MGM MIRAGE and Peel Holdings Plc Announce Strategic Alliance to Create Developments Totaling Over 650 Million Pounds Sterling in Liverpool, Manchester, Salford and Glasgow

April 19, 2004

MGM MIRAGE (NYSE: MGG), the most respected US based gaming and entertainment company, and Peel Holdings Plc, one of the UK's largest private landowners and property developers, today announced a strategic alliance to pursue the potential development of several multi-purpose leisure, entertainment and gaming complexes in a number of the UK's leading cities including Liverpool, Manchester, Salford and Glasgow.

The first phase of the gaming and related elements of the proposed schemes have a potential projected cost in excess of 650 million pounds sterling (about $1.1 billion dollars), which if developed, will lead to the creation of approximately 20,000 direct and indirect new jobs together with related significant regeneration and tourism benefits. The projects, all of which are contingent upon the timely implementation of gaming reforms, planning and a new tax regime, include:

   -  An innovative mixed-use development of 125 acres of land known as
      Glasgow Harbour, currently owned by Peel Holdings, which will
      incorporate a casino operated by MGM MIRAGE and other related leisure
      facilities.  Development of the casino alone has the potential to
      create as many as 2,500 direct construction jobs and 2,000 direct
      leisure-related jobs, as well as significant additional indirect jobs.

   -  A formal expression of interest to construct a major multi-purpose
      leisure and gaming development, incorporating a casino operated by MGM
      MIRAGE and other related facilities, including restaurants and
      entertainment venues, at Sportcity in East Manchester adjacent to The
      City of Manchester Stadium.   The development has the potential to
      create as many as 2,500 direct construction jobs and 1,600 direct
      leisure related jobs, as well as significant additional indirect jobs.

   -  An outline planning application to Salford City Council to develop a
      20,000-seat sports stadium, casino and hotel in Salford adjacent to
      the M60 motorway and the Manchester Ship Canal.  The development has
      the potential to create as many as 2,500 direct construction jobs and
      1,600 direct leisure related jobs, as well as significant additional
      indirect jobs.

   -  A formal expression of interest with Liverpool City Council to develop
      on land known as King's Waterfront.  The development has the potential
      to create as many as 1,500 direct construction jobs and 1,000 direct
      leisure related jobs, as well as significant additional indirect jobs.

Commenting on the proposals, Terry Lanni, Chairman and CEO of MGM MIRAGE, said: "MGM MIRAGE and Peel are both companies focused on building world-class facilities. Our combined resources and experience create an important alliance that we believe will lead to the development of entertainment venues that could transform the leisure opportunities available to those in and around Liverpool, Manchester, Salford and Glasgow. Our companies' unrivalled reputation, manpower and financial resources create a partnership singularly positioned to develop multiple projects of this scale while maintaining unparalleled levels of quality."

John Whittaker, Chairman of Peel Holdings Plc, said of the alliance: "Peel has extensive property interests and landholdings near to major cities together with vast experience in building high quality regeneration developments. MGM MIRAGE owns and operates what we believe to be the best leisure, entertainment and gaming destinations in the world and this is undoubtedly the ideal partnership to bring the best possible gaming experience to the UK. We look forward to working with MGM MIRAGE on evaluating further projects and developing a number of these destinations".

Lloyd C. Nathan, Managing Director, Europe, of MGM MIRAGE Development said: "All of the projects that we have announced today, and others which we are still exploring, have the potential to result in unprecedented levels of inward investment, jobs and tourism for each of the locations we have chosen. With all of our projects relying on the timely implementation of commercially viable gaming reforms, we look forward to working together with all of the local communities, their political representatives and with the Government, with the aim of ensuring that these valuable benefits are fully realized."

  Notes to Editors

   1.  For further information please contact:
       Lalu Dasgupta at Carl Byoir and Associates on 020 7413 3042 or
       07836 560 981.
       Alison Tennant, PR Manager, Peel Holdings on 0161 629 8229 or
       07901 883388.
       James Murren, President and Chief Financial Officer, MGM MIRAGE on
       (702) 693-8877
       Or Alan Feldman, Senior Vice President of Public Affairs, MGM MIRAGE
       on (702) 891-7147

   2.  MGM MIRAGE (NYSE: MGG), one of the world's leading and most respected
       hotel and gaming companies, owns and operates 12 casino resorts
       located in Nevada, Mississippi, Michigan and Australia, and has
       investments in two other casino resorts in Nevada and New Jersey.
       The company is headquartered in Las Vegas, Nevada, and offers an
       unmatched collection of casino resorts with a limitless range of
       choices for guests.  Guest satisfaction is paramount, and the company
       has approximately 40,000 employees committed to that result.  Its
       portfolio of brands include AAA Five Diamond award winner Bellagio,
       MGM Grand Las Vegas - The City of Entertainment, The Mirage, Treasure
       Island ("TI"), New York - New York, Boardwalk Hotel and Casino and
       50 percent of Monte Carlo, all located on the Las Vegas Strip;
       Whiskey Pete's, Buffalo Bill's, Primm Valley Resort and two
       championship golf courses at the California/Nevada state line; the
       exclusive Shadow Creek golf course in North Las Vegas; Beau Rivage on
       the Mississippi Gulf Coast; and MGM Grand Detroit Casino in Detroit,
       Michigan.  The Company is a 50-percent owner of Borgata, a
       destination casino resort at Renaissance Pointe in Atlantic City, New
       Jersey.  Internationally, MGM MIRAGE also owns a 25 percent interest
       in Triangle Casino, a local casino in Bristol, UK.  The Company has
       entered an agreement to sell MGM Grand Australia in Darwin, Australia
       pending finalization.  For more information about MGM MIRAGE, please
       visit the company's website at

   3.  Peel Holdings PLC is one of the leading property and transport
       companies in the UK with assets valued at over 2 bn pounds Sterling.
       These include the 900M pounds sterling multi-award winning Trafford
       Centre - a key tourist attraction in the North West and one of the
       UK's leading shopping and leisure destinations, attracting over 27
       million visitors pa.  Situated five miles outside of the city centre
       between junctions 9 and 10 of the M60 the 1.4 sq. million ft. Centre
       has 280 stores positioned along three miles of granite and marble
       boulevards, including Selfridges, Debenhams, Marks and Spencer.  The
       Centre's leisure and dining area -- The Orient is the largest of its
       kind in Europe and hosts 36 restaurants and fast food eateries.  It
       is home to the UCI 20 screen cinema -- one of the largest and busiest
       in the UK.  Peel has a UK property investment and land portfolio
       consisting of 5 million sq. feet of investment property and 20,000
       acres of land. Peel also has overseas investments in Bermuda, The
       Bahamas and Spain. Peel Ports Division operates the ports of
       Clydeport and the Manchester Ship Canal, providing a broad range of
       port facilities and services to shippers and cargo owners.  Peel
       Airports Division comprises Liverpool John Lennon Airport, Durham
       Tees Valley, Doncaster Finningley -- recently renamed Robin Hood
       Airport Doncaster Sheffield and a 50% share in both Sheffield City
       Airport and Barton Airport, Manchester.  For further information
       please visit


CONTACT: Lalu Dasgupta of Carl Byoir and Associates, 020 7413 3042, or
07836 560 981, for MGM MIRAGE; or Alison Tennant, PR Manager of Peel Holdings,
0161 629 8229, or 07901 883388; or James Murren, President and Chief Financial
Officer, +1-702-693-8877, or Alan Feldman, Senior Vice President of Public
Affairs, +1-702-891-7147, both of MGM MIRAGE

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