/FIRST ADD -- LATH017 -- MGM MIRAGE Earnings/

October 19, 2000
PRNewswire
                       MGM MIRAGE AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (in thousands)
                               (Unaudited)

                          Three Months Ended        Nine Months Ended
                    September 30, September 30, September 30, September 30,
                            2000         1999        2000         1999
  Revenues:
    Casino               $613,650      $265,897  $1,297,515      $586,556
    Rooms                 211,873        67,262     402,363       197,007
    Food and beverage     177,526        43,291     317,785       117,841
    Entertainment,
     retail and other     179,978        54,428     316,525       142,116
    Income from
     unconsolidated
     affiliate              9,014            --      11,754         6,084
                        1,192,041       430,878   2,345,942     1,049,604
    Less: promotional
     allowances           101,367        30,471     185,056        78,500
                        1,090,674       400,407   2,160,886       971,104
  Expenses:
    Casino                288,474       121,356     609,912       278,362
    Rooms                  64,724        24,328     124,924        67,495
    Food and beverage     109,468        27,294     193,257        73,063
    Entertainment,
     retail and other     111,360        28,971     190,819        80,362
    Provision for doubtful
     accounts and
     discounts             32,412        11,168      66,241        35,553
    General and
     administrative       148,518        63,348     296,461       141,599
    Preopening expenses
     and other              1,609        45,863       3,808        68,780
    Restructuring costs        --            --      23,520            --
    Write-Downs and
     Impairments               --            --     102,225            --
    Depreciation and
     amortization          97,298        37,174     197,096        87,616
                          853,863       359,502   1,808,263       832,830

  Operating Profit        236,811        40,905     352,623       138,274

  Corporate Expense        11,985         2,279      24,156        11,515
  Operating Income        224,826        38,626     328,467       126,759

  Non-Operating Income
   (Expense):
    Interest income         2,553           750      10,278         1,447
    Interest expense,
     net                 (104,876)      (19,476)   (174,336)      (39,627)
    Interest expense
     from unconsolidated
     affiliate               (921)           --      (1,194)       (1,058)
    Other, net               (185)         (205)       (694)         (738)
                         (103,429)      (18,931)   (165,946)      (39,976)

  Pre-tax Income Before
   Extraordinary Item and
   Cumulative Effect of
   Change in Accounting
   Principle              121,397        19,695     162,521        86,783
    Provision for
     income taxes         (49,283)       (7,090)    (64,363)      (31,581)

  Income Before
   Extraordinary Item and
   Cumulative Effect of
   Change in Accounting
   Principle               72,114        12,605      98,158        55,202

  Extraordinary Item:
    Loss on Early
     Extinguishment of
     Debt, net             (4,683)           --      (5,416)         (898)

  Cumulative Effect of
   Change in Accounting
   Principle:
    Preopening Expenses,
     net                       --            --          --        (8,168)
  Net Income              $67,431       $12,605     $92,742       $46,136

  Income Before Preopening
   and Other, Restructuring,
   Write-Downs and
   Impairments, Extraordinary
   Item and Cumulative
   Effect of Change in
   Accounting Principle   $73,160       $42,416    $182,367       $99,909


                         MGM MIRAGE AND SUBSIDIARIES
                          PER SHARE OF COMMON STOCK
                                 (Unaudited)

                              Three Months Ended       Nine Months Ended
                           September     September   September   September
                              30,           30,         30,         30,
                              2000         1999         2000       1999
  Per Share Of Common Stock:
    Basic:
    Income Before
     Extraordinary Item and
     Cumulative Effect of
     Change in Accounting
     Principle                $0.45        $0.11       $0.70        $0.47
    Extraordinary Item, net   (0.03)          --       (0.04)       (0.01)
    Cumulative Effect of
     Change in Accounting
      Principle, net             --           --          --        (0.07)
    Net Income Per Share      $0.42        $0.11       $0.66        $0.39

    Weighted Average Shares
     Outstanding
     (000's)(1)             158,848      117,612     140,649      117,524

    Diluted:
    Income Before Extraordinary
     Item and Cumulative
     Effect of Change in
     Accounting Principle     $0.45        $0.10       $0.69        $0.46
    Extraordinary Item, net   (0.03)          --       (0.04)       (0.01)
    Cumulative Effect of
     Change in Accounting
      Principle, net             --           --          --        (0.07)
    Net Income Per Share      $0.42        $0.10       $0.65        $0.38

    Weighted Average Shares
     Outstanding
     (000's)(1)             162,367      121,366     143,326      121,010


                         MGM MIRAGE AND SUBSIDIARIES
                 SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
                                 (Unaudited)

                            Three Months Ended        Nine Months Ended
                          September    September   September    September
                                30,          30,         30,          30,
                               2000         1999        2000         1999
  Per Share Of Common Stock:
    Basic:
    Net Income Before
     Preopening and other,
     Restructuring,
     Write-Downs and
     Impairments,
     Extraordinary Item and
     Cumulative Effect of
     Change in Accounting
     Principle                $0.45        $0.36       $1.30        $0.85
    Preopening expenses
     and Other                   --        (0.25)      (0.02)       (0.38)
    Restructuring costs          --           --       (0.11)          --
    Write-Downs and
     Impairments                 --           --       (0.47)          --
    Extraordinary Item, net   (0.03)          --       (0.04)       (0.01)
    Cumulative Effect of
     Change in Accounting
      Principle, net             --           --          --        (0.07)
    Net Income Per Share      $0.42        $0.11       $0.66        $0.39

    Weighted Average Shares
     Outstanding
     (000's)(1)             158,848      117,612     140,649      117,524

    Diluted:
    Net Income Before
     Preopening and other,
     Restructuring,
     Write-Downs and
     Impairments,
     Extraordinary Item and
     Cumulative Effect of
     Change in Accounting
     Principle                $0.45        $0.35       $1.27        $0.83
    Preopening expenses and
     Other                       --        (0.25)      (0.02)       (0.37)
    Restructuring costs          --           --       (0.10)          --
    Write-Downs and
     Impairments                 --           --       (0.46)          --
    Extraordinary Item, net   (0.03)          --       (0.04)       (0.01)
    Cumulative Effect of
     Change in Accounting
      Principle, net             --           --          --        (0.07)
    Net Income Per Share      $0.42        $0.10       $0.65        $0.38

    Weighted Average Shares
     Outstanding
     (000's)(1)             162,367      121,366     143,326      121,010

  Note:
  (1) All references to share and per share data herein have been adjusted
      retroactively to give effect to the 2 for 1 stock split.


                       MGM MIRAGE AND SUBSIDIARIES
              SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
                              (in thousands)

                         Three Months Ended          Nine Months Ended
                    September 30, September 30, September 30, September 30,
                            2000         1999         2000         1999
  NET REVENUES:
    MGM Grand Las Vegas  $193,696      $200,450    $614,308      $587,128
    Bellagio (1)          260,367            --     329,172            --
    The Mirage (1)        156,151            --     205,625            --
    New York-New York (2)  56,190        52,547     165,845       127,129
    Treasure Island (1)    95,440            --     124,407            --
    Primm Properties (2)   63,107        63,054     186,683       144,849
    Golden Nugget
     Las Vegas (1)         43,700            --      57,632            --
    Golden Nugget
     Laughlin (1)          11,384            --      15,012            --
    MGM Grand Detroit (3) 106,690        72,020     308,996        72,020
    Beau Rivage (1)        84,039            --     109,944            --
    MGM Grand Australia     9,830        10,586      28,078        27,128
    Income from Unconsol.
     Affiliates (1) (4)     9,014             -      11,754         6,084
    MGM Grand South
     Africa                 1,280         1,893       4,048         7,237
    Eliminations
     and Other               (214)         (143)       (618)         (471)
                       $1,090,674      $400,407  $2,160,886      $971,104

  EBITDA:
    MGM Grand Las Vegas   $50,285       $49,965    $167,339      $143,553
    Bellagio (1)           86,711            --     103,689            --
    The Mirage (1)         40,429            --      52,678            --
    New York-New York (2)  24,545        23,652      73,774        58,740
    Treasure Island (1)    27,831            --      35,582            --
    Primm Properties (2)   19,738        19,256      60,411        45,094
    Golden Nugget
     Las Vegas (1)          7,481            --       9,700            --
    Golden Nugget
     Laughlin (1)             908            --       1,267            --
    MGM Grand Detroit (3)  43,146        24,982     122,574        24,982
    Beau Rivage (1)        20,277            --      25,685            --
    MGM Grand Australia     4,345         4,301      11,323        10,395
    Income from Unconsol.
     Affiliates (1) (4)     9,014            --      11,754         6,084
    MGM Grand South
     Africa                 1,259         1,882       3,974         6,121
    Eliminations
     and Other               (169)          (96)       (478)         (299)
                         $335,800      $123,942    $679,272      $294,670

  Note:
  (1)  The Company acquired Mirage Resorts, Incorporated on May 31, 2000,
       thereby acquiring the Mirage Properties and 50% ownership in the
       Monte Carlo Resort & Casino.
  (2)  The Company acquired Primadonna Resorts, Inc. on March 1, 1999,
       thereby acquiring the Primm Properties and the remaining 50% of
       New York-New York.
  (3)  MGM Grand Detroit commenced operations on July 29, 1999.
  (4)  The 1999 results reflect two months of the Company's 50% share of
       New York-New York's income before New York-New York became a
       wholly-owned subsidiary of the Company on March 1, 1999.


                       MGM MIRAGE AND SUBSIDIARIES
         SUPPLEMENTAL DATA - PRO FORMA PROPERTY OPERATING RESULTS
                              (in thousands)

                           Three Months Ended        Nine Months Ended
                    September 30, September 30, September 30, September 30,
                            2000       1999(1)      2000(1)       1999(1)
  NET REVENUES:
    MGM Grand Las Vegas  $193,696      $200,450    $614,308      $587,128
    Bellagio              260,367       245,491     733,763       722,024
    The Mirage            156,151       140,127     481,453       436,265
    New York-New York      56,190        52,547     165,845       162,293
    Treasure Island        95,440        85,378     283,520       258,352
    Primm Properties       63,107        63,054     186,683       182,950
    Golden Nugget
     Las Vegas             43,700        43,533     135,765       136,215
    Golden Nugget
     Laughlin              11,384        11,425      36,693        37,982
    MGM Grand Detroit(2)  106,690        72,020     308,996        72,020
    Beau Rivage (3)        84,039        80,528     242,822       171,526
    MGM Grand Australia     9,830        10,586      28,078        27,128
    Income from Unconsol.
     Affiliate              9,014         7,637      28,316        25,668
    MGM Grand South
     Africa                 1,280         1,893       4,048         7,237
    Eliminations
     and Other               (214)         (143)       (618)         (471)
                       $1,090,674    $1,014,526  $3,249,672    $2,826,317

  EBITDA:
    MGM Grand Las Vegas   $50,285       $49,965    $167,339      $143,553
    Bellagio               86,711        61,272     206,527       172,864
    The Mirage             40,429        30,918     131,862       109,891
    New York-New York      24,545        23,652      73,774        74,770
    Treasure Island        27,831        18,390      83,332        64,509
    Primm Properties       19,738        19,256      60,411        54,031
    Golden Nugget
     Las Vegas              7,481         6,141      27,045        25,392
    Golden Nugget
     Laughlin                 908           450       5,146         4,607
    MGM Grand Detroit (2)  43,146        24,982     122,574        24,982
    Beau Rivage (3)        20,277        17,361      55,679        28,529
    MGM Grand Australia     4,345         4,301      11,323        10,395
    Income from Unconsol.
     Affiliate              9,014         7,637      28,316        25,668
    MGM Grand South
     Africa                 1,259         1,882       3,974         6,121
    Eliminations
     and Other               (169)          (96)       (479)         (299)
                         $335,800      $266,111    $976,823      $745,013

  Note:
  (1)  Pro forma amounts include the results of operations for the periods
       presented before non-recurring expenses as if the acquisitions had
       occurred at the beginning of each period.  The acquisition of
       Primadonna Resorts, Inc. and Mirage Resorts, Incorporated occurred on
       March 1, 1999 and May 31, 2000, respectively.
  (2)  MGM Grand Detroit commenced operations on July 29, 1999.
  (3)  Beau Rivage commenced operations on March 16, 1999.


                       MGM MIRAGE AND SUBSIDIARIES
                   SUPPLEMENTAL STATISTICAL INFORMATION

                            Three Months Ended         Nine Months Ended
                    September 30, September 30, September 30, September 30,
                             2000         1999          2000         1999
  ROOM STATISTICS:
   MGM Grand Las
   Vegas (5,034 Rooms)
    Occupancy %              99.2%         99.8%       98.5%         98.8%
    Average Daily Rate (ADR) $103           $94        $108          $101
    Revenue per Available
     Room (REVPAR)           $103           $94        $106          $100

   Bellagio (1)
   (3,005 Rooms)
    Occupancy %              98.8%         98.8%       98.7%         99.0%
    Average Daily Rate (ADR) $157          $140        $166          $150
    Revenue per Available
     Room (REVPAR)           $155          $138        $164          $148

   The Mirage (1)
   (3,044 Rooms)
    Occupancy %              98.7%         98.2%       97.8%         98.4%
    Average Daily Rate (ADR) $112          $105        $117          $112
    Revenue per Available
     Room (REVPAR)           $110          $103        $114          $110

   New York-New York (2)
   (2,024 Rooms)
    Occupancy %              98.6%         98.1%       97.3%         98.5%
    Average Daily Rate (ADR)  $84           $79         $87           $84
    Revenue per Available
     Room (REVPAR)            $83           $77         $85           $82

   Treasure Island (1)
   (2,885 Rooms)
    Occupancy %              99.3%         99.3%       99.3%         99.0%
    Average Daily Rate (ADR)  $88           $84         $94           $91
    Revenue per Available
     Room (REVPAR)            $88           $83         $93           $90

   Primm Properties (2)
   (2,642 Rooms)
    Occupancy %              65.3%         76.8%       66.0%         72.2%
    Average Daily Rate (ADR)  $39           $33         $38           $32
    Revenue per Available
     Room (REVPAR)            $26           $25         $25           $23

   Golden Nugget Las Vegas (1)
   (1,907 Rooms)
    Occupancy %              98.2%         98.5%       98.0%         98.5%
    Average Daily Rate (ADR)  $54           $53         $57           $56
    Revenue per Available
     Room (REVPAR)            $53           $52         $56           $55

   Golden Nugget Laughlin (1)
   (300 Rooms)
    Occupancy %              91.9%         94.7%       93.9%         96.3%
    Average Daily Rate (ADR)  $35           $36         $36           $35
    Revenue per Available
     Room (REVPAR)            $32           $34         $33           $34

   Beau Rivage (1)
   (1,780 Rooms)
    Occupancy %              98.5%         93.9%       97.5%         87.8%
    Average Daily Rate (ADR)  $89           $92         $84           $94
    Revenue per Available
     Room (REVPAR)            $88           $86         $82           $82

   MGM Grand Australia
   (96 Rooms)
    Occupancy %              92.2%         95.8%       81.6%         76.1%
    Average Daily Rate (ADR)  $66           $72         $64           $67
    Revenue per Available
     Room (REVPAR)            $61           $69         $52           $51

  Note:
  (1)  The Company acquired Mirage Resorts, Incorporated on May 31, 2000
       thereby acquiring the Mirage Properties and 50% ownership in the
       Monte Carlo Resort & Casino.  The statistics for the Mirage
       Properties reflect a full nine months for the periods presented.
  (2)  The Company acquired Primadonna Resorts, Inc. on March 1, 1999,
       thereby acquiring the Primm Properties and the remaining 50% of
       New York-New York.  The statistics for the Primm Properties and
       New York-New York reflect a full nine months for the periods
       presented.


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

                                    ASSETS
                                            September 30,     December 31,
                                                 2000              1999
  CURRENT ASSETS:
    Cash and cash equivalents                  $211,272          $121,522
    Accounts receivable, net                    178,139            83,101
    Prepaid expenses                             65,893            32,598
    Inventories                                  85,156            15,240
    Income tax receivable                         9,698                --
    Deferred tax asset                          146,713            17,452
      Total current assets                      696,871           269,913

  PROPERTY AND EQUIPMENT, NET                 9,207,239         2,390,524

  OTHER ASSETS:
    Investment in unconsolidated affiliates     395,674            12,485
    Excess of purchase price over fair
     market value of net assets acquired, net    64,089            36,550
    Deposits and other assets, net              358,186            51,271
      Total other assets                        817,949           100,306
                                            $10,722,059        $2,760,743

                     LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
    Accounts payable                            $63,932           $45,914
    Income taxes payable                             --             3,296
    Dividend payable                                 --            11,388
    Current obligation, capital leases            5,945             5,145
    Current portion-long term debt                6,725             7,852
    Accrued interest on long term debt           60,206            18,915
    Other accrued liabilities                   528,826           197,580
      Total current liabilities                 665,634           290,090

  DEFERRED REVENUES                               3,801             4,241
  DEFERRED INCOME TAXES                       1,682,598           108,713
  LONG TERM OBLIGATION, CAPITAL LEASES            8,132            12,864
  LONG TERM DEBT                              6,026,922         1,310,989
  COMMITMENTS and CONTINGENCIES
  STOCKHOLDERS' EQUITY:
    Common stock ($.01 par value,
     300,000,000 shares authorized,
     163,056,609 and 138,445,048 shares
     issued)                                      1,631             1,384
    Capital in excess of par value            2,039,337         1,261,625
    Treasury stock, at cost (4,059,000
     and 24,565,200 shares)                     (83,683)         (505,824)
    Retained earnings                           359,954           267,165
    Other comprehensive income                   17,733             9,496
      Total stockholders' equity              2,334,972         1,033,846
                                            $10,722,059        $2,760,743

PRNewswire -- Oct. 19
END FIRST AND FINAL ADD

Website: http://www.mgm-mirage.com/

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