------  -------------
                       1,705,421      1,952,685      5,022,178      6,090,610
      Less:
       Promotional
       allowances       (172,198)      (167,154)      (496,005)      (506,355)
                   -------------  -------------  -------------  -------------
                       1,533,223      1,785,531      4,526,173      5,584,255
                   -------------  -------------  -------------  -------------
    Expenses:
      Casino             367,720        383,406      1,093,068      1,200,948
      Rooms              108,273        136,313        325,247        412,846
      Food and
       beverage          196,778        237,130        590,137        720,201
      Entertainment       91,422         94,667        267,786        288,617
      Retail              33,684         42,411         99,760        128,070
      Other               91,261         99,389        260,562        307,521
      General and
       administrative    290,766        326,831        825,130        971,016
      Corporate
       expense            31,928         24,466         99,295         83,537
      Preopening and
       start-up
       expenses           10,058          5,505         27,539         17,626
      Restructuring
       costs                   -              -            493            329
      Property
       transactions,
       net               971,208         32,326        779,331         34,984
      Depreciation
       and
       amortization      170,651        200,102        521,877        591,659
                   -------------  -------------  -------------  -------------
                       2,363,749      1,582,546      4,890,225      4,757,354
                   -------------  -------------  -------------  -------------

    Income (loss)
     from
     unconsolidated
     affiliates         (132,893)        38,572       (113,169)        89,728
                   -------------  -------------  -------------  -------------

    Operating
     income
     (loss)             (963,419)       241,557       (477,221)       916,629
                   -------------  -------------  -------------  -------------

    Non-operating
     income
     (expense):
      Interest
       income                857          5,910         11,535         13,056
      Interest
       expense,
       net              (181,899)      (144,751)      (554,822)      (439,844)
      Non-operating
       items from
       unconsolidated
       affiliates        (14,613)        (9,552)       (38,058)       (26,731)
      Other, net             826          2,125       (234,693)           791
                   -------------  -------------  -------------  -------------
                        (194,829)      (146,268)      (816,038)      (452,728)
                   -------------  -------------  -------------  -------------

    Income (loss)
     before income
     taxes            (1,158,248)        95,289     (1,293,259)       463,901
      Benefit
       (provision)
       for income
       taxes             407,860        (34,011)       435,495       (171,176)
                   -------------  -------------  -------------  -------------

    Net income
     (loss)        $    (750,388) $      61,278  $    (857,764) $     292,725
                   =============  =============  =============  =============

    Per share of
     common stock:
      Basic:
      Net income
       (loss)
       per share   $       (1.70) $        0.22  $       (2.40) $        1.04
                   =============  =============  =============  =============

      Weighted
       average
       shares
       outstanding       441,214        276,417        357,348        280,926
                   =============  =============  =============  =============

      Diluted:
      Net income
       (loss)
       per share   $       (1.70) $        0.22  $       (2.40) $        1.02
                   =============  =============  =============  =============

      Weighted
       average
       shares
       outstanding       441,214        279,846        357,348        287,604
                   =============  =============  =============  =============



                            MGM MIRAGE AND SUBSIDIARIES
                          SUPPLEMENTAL DATA - NET REVENUES
                                   (In thousands)
                                    (Unaudited)

                         Three Months Ended            Nine Months Ended
                    ----------------------------  ----------------------------
                    September 30,  September 30,  September 30,  September 30,
                        2009           2008           2009           2008
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $   1,224,563  $   1,450,899  $   3,603,099  $   4,569,476
    Other Nevada           33,070         41,334         94,845        117,005
    MGM Grand
     Detroit              124,753        139,859        389,365        430,067
    Mississippi           125,463        135,357        369,667        408,980
    Management
     operations            25,374         18,082         69,197         58,727
                    -------------  -------------  -------------  -------------
                    $   1,533,223  $   1,785,531  $   4,526,173  $   5,584,255
                    =============  =============  =============  =============



                           MGM MIRAGE AND SUBSIDIARIES
                       SUPPLEMENTAL DATA - PROPERTY EBITDA
                                  (In thousands)
                                   (Unaudited)

                          Three Months Ended          Nine Months Ended
                    ----------------------------  ----------------------------
                    September 30,  September 30,  September 30,  September 30,
                        2009           2008           2009           2008
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $     286,731  $     398,998  $     867,405  $   1,361,238
    Other Nevada            1,704          3,226          3,406          1,806
    MGM Grand
     Detroit               26,823         33,849        100,992        106,785
    Mississippi            29,580         26,208         89,713         82,194
    Management
     operations             1,874          5,066         10,785         13,815
    Unconsolidated
     resorts             (143,379)        34,535       (139,984)        74,536
                    -------------  -------------  -------------  -------------
                    $     203,333  $     501,882  $     932,317  $   1,640,374
                    =============  =============  =============  =============



                          MGM MIRAGE AND SUBSIDIARIES
         DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
                                 (In thousands)
                                  (Unaudited)

                      Three Months Ended September 30, 2009
                      -------------------------------------

                     Preopening                     Property
                    and start-up   Restructuring  transactions,
                      expenses         costs           net           Total
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $        (614) $           -  $       5,059  $       4,445
    Other Nevada                -              -              -              -
    MGM Grand
     Detroit                    -              -          5,906          5,906
    Mississippi                 -              -              -              -
    Management
     operations                 -              -          2,473          2,473
    Unconsolidated
     resorts               10,672              -              -         10,672
                    -------------  -------------  -------------  -------------
                           10,058              -         13,438         23,496
    Corporate and
     other                      -              -        957,770        957,770
                    -------------  -------------  -------------  -------------
                    $      10,058  $           -  $     971,208  $     981,266
                    =============  =============  =============  =============



                    Three Months Ended September 30, 2008
                    -------------------------------------

                     Preopening                     Property
                    and start-up   Restructuring  transactions,
                      expenses         costs           net           Total
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $       1,494  $           -  $       1,765  $       3,259
    Other Nevada                -              -             20             20
    MGM Grand
     Detroit                    -              -              -              -
    Mississippi                 -              -             71             71
    Management
     operations                 -              -              -              -
    Unconsolidated
     resorts                3,957              -              -          3,957
                    -------------  -------------  -------------  -------------
                            5,451              -          1,856          7,307
    Corporate and
     other                     54              -         30,470         30,524
                    -------------  -------------  -------------  -------------
                    $       5,505  $           -  $      32,326  $      37,831
                    =============  =============  =============  =============



                           MGM MIRAGE AND SUBSIDIARIES
    DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued)
                                  (In thousands)
                                   (Unaudited)

                      Nine Months Ended September 30, 2009
                      ------------------------------------

                     Preopening                     Property
                    and start-up   Restructuring  transactions,
                      expenses         costs           net           Total
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $         138  $         493  $        (211) $         420
    Other Nevada                -              -              6              6
    MGM Grand
     Detroit                    -              -          5,906          5,906
    Mississippi                 -              -            157            157
    Management
     operations                 -              -          2,473          2,473
    Unconsolidated
     resorts               27,401              -              -         27,401
                    -------------  -------------  -------------  -------------
                           27,539            493          8,331         36,363
    Corporate and
     other                      -              -        771,000        771,000
                    -------------  -------------  -------------  -------------
                    $      27,539  $         493  $     779,331  $     807,363
                    =============  =============  =============  =============



                      Nine Months Ended September 30, 2008
                      ------------------------------------

                     Preopening                     Property
                    and start-up   Restructuring  transactions,
                      expenses         costs          net            Total
                    -------------  -------------  -------------  -------------
    Las Vegas Strip $       2,114  $         329  $         926  $       3,369
    Other Nevada                -              -          2,207          2,207
    MGM Grand
     Detroit                  135              -              8            143
    Mississippi                 -              -             73             73
    Management
     operations                 -              -              -              -
    Unconsolidated
     resorts               15,276              -              -         15,276
                    -------------  -------------  -------------  -------------
                           17,525            329          3,214         21,068
    Corporate and
     other                    101              -         31,770         31,871
                    -------------  -------------  -------------  -------------
                    $      17,626  $         329  $      34,984  $      52,939
                    =============  =============  =============  =============



                           MGM MIRAGE AND SUBSIDIARIES
            RECONCILIATION OF CONSOLIDATED EBITDA TO NET INCOME (LOSS)
                                  (In thousands)
                                   (Unaudited)

                        Three Months Ended            Nine Months Ended
                   ----------------------------  ----------------------------
                   September 30,  September 30,  September 30,  September 30,
                       2009           2008           2009           2008
                   -------------  -------------  -------------  -------------

    EBITDA         $    (792,768) $     441,659  $      44,656  $   1,508,288
      Depreciation
       and
       amortization     (170,651)      (200,102)      (521,877)      (591,659)
                   -------------  -------------  -------------  -------------
    Operating
     income (loss)      (963,419)       241,557       (477,221)       916,629
                   -------------  -------------  -------------  -------------

    Non-operating
     income
     (expense):
      Interest
       expense, net     (181,899)      (144,751)      (554,822)      (439,844)
      Other              (12,930)        (1,517)      (261,216)       (12,884)
                   -------------  -------------  -------------  -------------
                        (194,829)      (146,268)      (816,038)      (452,728)
                   -------------  -------------  -------------  -------------

    Income (loss)
     before income
     taxes            (1,158,248)        95,289     (1,293,259)       463,901
      Benefit
       (provision)
       for income
       taxes             407,860        (34,011)       435,495       (171,176)
                   -------------  -------------  -------------  -------------
    Net income
     (loss)        $    (750,388) $      61,278  $    (857,764) $     292,725
                   =============  =============  =============  =============



                           MGM MIRAGE AND SUBSIDIARIES
              RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA
                                  (In thousands)
                                   (Unaudited)

                      Three Months Ended September 30, 2009
                      -------------------------------------

                                                Depreciation
                                  Operating         and
                                income (loss)   amortization        EBITDA
                                -------------   -------------   -------------
    Las Vegas Strip             $     158,274   $     128,457   $     286,731
    Other Nevada                          238           1,466           1,704
    MGM Grand Detroit                  17,889           8,934          26,823
    Mississippi                        13,593          15,987          29,580
    Management operations                 847           1,027           1,874
    Unconsolidated resorts           (143,379)              -        (143,379)
                                -------------   -------------   -------------
                                       47,462         155,871         203,333
    Stock compensation                                                 (9,319)
    Corporate and other                                              (986,782)
                                                                -------------
                                                                $    (792,768)
                                                                =============



                      Three Months Ended September 30, 2008
                      -------------------------------------

                                                Depreciation
                                  Operating         and
                                income (loss)   amortization        EBITDA
                                -------------   -------------   -------------
    Las Vegas Strip             $     249,481   $     149,517   $     398,998
    Other Nevada                        1,588           1,638           3,226
    MGM Grand Detroit                  19,587          14,262          33,849
    Mississippi                        10,480          15,728          26,208
    Management operations               2,531           2,535           5,066
    Unconsolidated resorts             34,535               -          34,535
                                -------------   -------------   -------------
                                      318,202         183,680         501,882
    Stock compensation                                                 (8,870)
    Corporate and other                                               (51,353)
                                                                -------------
                                                                $     441,659
                                                                =============



                      Nine Months Ended September 30, 2009
                      ------------------------------------

                                                Depreciation
                                  Operating         and
                                income (loss)   amortization        EBITDA
                                -------------   -------------   -------------
    Las Vegas Strip             $     482,115   $     385,290   $     867,405
    Other Nevada                       (1,131)          4,537           3,406
    MGM Grand Detroit                  70,658          30,334         100,992
    Mississippi                        40,775          48,938          89,713
    Management operations               4,699           6,086          10,785
    Unconsolidated resorts           (139,984)              -        (139,984)
                                -------------   -------------   -------------
                                      457,132         475,185         932,317
    Stock compensation                                                (27,076)
    Corporate and other                                              (860,585)
                                                                -------------
                                                                $      44,656
                                                                =============



                         Nine Months Ended September 30, 2008
                         ------------------------------------

                                                Depreciation
                                  Operating         and
                                income (loss)   amortization        EBITDA
                                -------------   -------------   -------------
    Las Vegas Strip             $     917,235   $     444,003   $   1,361,238
    Other Nevada                       (2,818)          4,624           1,806
    MGM Grand Detroit                  63,875          42,910         106,785
    Mississippi                        35,441          46,753          82,194
    Management operations               7,203           6,612          13,815
    Unconsolidated resorts             74,536               -          74,536
                                -------------   -------------   -------------
                                    1,095,472         544,902       1,640,374
    Stock compensation                                                (29,665)
    Corporate and other                                              (102,421)
                                                                -------------
                                                                $   1,508,288
                                                                =============



                           MGM MIRAGE AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                        (In thousands, except share data)
                                   (Unaudited)

                                                 September 30,   December 31,
                                                     2009           2008
                                                 -------------  -------------

                      ASSETS

    Current assets:
      Cash and cash equivalents                  $     896,990  $     295,644
      Accounts receivable, net                         309,281        303,416
      Inventories                                       98,121        111,505
      Income tax receivable                            166,907         64,685
      Deferred income taxes                             45,997         63,153
      Prepaid expenses and other                       107,169        155,652
      Assets held for sale                                   -        538,975
                                                 -------------  -------------
        Total current assets                         1,624,465      1,533,030
                                                 -------------  -------------

    Property and equipment, net                     15,751,056     16,289,154

    Other assets:
      Investments in and advances to
       unconsolidated affiliates                     3,544,425      4,642,865
      Goodwill                                          86,353         86,353
      Other intangible assets, net                     344,976        347,209
      Deposits and other assets, net                   375,246        376,105
                                                 -------------  -------------
        Total other assets                           4,351,000      5,452,532
                                                 -------------  -------------
                                                 $  21,726,521  $  23,274,716
                                                 =============  =============


          LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
      Accounts payable                           $     130,708  $     142,693
      Construction payable                              13,208         45,103
      Current portion of long-term debt                      -      1,047,614
      Accrued interest on long-term debt               205,786        187,597
      Other accrued liabilities                        807,427      1,549,296
      Liabilities related to assets held for
       sale                                                  -         30,273
                                                 -------------  -------------
        Total current liabilities                    1,157,129      3,002,576
                                                 -------------  -------------

    Deferred income taxes                            3,142,220      3,441,198
    Long-term debt                                  12,910,322     12,416,552
    Other long-term obligations                        221,707        440,029
    Stockholders' equity:
      Common stock, $.01 par value: authorized
       600,000,000 shares, issued 441,163,787
       and 369,283,995 shares and outstanding
       441,163,787 and 276,506,968 shares                4,412          3,693
      Capital in excess of par value                 3,487,883      4,018,410
      Treasury stock, at cost: 0 and 92,777,027
       shares                                                -     (3,355,963)
      Retained earnings                                804,450      3,365,122
      Accumulated other comprehensive loss              (1,602)       (56,901)
                                                 -------------  -------------
        Total stockholders' equity                   4,295,143      3,974,361
                                                 -------------  -------------
                                                 $  21,726,521  $  23,274,716
                                                 =============  =============

SOURCE MGM MIRAGE

Investment Community, Daniel J. D'Arrigo, Executive Vice President, Chief Financial Officer, +1-702-693-8895; News Media, Alan M. Feldman, Senior Vice President, Public Affairs, +1-702-650-6947; both of MGM MIRAGE

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