MGM MIRAGE Reports Second Quarter Financial Results

August 3, 2009
Significant Capital Raise Improves Financial Position; Operating Trends Stabilize in Second Quarter
PRNewswire-FirstCall
LAS VEGAS

MGM MIRAGE (NYSE: MGM) today announced its financial results for the second quarter of 2009. The Company reported a second quarter diluted loss per share of $0.60 compared to income per share of $0.40 in the prior year second quarter. The current year result was impacted by non-cash impairment charges of $188 million, or $0.34 per diluted share net of tax, primarily related to the Company's investment in a convertible note. The Company also recorded losses on the retirement of long-term debt of $58 million primarily related to the redemption of senior debentures required to permit the Company's recent secured note issuances - an impact of $0.11 per diluted share net of tax.

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 17% to $1.5 billion;
  --  Las Vegas Strip REVPAR(1) decreased 31%;
  --  Casino revenue decreased 12%, mainly as a result of lower table games
      volume at the Company's Las Vegas Strip resorts;

  --  Property EBITDA(2) was $357 million, a 34% decrease from the 2008
      second quarter; excluding impairment charges, property transactions,
      and preopening expenses, Property EBITDA was $379 million, or down 29%
      on a comparable basis.


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

  Three months ended June 30,                              2009      2008
  -----------------------------------------------------------------------
  Preopening and start-up expenses                      $ (0.02)  $ (0.02)
  Monte Carlo fire business interruption income
   (recorded as a reduction of general and
   administrative expenses)                                   --      0.02
  Property transactions net:
    Monte Carlo fire property damage income                   --      0.02
    Other property transactions, net                      (0.01)    (0.02)
  North Las Vegas Strip joint venture impairment charge   (0.02)        --
  Convertible note impairment charge                      (0.32)        --
  Loss on early retirement of long-term debt              (0.11)        --


As previously disclosed, during the second quarter the Company secured funding for the completion of CityCenter, issued $1.15 billion of equity through an offering of common stock, issued $1.5 billion of senior secured notes, and secured key amendments to its senior credit facility.

"This has been a monumental quarter for us, as the significant capital market transactions and other corporate finance activities meaningfully improved our financial position," said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. "Perhaps as important, we saw a more stabilized - though still difficult - operating environment in the second quarter. Our operating teams are focused on continuing to sequentially increase cash flow and our CityCenter team is driving towards completion and opening of CityCenter. We believe CityCenter will invigorate the Las Vegas market and be a key component of the future growth of MGM MIRAGE."

         Detailed Discussion of Second Quarter Operating Results
        (Results are presented on a same store basis excluding TI)

Total casino revenue declined 12%, with slots revenue down 11% for the quarter. The Company's table games volume, excluding baccarat, was down 15% in the quarter, while baccarat volume increased 17% in the 2009 quarter. The overall table games hold percentage was slightly higher in 2009 than the prior year quarter and near the mid-point of the Company's normal 18% to 22% range in both periods.

Rooms revenue decreased 29%. Las Vegas Strip REVPAR decreased 31% with average room rates down 29%. Occupancy and room rates continued to be negatively impacted by weakness in convention bookings and business travel, which put downward pressure on rates throughout the Company's customer segments. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

  Three months ended June 30,                      2009       2008
  ----------------------------------------------------------------
  Occupancy %                                        94%       97%
  Average Daily Rate (ADR)                       $   111   $   156
  Revenue per Available Room (REVPAR)            $   104   $   151


"While we expect the business and convention market to remain challenging in the near term, we are seeing signs of improvement in future bookings and believe we are increasing our market share by offering a superior product and proven best-in-class customer service," said Mr. Murren.

Food and beverage revenue decreased 13%. The Company's catering, restaurants and nightclubs continued to be impacted by the reduction in convention business and decreased occupancy. Entertainment revenues were flat at the Company's Las Vegas Strip resorts driven by a strong event calendar.

Corporate expense increased to $43 million compared to $27 million in the 2008 second quarter. Approximately $13 million of this increase was due to legal and advisory costs related to the Company's activities to improve its financial position.

Income from unconsolidated affiliates decreased to $4 million for the quarter compared to income of $17 million in the 2008 second quarter. The current year results included a $12 million impairment charge, or $0.02 per diluted share net of tax, related to the write-off of development costs related to the Company's postponed joint venture project on the North Las Vegas Strip.

Property EBITDA was down 29% on a comparable basis to the prior year quarter with a margin of 25% compared to a 30% margin in the second quarter of 2008. The following table lists the items that impacted comparability of Property EBITDA (expense/(income)):

  Three months ended June 30,                              2009      2008
  -----------------------------------------------------------------------
                                                          (In thousands)
  Joint venture impairment charge                       $12,314       $ --
  Preopening and start-up expenses                        9,410     6,910
  Monte Carlo fire business interruption
   (recorded as a reduction of general and
   administrative expenses)                                   --    (9,146)
  Property transactions net:
    Monte Carlo fire property damage income                   --    (9,639)
    Other property transactions                             320     6,780


Operating income for the second quarter decreased 59% to $131 million and was also impacted by the items above. Excluding these items along with corporate property transactions, operating income decreased 50% compared to the 2008 second quarter with a margin of 10% compared to a 17% margin in the prior year.

"Our second quarter results showed improvement over the first quarter of 2009 in several areas, with Property EBITDA on a comparable basis increasing from $347 million to $379 million with a higher margin - 25% versus 24%," said Dan D'Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Officer. "Results at our Las Vegas Strip resorts have increased sequentially and we expect even greater improvement as room rates rebound."

Non-operating expense increased due to higher net interest expense resulting from increased interest rates on the Company's senior credit facility and recent senior notes issuances, partially offset by higher capitalized interest related to CityCenter. In addition, other non-operating expense includes the convertible note impairment charge of $176 million and losses on the retirement of long-term debt of $58 million in the 2009 second quarter.

Financial Position

The $2.65 billion of debt and equity issuances, completed in the second quarter, significantly improved the Company's financial position. Also, in conjunction with these transactions the Company secured a long-term amendment to its senior credit facility. The amendment to the senior credit facility permanently waived prior non-compliance with financial covenants and amended the financial covenants to provide for minimum EBITDA and maximum annual capital expenditure tests, replacing the previous leverage and interest coverage tests.

A portion of the net proceeds from the issuance of the senior secured notes and common stock were used to permanently repay approximately $826 million under the senior credit facility. The Company also redeemed all of its 7.25% senior debentures due 2017 for $127 million, and repurchased $885 million of its senior notes due 2009 through a public tender offer.

At June 30, 2009, the Company had approximately $4.1 billion of borrowings outstanding under its senior credit facility with available borrowings of $1.5 billion; total long-term debt was $12.3 billion, down $1.1 billion from December 31, 2008. The Company's cash balance was $411 million at June 30, 2009.

During the second quarter of 2009 the Company made capital investments of approximately $33 million. In addition, the Company funded $294 million for its portion of the remaining equity contributions to CityCenter which included $224 million in the form of an irrevocable letter of credit, of which $88 million remained to be drawn as of June 30, 2009.

"Our ability to access the capital markets in the second quarter is a testament to our operating strength as well as the incredible demonstration of support our stakeholders have in our Company, our properties and our employees," said Mr. D'Arrigo. "We will continue to evaluate additional strategies to further enhance our financial position."

MGM MIRAGE will hold a conference call to discuss its second quarter results at 11:00 a.m. Eastern Daylight 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 August 10, 2009, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 18140021. 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      Six Months Ended
                              ---------------------  ----------------------
                                June 30,   June 30,    June 30,    June 30,
                                  2009       2008        2009        2008
                              ---------- ----------  ----------  ----------
  Revenues:
    Casino                    $  625,570 $  742,183  $1,290,297  $1,532,647
    Rooms                        350,295    523,530     705,339   1,042,271
    Food and beverage            357,859    431,563     696,256     833,955
    Entertainment                123,373    138,030     241,430     272,868
    Retail                        54,311     68,818     102,260     132,855
    Other                        143,802    155,984     281,175     303,957
                              ---------- ----------  ----------  ----------
                               1,655,210  2,060,108   3,316,757   4,118,553
    Less: Promotional
     allowances                 (161,055)  (164,389)   (323,807)   (339,201)
                              ---------- ----------  ----------  ----------
                               1,494,155  1,895,719   2,992,950   3,779,352
                              ---------- ----------  ----------  ----------
  Expenses:
    Casino                       349,831    400,979     725,348     817,542
    Rooms                        106,147    139,736     216,974     276,533
    Food and beverage            199,032    246,799     393,359     483,071
    Entertainment                 88,622     98,286     176,364     193,950
    Retail                        34,455     42,495      66,076      85,659
    Other                         85,495     96,196     169,301     188,760
    General and administrative   273,567    323,811     534,364     644,185
    Corporate expense             43,006     26,621      67,367      59,071
    Preopening and start-up
     expenses                      9,410      6,957      17,481      12,121
    Restructuring costs               50          -         493         329
    Property transactions, net     3,248       (118)   (191,877)      2,658
    Depreciation and
     amortization                174,368    197,218     351,226     391,557
                              ---------- ----------  ----------  ----------
                               1,367,231  1,578,980   2,526,476   3,155,436
                              ---------- ----------  ----------  ----------

  Income from unconsolidated
   affiliates                      4,175     17,045      19,724      51,156
                              ---------- ----------  ----------  ----------

  Operating income               131,099    333,784     486,198     675,072
                              ---------- ----------  ----------  ----------

  Non-operating income (expense):
    Interest income                6,296      3,680      10,678       7,146
    Interest expense, net       (201,287)  (145,304)   (372,923)   (295,093)
    Non-operating items from
     unconsolidated affiliates   (12,314)    (7,288)    (23,445)    (17,179)
    Other, net                  (234,181)    (1,564)   (235,519)     (1,334)
                              ---------- ----------  ----------  ----------
                                (441,486)  (150,476)   (621,209)   (306,460)
                              ---------- ----------  ----------  ----------
  Income (loss) before income
   taxes                        (310,387)   183,308    (135,011)    368,612
    Benefit (provision) for
     income taxes                 97,812    (70,207)     27,635    (137,165)
                              ---------- ----------  ----------  ----------
  Net income (loss)           $ (212,575)$  113,101  $ (107,376) $  231,447
                              ========== ==========  ==========  ==========

  Per share of common stock:
    Basic:
    Net income (loss) per
     share                    $    (0.60)$     0.41  $    (0.34) $     0.82
                              ========== ==========  ==========  ==========

    Weighted average shares
     outstanding                 352,457    277,468     314,718     283,205
                              ========== ==========  ==========  ==========

    Diluted:
    Net income (loss) per
     share                    $    (0.60)$     0.40  $    (0.34) $     0.79
                              ========== ==========  ==========  ==========

    Weighted average shares
     outstanding                 352,457    284,615     314,718     291,508
                              ========== ==========  ==========  ==========



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

                       Three Months Ended            Six Months Ended
                    ------------------------     -------------------------
                     June 30,      June 30,       June 30,        June 30,
                       2009          2008           2009            2008
                    ----------    ----------     ----------     ----------
    Las Vegas Strip $1,190,542    $1,551,148     $2,378,536     $3,099,205
    Other Nevada        33,238        38,821         61,775         75,671
    MGM Grand
     Detroit           128,097       145,428        264,612        290,208
    Mississippi        120,359       139,401        244,204        273,623
    Other               21,919        20,921         43,823         40,645
                    ----------    ----------     ----------     ----------
                    $1,494,155    $1,895,719     $2,992,950     $3,779,352
                    ==========    ==========     ==========     ==========


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

                       Three Months Ended            Six Months Ended
                    ------------------------     -------------------------
                     June 30,      June 30,       June 30,       June 30,
                       2009          2008           2009           2008
                    ----------    ----------     ----------     ----------
    Las Vegas Strip $  291,958    $  482,744     $  580,674     $  962,240
    Other Nevada         3,219          (735)         1,702         (1,420)
    MGM Grand
     Detroit            33,617        38,524         74,169         72,936
    Mississippi         28,719        28,616         60,133         55,986
    Other                4,047         4,170          8,911          8,749
    Unconsolidated
     resorts            (4,442)       10,634          3,395         40,001
                    ----------    ----------     ----------     ----------
                    $  357,118    $  563,953     $  728,984     $1,138,492
                    ==========    ==========     ==========     ==========


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

                       Three Months Ended June 30, 2009
                       --------------------------------

                     Preopening                    Property
                    and start-up   Restructuring transactions,
                      expenses         costs         net           Total
                    ------------   ------------  ------------   ------------
    Las Vegas Strip $        562   $         50  $        157   $        769
    Other Nevada               -              -             6              6
    MGM Grand
     Detroit                   -              -             -              -
    Mississippi                -              -           157            157
    Unconsolidated
     resorts               8,848              -             -          8,848
                    ------------   ------------  ------------   ------------
                           9,410             50           320          9,780
    Corporate and
     other                     -              -         2,928          2,928
                    ------------   ------------  ------------   ------------
                    $      9,410   $         50  $      3,248   $     12,708
                    ============   ============  ============   ============


                       Three Months Ended June 30, 2008
                       --------------------------------

                     Preopening                    Property
                    and start-up   Restructuring transactions,
                      expenses        costs           net          Total
                    ------------   ------------  ------------  ------------
    Las Vegas Strip $        394   $          -  $     (3,628) $     (3,234)
    Other Nevada               -              -         2,187         2,187
    MGM Grand
     Detroit                 (59)             -             -           (59)
    Mississippi                -              -            (3)           (3)
    Unconsolidated
     resorts               6,575              -             -          6,575
                    ------------   ------------  ------------   ------------
                           6,910              -        (1,444)         5,466
    Corporate and
     other                    47              -         1,326          1,373
                    ------------   ------------  ------------   ------------
                    $      6,957   $          -  $       (118)  $      6,839
                    ============   ============  ============   ============



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

                        Six Months Ended June 30, 2009
                        ------------------------------

                     Preopening                    Property
                    and start-up  Restructuring  transactions,
                      expenses        costs          net           Total
                    ------------  ------------   ------------  ------------
    Las Vegas Strip $        752   $        493  $     (5,270) $     (4,025)
    Other Nevada               -              -             6             6
    MGM Grand
     Detroit                   -              -             -             -
    Mississippi                -              -           157           157
    Unconsolidated
     resorts              16,729              -             -        16,729
                    ------------   ------------  ------------  ------------
                          17,481            493        (5,107)       12,867
    Corporate and
     other                     -              -      (186,770)     (186,770)
                    ------------   ------------  ------------  ------------
                    $     17,481   $        493   $   (191,877)$   (173,903)
                    ============   ============   ============ ============


                        Six Months Ended June 30, 2008
                        ------------------------------

                     Preopening                    Property
                    and start-up   Restructuring transactions,
                      expenses         costs          net           Total
                    ------------   ------------  ------------   ------------
    Las Vegas Strip $        620   $        329  $       (839)  $        110
    Other Nevada               -              -         2,187          2,187
    MGM Grand
     Detroit                 135              -             8            143
    Mississippi                -              -             2              2
    Unconsolidated
     resorts              11,319              -             -         11,319
                    ------------   ------------  ------------   ------------
                          12,074            329         1,358         13,761
    Corporate and
     other                    47              -         1,300          1,347
                    ------------   ------------  ------------   ------------
                    $     12,121   $        329  $      2,658   $     15,108
                    ============   ============  ============   ============


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

                           Three Months Ended          Six Months Ended
                        -----------------------    -----------------------
                          June 30,     June 30,     June 30,     June 30,
                            2009         2008         2009         2008
                        ----------   ----------    ----------   ----------

  EBITDA                $  305,467   $  531,002    $  837,424   $1,066,629
   Depreciation
    and amortization      (174,368)    (197,218)     (351,226)    (391,557)
                        ----------   ----------    ----------   ----------
  Operating income         131,099      333,784       486,198      675,072
                        ----------   ----------    ----------   ----------

  Non-operating
   income (expense):
    Interest expense,
     net                  (201,287)    (145,304)     (372,923)    (295,093)
    Other                 (240,199)      (5,172)     (248,286)     (11,367)
                        ----------   ----------    ----------   ----------
                          (441,486)    (150,476)     (621,209)    (306,460)
                        ----------   ----------    ----------   ----------
  Income (loss)
   before income
   taxes                  (310,387)     183,308      (135,011)     368,612
    Benefit (provision)
     for income taxes       97,812      (70,207)       27,635     (137,165)
                        ----------   ----------    ----------   ----------
  Net income (loss)     $ (212,575)  $  113,101    $ (107,376)  $  231,447
                        ==========   ==========    ==========   ==========



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

                     Three Months Ended June 30, 2009
                     --------------------------------

                                      Depreciation
                        Operating         and
                      income (loss)   amortization        EBITDA
                      -------------  -------------   -------------
    Las Vegas Strip   $     163,858  $     128,100   $     291,958
    Other Nevada              1,696          1,523           3,219
    MGM Grand Detroit        22,928         10,689          33,617
    Mississippi              12,556         16,163          28,719
    Other                     1,581          2,466           4,047
    Unconsolidated
     resorts                 (4,442)             -          (4,442)
                      -------------  -------------   -------------
                            198,177        158,941         357,118
    Stock compensation                                      (9,023)
    Corporate and other                                    (42,628)
                                                     -------------
                                                     $     305,467
                                                     =============



                     Three Months Ended June 30, 2008
                     --------------------------------

                                      Depreciation
                        Operating         and
                      income (loss)   amortization      EBITDA
                      -------------  -------------   -------------
    Las Vegas Strip   $     334,457  $     148,287   $     482,744
    Other Nevada             (2,220)         1,485            (735)
    MGM Grand Detroit        24,227         14,297          38,524
    Mississippi              13,148         15,468          28,616
    Other                     2,091          2,079           4,170
    Unconsolidated
     resorts                 10,634              -          10,634
                      -------------  -------------   -------------
                            382,337        181,616         563,953
    Stock compensation                                      (9,592)
    Corporate and other                                    (23,359)
                                                     -------------
                                                     $     531,002
                                                     =============



                      Six Months Ended June 30, 2009
                      ------------------------------

                                      Depreciation
                        Operating         and
                      income (loss)   amortization      EBITDA
                      -------------  -------------   -------------
    Las Vegas Strip   $     323,841  $     256,833   $     580,674
    Other Nevada             (1,369)         3,071           1,702
    MGM Grand Detroit        52,769         21,400          74,169
    Mississippi              27,182         32,951          60,133
    Other                     3,852          5,059           8,911
    Unconsolidated
     resorts                  3,395              -           3,395
                      -------------  -------------   -------------
                            409,670        319,314         728,984
    Stock compensation                                     (17,757)
    Corporate and other                                    126,197
                                                     -------------
                                                     $     837,424
                                                     =============



                 Six Months Ended June 30, 2008
                 ------------------------------

                                      Depreciation
                        Operating         and
                      income (loss)   amortization       EBITDA
                      -------------  -------------   -------------
    Las Vegas Strip   $     667,754  $     294,486   $     962,240
    Other Nevada             (4,406)         2,986          (1,420)
    MGM Grand Detroit        44,288         28,648          72,936
    Mississippi              24,961         31,025          55,986
    Other                     4,672          4,077           8,749
    Unconsolidated
     resorts                 40,001              -          40,001
                      -------------  -------------   -------------
                            777,270        361,222       1,138,492
    Stock compensation                                     (20,795)
    Corporate and other                                    (51,068)
                                                     -------------
                                                     $   1,066,629
                                                     =============



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


                                                 June 30,     December 31,
                                                   2009          2008
                                                -----------   -----------
                                   ASSETS
  Current assets:
    Cash and cash equivalents                   $   411,356   $   295,644
    Accounts receivable, net                        287,862       303,416
    Inventories                                     100,401       111,505
    Income tax receivable                           134,367        64,685
    Deferred income taxes                            58,476        63,153
    Prepaid expenses and other                       82,858       155,652
    Assets held for sale                                  -       538,975
                                                -----------   -----------
      Total current assets                        1,075,320     1,533,030
                                                -----------   -----------

  Property and equipment, net                    15,924,679    16,289,154

  Other assets:
    Investments in and advances to
     unconsolidated affiliates                    4,600,375     4,642,865
    Goodwill                                         86,353        86,353
    Other intangible assets, net                    345,699       347,209
    Deposits and other assets, net                  377,499       376,105
                                                -----------   -----------
      Total other assets                          5,409,926     5,452,532
                                                -----------   -----------
                                                $22,409,925   $23,274,716
                                                ===========   ===========


                    LIABILITIES AND STOCKHOLDERS' EQUITY

  Current liabilities:
    Accounts payable                            $   117,254   $   142,693
    Construction payable                             22,096        45,103
    Current portion of long-term debt                     -     1,047,614
    Accrued interest on long-term debt              193,230       187,597
    Other accrued liabilities                       899,381     1,549,296
    Liabilities related to assets held for sale           -        30,273
                                                -----------   -----------
      Total current liabilities                   1,231,961     3,002,576
                                                -----------   -----------

  Deferred income taxes                           3,581,454     3,441,198
  Long-term debt                                 12,364,839    12,416,552
  Other long-term obligations                       186,741       440,029
  Stockholders' equity:
    Common stock, $.01 par value: authorized
     600,000,000 shares, issued 441,007,329 and
     369,283,995 shares and outstanding
     441,007,329 and 276,506,968 shares               4,410         3,693
    Capital in excess of par value                3,487,329     4,018,410
    Treasury stock, at cost: 0 and 92,777,027
     shares                                               -    (3,355,963)
    Retained earnings                             1,554,838     3,365,122
    Accumulated other comprehensive loss             (1,647)      (56,901)
                                                -----------   -----------
      Total stockholders' equity                  5,044,930     3,974,361
                                                -----------   -----------
                                                $22,409,925   $23,274,716
                                                ===========   ===========

First Call Analyst:
FCMN Contact: mcheldelin@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

Web Site: http://www.mgmmirage.com/



Do Not Sell/Share My Personal Information / Opt-out of Online Targeted Advertising / California Privacy Notice