MGM MIRAGE (NYSE: MGM) today announced its financial results for the first quarter of 2010. As previously reported, the Company recorded a first quarter diluted loss per share of $0.22 compared to earnings of $0.38 per share in the prior year first quarter. The current year results include a gain on extinguishment of debt of $142 million (or $0.21 per share, net of tax) related to the restatement and amendment of the Company's senior credit facility in March and a pre-tax non-cash charge of approximately $86 million (or $0.13 per share, net of tax) representing the Company's share of an impairment at CityCenter related to its residential inventory. The prior year results include a gain of approximately $190 million (or $0.44 per share, net of tax) related to the sale of Treasure Island hotel and casino.
The following table lists these and other items which affect the comparability of the current and prior year quarterly results (approximate per diluted share impact shown, net of tax; negative amounts represent charges to income):
Three months ended March 31, 2010 2009
---------------------------- ---- ----
Preopening and start-up expenses $(0.01) $(0.02)
Monte Carlo fire business interruption income
(recorded as a
reduction of general and administrative
expenses) - 0.04
Property transactions, net:
Gain on the sale of TI - 0.44
Monte Carlo fire property damage income - 0.02
Income (loss) from unconsolidated affiliates:
CityCenter residential non-cash impairment
charge (0.13) -
CityCenter forfeited residential deposits
income 0.02 -
Gain on extinguishment of long-term debt 0.21 -
The following key results for the quarter are presented on a "same store" basis excluding the results of Treasure Island casino resort ("TI") in the prior year as the Company completed the sale of TI in March 2009:
-- Net revenue, excluding reimbursed costs, decreased 4% to $1.4 billion,
compared to a 6% year-over-year decrease in the fourth quarter of
2009;
-- Casino revenue decreased 5%, partially offset by strong baccarat
results during the quarter with baccarat volume up 17%;
-- Las Vegas Strip REVPAR(1) decreased 8% compared to the prior year
quarter versus a 16% year-over-year decrease in the fourth quarter of
2009; and
-- Adjusted Property EBITDA(2) attributable to wholly-owned operations
was $267 million, or down 19%, excluding Monte Carlo insurance
proceeds benefiting the prior year quarter.
Key results at the Company's joint ventures include the following operating results (the Company's share of which is reflected in income (loss) from unconsolidated affiliates in the Company's statement of operations):
-- MGM Grand Macau earned operating income of $49 million in the first
quarter of 2010, which included depreciation expense of $22 million,
and
-- Aria, the centerpiece casino resort at CityCenter, reported net
revenue of $160 million and an operating loss of $66 million, which
included depreciation expense of $54 million. Hotel occupancy
percentage was 63% with an average daily rate of $194.
"We see signs of improvement in the Las Vegas market and expect those to accelerate in the second half of the year and into 2011. Our forward bookings continue to improve as our convention bookings continue to gain traction," said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. "We are well positioned to increase our operating margins and cash flows as the economy recovers. CityCenter's first quarter results were particularly affected by the weakness in the Las Vegas convention market. We expect Las Vegas visitation to be strong for the balance of 2010 and Aria's conference calendar is strengthening; therefore, we expect Aria's occupancy to improve over the balance of the year. We are unveiling a comprehensive new marketing effort for Aria in the coming weeks with new TV and direct marketing elements. Now that CityCenter is complete, we are able to use its architecturally unique and highly visual assets in a coordinated global advertising push."
Detailed Discussion of First Quarter Operating Results
(Results are presented on a same store basis excluding TI)
Net revenue for the first quarter of 2010 was $1.46 billion. Excluding reimbursed costs revenue mainly related to the Company's management of CityCenter, the Company earned net revenue of $1.36 billion, a decrease of 4% from 2009. Reimbursed costs revenue represents reimbursement of payroll and other costs incurred by the Company in connection with the provision of management services.
Total casino revenue decreased 5% compared to the prior year, with slots revenue down approximately 1% for the quarter. The Company's table games volume, excluding baccarat, was down 4% in the quarter, but baccarat volume was up 17% compared to the prior year quarter. The overall table games hold percentage was lower in 2010 than the prior year quarter and near the midpoint of the Company's normal 18% to 22% range, while in the 2009 quarter it was at the top end of the range. These factors led to an overall decrease in table games revenue of 10% for the quarter.
Rooms revenue decreased 6% with Las Vegas Strip REVPAR down by 8%. Weakness in the Las Vegas convention market continued to put pressure on room rates and drove the Company to replace these customers with increased leisure and casino business to maintain occupancy. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended March 31, 2010 2009
---------------------------- ---- ----
Occupancy % 85% 87%
Average Daily Rate (ADR) $111 $118
Revenue per Available Room (REVPAR) $94 $103
Food and beverage revenue declined 3%, a portion of which related to a decrease in convention and banquet business. Entertainment revenue increased 6%, due to new shows added since the first quarter of 2009, including Disney's The Lion King.
Operating loss for the first quarter of 2010 was $11 million (which included the Company's $86 million share of the CityCenter residential impairment charge) compared to operating income of $355 million in the 2009 quarter. In addition, the prior year results included a $190 million pre-tax gain on the TI sale, $15 million of Monte Carlo business interruption insurance recovery income (recorded as a reduction to general and administrative expense) and $7 million of Monte Carlo property damage insurance recovery income (recorded as property transactions, net). The Company reported Adjusted Property EBITDA attributable to wholly-owned operations of $267 million in the 2010 quarter, down 19% excluding insurance recoveries related to the Monte Carlo fire in the prior year. Adjusted Property EBITDA, which includes impact from unconsolidated affiliates, was $187 million in the 2010 quarter and was negatively impacted by the CityCenter residential impairment charge. The Company reported Adjusted EBITDA(2), which includes corporate expense, of $156 million in the 2010 quarter.
Income from Unconsolidated Affiliates
The Company reported a loss from unconsolidated affiliates of $81 million versus income of $16 million in the prior year first quarter. The loss in the first quarter of 2010 was attributable to the company's 50% share of the operating loss at CityCenter.
CityCenter reported net revenues of $260 million and an operating loss of $255 million in the first quarter of 2010, which includes an approximately $171 million non-cash impairment charge related to its residential inventory, depreciation expense of $69 million, and preopening expenses of $6 million. CityCenter results benefited from revenues of $24 million related to forfeited residential deposits.
The loss at CityCenter was partially offset by the Company's share of operating income at the MGM Grand Macau, which earned operating income of $49 million in the first quarter of 2010, which included depreciation expense of $22 million, a significant improvement compared to an operating loss of $5 million in the 2009 first quarter, which included depreciation expense of $21 million.
Financial Position
At March 31, 2010, the Company had approximately $13.0 billion of indebtedness (with a carrying value of $12.7 billion), including $3.8 billion of borrowings outstanding under its senior credit facility, with available borrowing capacity under the senior credit facility of approximately $900 million. These balances reflect the impact of the Company's March issuance of $845 million of 9% senior secured notes due 2020. The net proceeds of such issuance were used to repay a portion of the senior credit facility, including a permanent reduction of $818 million as required under the Company's amended and restated senior credit facility.
Subsequent to March 31, 2010, the Company received a tax refund of approximately $380 million, the proceeds of which were used to reduce outstanding borrowings under the revolving portion of the senior credit facility.
In addition, in April 2010, the Company issued $1.15 billion of 4.25% convertible senior notes due 2015 for net proceeds to the Company of $1.12 billion. After application of such proceeds, the Company had approximately $1.48 billion of availability under the revolving portion of the senior credit facility, of which approximately $1.12 billion was restricted for use to retire future debt maturities or permanently reduce commitments under the senior credit facility, and approximately $900 million of excess cash in bank. In connection with the convertible notes offering, the Company entered into capped call transactions at a cost of $81 million to reduce the potential dilution of the Company's stock upon conversion of the notes.
"Our secured and convertible notes transactions were executed at pricing advantageous to the Company and reaffirms the confidence our financial partners have in the long term prospects of MGM MIRAGE," said Dan D'Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Officer. "These transactions further enhance our balance sheet profile and provide our Company with approximately $2.4 billion of available liquidity - we believe we have adequate liquidity to address upcoming debt maturities."
MGM MIRAGE will hold a conference call to discuss its first quarter results at 11:00 a.m. ET today. The call can be accessed live at www.companyboardroom.com or www.mgmmirage.com, or by calling 1-877-274-9221 (domestic) or 1-706-634-6528 (international) and using conference call ID 70713628. Until Thursday May 13, 2010, a complete replay of the conference call can be accessed by dialing 1-800-642-1687 or 1-706-645-9291, access code 70713628. A complete replay of the call will also be made available at www.mgmmirage.com.
(1 )REVPAR is hotel Revenue per Available Room.
(2) "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, pre-opening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.
In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.
Adjusted EBITDA or Adjusted Property 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 net income as an indicator of the Company's performance; 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 Adjusted EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the Company. Reconciliations of Adjusted EBITDA to net income (loss) and of operating income to Adjusted 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 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau. The Company's 50% economic interest in Borgata Hotel Casino Spa in Atlantic City, which is held in trust, is currently offered for sale. CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. Other major holdings include Bellagio, MGM Grand, Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor, Excalibur, and Circus Circus. MGM MIRAGE Hospitality has entered into management agreements for 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, its community philanthropy programs and the Company's commitment to sustainable development and operations. 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" within the meaning of Section 21E of the U.S. the Securities Exchange Act of 1934, as amended, and other related laws 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. We have based those forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the Company's expectations with regard to convention business in 2010 and 2011, and reporting the first quarter 2010 results described in this release. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which we operate and competition with other destination travel locations throughout the United States and the world. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law.
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
------------------
March 31, March 31,
2010 2009
---- ----
Revenues:
Casino $610,757 $664,727
Rooms 313,903 355,044
Food and beverage 316,156 338,397
Entertainment 116,682 118,057
Retail 43,889 47,949
Other 120,779 123,690
Reimbursed costs 93,323 13,683
------ ------
1,615,489 1,661,547
Less: Promotional allowances (158,097) (162,752)
-------- --------
1,457,392 1,498,795
--------- ---------
Expenses:
Casino 345,945 375,517
Rooms 100,746 110,827
Food and beverage 182,612 194,327
Entertainment 90,996 87,742
Retail 27,999 31,621
Other 78,027 70,123
Reimbursed costs 93,323 13,683
General and administrative 276,054 261,240
Corporate expense 24,878 24,361
Preopening and start-up expenses 3,494 8,071
Property transactions, net 689 (195,125)
Depreciation and amortization 163,134 176,858
------- -------
1,387,897 1,159,245
--------- ---------
Income (loss) from unconsolidated
affiliates (80,918) 15,549
------- ------
Operating income (loss) (11,423) 355,099
------- -------
Non-operating income (expense):
Interest income 766 4,382
Interest expense, net (264,175) (171,636)
Non-operating items from unconsolidated
affiliates (23,350) (11,131)
Other, net 141,089 (1,338)
------- ------
(145,670) (179,723)
-------- --------
Income (loss) before income taxes (157,093) 175,376
Benefit (provision) for income taxes 60,352 (70,177)
------ -------
Net income (loss) $(96,741) $105,199
======== ========
Per share of common stock:
Basic:
Net income (loss) per share $(0.22) $0.38
====== =====
Weighted average shares outstanding 441,240 276,556
======= =======
Diluted:
Net income (loss) per share $(0.22) $0.38
====== =====
Weighted average shares outstanding 441,240 276,770
======= =======
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended
------------------
March 31, March 31,
2010 2009
---- ----
Bellagio $249,047 $264,420
MGM Grand Las Vegas 224,244 226,665
Mandalay Bay 167,193 174,546
The Mirage 135,492 147,353
Luxor 76,251 85,258
Treasure Island (1) - 66,329
New York-New York 59,922 64,376
Excalibur 59,105 61,628
Monte Carlo 52,378 50,604
Circus Circus Las Vegas 41,959 46,815
MGM Grand Detroit 139,924 136,515
Beau Rivage 81,996 83,206
Gold Strike Tunica 36,997 40,639
Management operations 103,843 21,904
Other operations 29,041 28,537
------ ------
$1,457,392 $1,498,795
========== ==========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended
------------------
March 31, March 31,
2010 2009
---- ----
Bellagio $61,966 $68,250
MGM Grand Las Vegas 38,486 45,363
Mandalay Bay 25,400 42,652
The Mirage 25,425 29,865
Luxor 12,763 19,354
Treasure Island (1) - 12,729
New York-New York 18,067 20,442
Excalibur 14,867 16,736
Monte Carlo 6,449 21,807
Circus Circus Las Vegas 1,693 6,281
MGM Grand Detroit 40,505 40,552
Beau Rivage 16,703 17,569
Gold Strike Tunica 10,061 13,845
Management operations (3,862) 4,864
Other operations (1,088) (1,517)
------ ------
Wholly-owned operations 267,435 358,792
------- -------
CityCenter (50%) (118,611) (865)
Macau (50%) 23,099 (3,585)
Other unconsolidated
resorts 14,757 20,168
------ ------
$186,680 $374,510
======== ========
(1) Treasure Island was sold in March 2009.
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED
PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended March 31, 2010
---------------------------------
Preopening
Operating and Property Depreciation
income start-up transactions, and Adjusted
(loss) expenses net amortization EBITDA
------ -------- ------------- ------------ ------
Bellagio $37,564 $- $(112) $24,514 $61,966
MGM Grand
Las Vegas 18,383 - - 20,103 38,486
Mandalay
Bay 1,867 - - 23,533 25,400
The Mirage 9,819 - - 15,606 25,425
Luxor 1,437 - - 11,326 12,763
New York-
New York 11,013 - 14 7,040 18,067
Excalibur 8,238 - 784 5,845 14,867
Monte Carlo 456 - - 5,993 6,449
Circus Circus
Las Vegas (3,646) - - 5,339 1,693
MGM Grand
Detroit 30,355 - - 10,150 40,505
Beau Rivage 4,414 - 3 12,286 16,703
Gold Strike
Tunica 6,429 - - 3,632 10,061
Management
operations (7,193) - - 3,331 (3,862)
Other
operations (2,529) - - 1,441 (1,088)
------ --- --- ----- ------
Wholly-
owned
operations 116,607 - 689 150,139 267,435
------- --- --- ------- -------
CityCenter
(50%) (122,105) 3,494 - - (118,611)
Macau (50%) 23,099 - - - 23,099
Other
unconsolidated
resorts 14,757 - - - 14,757
------ --- --- --- ------
32,358 3,494 689 150,139 186,680
Stock
compensation (9,555) - - - (9,555)
Corporate (34,226) - - 12,995 (21,231)
------- --- --- ------ -------
$(11,423) $3,494 $689 $163,134 $155,894
======== ====== ==== ======== ========
Three Months Ended March 31, 2009
---------------------------------
Preopening
Operating and Property Depreciation
income start-up transactions, and Adjusted
(loss) expenses net amortization EBITDA
------ -------- ------------- ------------ ------
Bellagio $39,138 $- $1,154 $27,958 $68,250
MGM Grand
Las Vegas 20,159 - 85 25,119 45,363
Mandalay
Bay 18,646 190 15 23,801 42,652
The Mirage 13,054 - 239 16,572 29,865
Luxor 8,477 - 277 10,600 19,354
Treasure
Island(1) 12,730 - (1) - 12,729
New York-
New York 13,318 - - 7,124 20,442
Excalibur 10,748 - (3) 5,991 16,736
Monte Carlo 23,302 - (7,189) 5,694 21,807
Circus Circus
Las Vegas 411 - (4) 5,874 6,281
MGM Grand
Detroit 29,841 - - 10,711 40,552
Beau Rivage 5,426 - - 12,143 17,569
Gold Strike
Tunica 9,200 - - 4,645 13,845
Management
operations 2,271 - - 2,593 4,864
Other
operations (3,065) - - 1,548 (1,517)
------ --- --- ----- ------
Wholly-
owned
operations 203,656 190 (5,427) 160,373 358,792
------- --- ------ ------- -------
CityCenter
(50%) (8,104) 7,239 - - (865)
Macau (50%) (3,585) - - - (3,585)
Other
unconsolidated
resorts 19,526 642 - - 20,168
------ --- --- --- ------
211,493 8,071 (5,427) 160,373 374,510
Stock
compensation (8,734) - - - (8,734)
Corporate 152,340 - (189,698) 16,485 (20,873)
------- --- -------- ------ -------
$355,099 $8,071 $(195,125) $176,858 $344,903
(1) Treasure Island was sold in March 2009.
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months Ended
------------------
March 31, March 31,
2010 2009
---- ----
Adjusted EBITDA $155,894 $344,903
Preopening and start-up
expenses (3,494) (8,071)
Property transactions, net (689) 195,125
Depreciation and amortization (163,134) (176,858)
-------- --------
Operating income (loss) (11,423) 355,099
------- -------
Non-operating income (expense):
Interest expense, net (264,175) (171,636)
Other 118,505 (8,087)
------- ------
(145,670) (179,723)
-------- --------
Income (loss) before income
taxes (157,093) 175,376
Benefit (provision) for income
taxes 60,352 (70,177)
------ -------
Net income (loss) $(96,741) $105,199
======== ========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
Three Months Ended
------------------
March 31, March 31,
2010 2009
---- ----
Bellagio
Occupancy % 90.9% 93.7%
Average daily rate (ADR) $199 $214
Revenue per available room
(REVPAR) $181 $201
MGM Grand Las Vegas
Occupancy % 91.5% 92.8%
ADR $118 $116
REVPAR $108 $108
Mandalay Bay
Occupancy % 84.3% 83.0%
ADR $155 $177
REVPAR $131 $147
The Mirage
Occupancy % 89.2% 91.8%
ADR $125 $135
REVPAR $112 $124
Luxor
Occupancy % 85.1% 88.3%
ADR $78 $85
REVPAR $66 $75
New York-New York
Occupancy % 89.2% 91.8%
ADR $96 $100
REVPAR $86 $92
Excalibur
Occupancy % 81.0% 78.9%
ADR $59 $66
REVPAR $48 $52
Monte Carlo
Occupancy % 84.8% 87.8%
ADR $81 $86
REVPAR $68 $76
Circus Circus Las Vegas
Occupancy % 67.7% 77.4%
ADR $46 $47
REVPAR $31 $36
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
March 31, December 31,
2010 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents $440,587 $2,056,207
Accounts receivable, net 563,101 368,474
Inventories 96,367 101,809
Income tax receivable 532,992 384,555
Deferred income taxes 29,124 38,487
Prepaid expenses and other 118,579 103,969
------- -------
Total current assets 1,780,750 3,053,501
--------- ---------
Property and equipment, net 14,955,546 15,069,952
Other assets:
Investments in and advances to unconsolidated
affiliates 3,492,021 3,611,799
Goodwill 86,353 86,353
Other intangible assets, net 343,533 344,253
Deposits and other assets, net 351,700 352,352
------- -------
Total other assets 4,273,607 4,394,757
--------- ---------
$21,009,903 $22,518,210
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $117,986 $155,796
Construction payable 9,711 17,923
Current portion of long-term debt - 1,079,824
Accrued interest on long-term debt 203,186 206,357
Other accrued liabilities 834,947 923,701
------- -------
Total current liabilities 1,165,830 2,383,601
--------- ---------
Deferred income taxes 3,115,419 3,031,303
Long-term debt 12,694,671 12,976,037
Other long-term obligations 253,245 256,837
Stockholders' equity:
Common stock, $.01 par value: authorized
600,000,000 shares, issued 441,260,482 and
441,222,251 shares and outstanding
441,260,482 and 441,222,251 shares 4,413 4,412
Capital in excess of par value 3,504,541 3,497,425
Retained earnings 273,791 370,532
Accumulated other comprehensive loss (2,007) (1,937)
------ ------
Total stockholders' equity 3,780,738 3,870,432
--------- ---------
$21,009,903 $22,518,210
=========== ===========
First Call Analyst:
FCMN Contact: dfoley@mgmmirage.com
SOURCE: MGM MIRAGE
CONTACT: Investment Community, Daniel J. D'Arrigo, Executive Vice
President, Chief Financial Officer, +1-702-693-8895, or News Media, Alan M.
Feldman, Senior Vice President, Public Affairs, +1-702-650-6947, both of MGM
MIRAGE
Web Site: http://www.mgmmirage.com/