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MGM MIRAGE Reports First Quarter Results

PRNewswire-FirstCall
LAS VEGAS

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/


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