MGM MIRAGE Reports Record First Quarter Revenue, Cash Flow and Net Income

Apr 19, 2001, 01:00 ET from MGM MIRAGE

    LAS VEGAS, April 19 /PRNewswire/ -- MGM MIRAGE (NYSE:   MGG) today reported
 record earnings of 52 cents per diluted share for the 2001 first quarter,
 compared with 38 cents per diluted share in the 2000 quarter.  Excluding
 nonrecurring expenses, the Company reported a 26% increase in earnings per
 share to an all-time record high of 53 cents per share for the three months
 ended March 31, 2001, up from 42 cents per share in the prior year's quarter.
     Net income before nonrecurring expenses grew 76% to $85.2 million in the
 2001 quarter from $48.5 million in the prior year's quarter.  These results
 reflect the continued strong performance from the Company's casino and hotel
 operations and the impact of the historic acquisition of Mirage Resorts,
 Incorporated ("Mirage Resorts") on May 31, 2000.  Revenue and operating cash
 flow ("EBITDA") soared 152% and 137%, respectively, representing the ninth
 consecutive quarterly increase in revenue and EBITDA on a year-over-year
 basis.
     On a pro forma basis to account for the Mirage Resorts acquisition in both
 periods, revenue was relatively flat at $1.07 billion while EBITDA increased
 3% to $343.6 million in the 2001 first quarter.
     "These strong results continue to confirm the tremendous value of
 combining two powerful companies creating a diverse portfolio of properties,"
 said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE.  "Our
 overall earnings, which reflected a normal table games hold percentage,
 exceeded expectations despite various challenges such as higher energy prices,
 the national economic slowdown and stock market volatility.  Our major Las
 Vegas properties all experienced significant room revenue growth in the
 quarter and current booking trends remain positive.  The capital and
 operational strategies already underway are intended to continue this positive
 momentum."
 
                        First Quarter Company Highlights
 
     -- Experienced strong increases in revenue per available room ("REVPAR")
        at every major Las Vegas property
     -- Produced significant free cash flow at all operating properties
     -- Sold $12 million in non-strategic assets during the quarter, bringing
        the total assets sold since the Mirage acquisition to $241 million
     -- Reduced debt by $123 million during the quarter, resulting in total
        debt reduction of $652 million since the acquisition of Mirage Resorts
     -- Construction of Borgata, our 50% owned resort, is on track and the
        design phase for a second wholly-owned resort in Atlantic City is
        underway
     -- Issued $400 million of Senior Subordinated Notes, maturing on
        February 1, 2011
     -- Extinguished the balance of the $1.3 billion Term Loan with proceeds
        from the note offering and free cash flow
 
                         Company-Wide Operating Results
 
     For the three months ended March 31, 2001, the Company reported
 consolidated net revenue of $1.07 billion, up 152% from the prior year's
 quarter of $424 million.  The increase in net revenue was largely due to the
 acquisition of Mirage Resorts.  EBITDA grew 137% to $343.6 million from
 $144.7 million in the 2000 quarter.  EBITDA also benefited from a full quarter
 contribution by the Mirage Resorts properties.  The Company recorded a 32%
 overall EBITDA margin during the 2001 first quarter.
     "We continue to meaningfully improve operating efficiency as evidenced by
 our margins which again improved in the quarter and consistently lead the
 industry," said Jim Murren, President and CFO of MGM MIRAGE.  "We are
 deploying our substantial free cash flow in our existing resorts and new
 projects to sustain growth while our balance sheet continues to improve.  Our
 business volumes are already benefiting from the early phase of our marketing
 and technology investments."
 
                                    Bellagio
 
     Bellagio achieved EBITDA of $93.5 million on net revenue of $260.2 million
 for the three months ended March 31, 2001, easily surpassing the resort's
 previous quarterly EBITDA record of $88.1 million achieved in the fourth
 quarter of 2000.  EBITDA and net revenue for the first quarter of 2000 were
 $64.6 million and $238.7 million, respectively.  Quarterly EBITDA margin of
 36% was also a record, and represented a nine percentage point increase over
 the 27% reported in the first quarter of 2000.  Bellagio has reached
 successive new highs in EBITDA margin in each full quarter since the Mirage
 Resorts acquisition.  Significant increases were achieved in both casino and
 non-casino revenue, while operating expenses were reduced by nearly 4%.
 Casino revenue benefited from an increase in table games hold percentage,
 while double-digit increases in average daily room rate ("ADR") and REVPAR
 contributed to the increase in non-casino revenue.
 
                MGM Grand Las Vegas - The City of Entertainment
 
     MGM Grand Las Vegas - The City of Entertainment recorded net revenue of
 $189.4 million and EBITDA of $48 million for the three months ended March 31,
 2001, versus $200 million and $61 million, respectively during the prior
 year's quarter.  Net revenue and EBITDA during the 2001 first quarter was
 affected by lower casino revenue due to a lower baccarat hold percentage when
 compared with the prior year.  Despite the lower hold percentage, The City of
 Entertainment was able to achieve several milestones.  Table game volume
 (excluding baccarat) in the quarter was an all-time record high, while slot
 volume was the highest of any first quarter in this property's history.  Net
 non-casino revenue rose 9% as a result of all-time record highs in both room
 revenue and food and beverage revenue.  Room revenue benefited from an 11%
 increase in ADR to $122 (an all-time record high) and a $9 increase in REVPAR
 to $116 in the 2001 first quarter.
 
                                   The Mirage
 
     The Mirage recorded net revenue of $169.6 million, versus $166.7 million
 reported in the first quarter of 2000.  EBITDA of $54.6 million was the second
 highest quarterly total in the last three years, surpassed only by the $56.0
 million achieved in the first quarter of 2000.  Net non-casino revenue
 increased by $11.9 million versus the first quarter of 2000, more than
 offsetting a $9.0 million decrease in casino revenue.  The decline in casino
 revenue was primarily attributable to a decline in table games hold
 percentage.  All areas of non-casino revenue showed improvement over the prior
 year. Particularly noteworthy was the continuing strength in room revenue, as
 ADR and REVPAR each increased by 14% versus the prior-year quarter.
 
                                Treasure Island
 
     Treasure Island produced net revenue of $97.4 million, an all-time record
 for the resort, and EBITDA of $31.0 million for the first quarter of 2001,
 versus $94.4 million and $28.6 million, respectively, in the prior-year
 quarter.  This was Treasure Island's best quarterly EBITDA performance in five
 years, and the second best in the resort's history.  Net non-casino revenue
 increased by $5.0 million versus the first quarter of 2000, more than
 offsetting a $2.0 million decrease in casino revenue.  The decline in casino
 revenue was due to decreases in table games and slot volume.  Room revenue
 benefited from double-digit increases in ADR and REVPAR, while increased
 entertainment revenue reflected an increase in ticket pricing, as well as a
 December 2000 increase in showroom capacity.
 
                              New York - New York
 
     New York - New York recorded net revenue of $54.5 million and EBITDA of
 $23.5 million during the 2001 first quarter when compared to $53.0 million and
 $23.4 million, respectively, in the prior year's quarter.  EBITDA margin
 remained an impressive 43% during the 2001 period.  New York - New York
 benefited from an 11% increase in net non-casino revenue while casino revenue
 remained relatively flat.  Net non-casino revenue increased as a result of
 increases in both room and food and beverage revenue.  Room revenue increased
 due to a three percentage point increase in occupancy to 98.3%, a 9% increase
 in ADR, and 12% REVPAR growth.
 
                                Primm Properties
 
     The Primm Properties, located in Primm, Nevada, produced net revenue for
 the 2001 first quarter of $51.2 million and EBITDA of $11.4 million.  This
 compares with net revenue of $60.8 million and EBITDA of $19.8 million during
 the 2000 first quarter.  These resorts have been negatively impacted by lower
 traffic counts on Interstate 15 as a result of increased competition from
 Native American casinos, as well as higher gas and utility costs in
 California.
 
                            Golden Nugget Properties
 
     The Golden Nugget in downtown Las Vegas produced net revenue of
 $48.4 million and EBITDA of $11.9 million during the first quarter of 2001,
 representing increases of $2.1 million and $1.2 million, respectively, versus
 the amounts achieved in the 2000 first quarter.  These were the best quarterly
 results for the Golden Nugget since 1996, the first year of operation for the
 Fremont Street Experience.  The improved results were primarily attributable
 to non-casino operations, where all significant revenue categories showed
 strong improvement.  EBITDA at the Golden Nugget Laughlin fell to $1.5 million
 from the $2.6 million reported in the 2000 first quarter, as the Laughlin
 market continues to face difficult competitive conditions similar to those
 experienced at the Primm Properties.
 
                               MGM Grand Detroit
 
     MGM Grand Detroit produced net revenue of $88.6 million and EBITDA of
 $36.6 million for the three months ended March 31, 2001 when compared with net
 revenue and EBITDA of $99.8 million and $35.8 million, respectively, for the
 2000 first quarter.  Despite the lower revenue MGM Grand Detroit continued to
 focus on maximizing its profitability as evidenced by the increase in EBITDA
 margin from 36% in the 2000 period to 41% during the 2001 quarter.
 
                                  Beau Rivage
 
     Beau Rivage reported net revenue of $68.8 million and EBITDA of
 $14.5 million for the three months ended March 31, 2001, versus $75.4 million
 and $17.4 million, respectively, in the prior-year period.  Casino and
 non-casino operations were affected by construction associated with the
 expansion of the resort's buffet and slot floor.  The buffet expansion will
 increase seating capacity by 75%, while the newly configured slot floor will
 add approximately 370 new machines.  The expanded buffet and slot offerings
 are scheduled to be completed during the second quarter of 2001.
 
                                Other Operations
 
     Monte Carlo reported net revenue of $69.5 million and EBITDA of
 $24.7 million compared with $68.4 million and $24.7 million, respectively, for
 the first quarter of 2000.  The Company's 50% share of this joint venture's
 results contributed $11.6 million to EBITDA for the three months ended March
 31, 2001.
     The Holiday Inn(R) Casino Boardwalk ("Boardwalk") reported net revenue of
 $9.1 million and EBITDA of $1.7 million during the first quarter of 2001,
 versus $9.5 million and $1.9 million, respectively, recorded in the prior-year
 quarter.
     For the three months ended March 31, 2001, MGM Grand Australia reported
 net revenue of $7.1 million and EBITDA of $3.0 million compared with net
 revenue of $9.1 million and EBITDA of $3.4 million in the prior year period.
 Reported results were adversely affected by currency translation.  MGM Grand
 Australia's EBITDA margin grew from 37% in the 2000 period to an impressive
 42% in the 2001 quarter.
 
     MGM MIRAGE is an entertainment, hotel and gaming company headquartered in
 Las Vegas, Nevada, which owns and/or operates through subsidiaries 18 casino
 properties on three continents.  Its U.S. holdings include: Bellagio, the MGM
 Grand Hotel and Casino - The City of Entertainment, The Mirage, Treasure
 Island, New York - New York Hotel and Casino, the Boardwalk Hotel and Casino
 and 50% of Monte Carlo, all located on the Las Vegas Strip; the Golden Nugget
 in Downtown Las Vegas; Whiskey Pete's, Buffalo Bill's and the Primm Valley
 Resort in Primm, Nevada as well as two championship golf courses at the
 California/Nevada state line; the Golden Nugget in Laughlin, Nevada; the Beau
 Rivage resort on the Mississippi Gulf Coast; and the MGM Grand Detroit Casino
 in Detroit, Michigan.  The Company is a joint venture partner on Borgata, a
 resort under development in Atlantic City, New Jersey and also controls
 several development sites in the ocean-front resort community.
 Internationally, MGM MIRAGE owns and operates the MGM Grand Hotel and Casino
 in Darwin, Australia and manages casinos in Nelspruit, Witbank and
 Johannesburg, Republic of South Africa.
     For more information on MGM MIRAGE and its operating subsidiaries, visit
 our website at 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
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (in thousands)
                                    (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
     Revenues:
       Casino                                      $  575,395     $  285,578
       Rooms                                          236,983         71,763
       Food and beverage                              185,956         51,004
       Entertainment, retail and other                167,271         48,962
       Income from unconsolidated affiliate            11,551             --
                                                    1,177,156        457,307
       Less: promotional allowances                   107,649         33,294
                                                    1,069,507        424,013
     Expenses:
       Casino                                         309,501        139,129
       Rooms                                           56,616         21,636
       Food and beverage                              102,126         28,017
       Entertainment, retail and other                101,811         26,948
       Provision for doubtful accounts                 14,649          5,273
       General and administrative                     141,194         58,318
       Preopening expenses and other                      875          2,348
       Restructuring costs                                 --          4,140
       Depreciation and amortization                   95,943         40,183
                                                      822,715        325,992
 
     Operating Profit                                 246,792         98,021
 
     Corporate Expense                                 10,824          5,579
     Operating Income                                 235,968         92,442
 
     Non-Operating Income (Expense):
       Interest income                                  2,032            763
       Interest expense, net                          (97,536)       (22,091)
       Interest expense from unconsolidated affiliate    (817)            --
       Other, net                                      (1,145)          (162)
                                                      (97,466)       (21,490)
 
     Income Before Income Taxes and
      Extraordinary Item                              138,502         70,952
       Provision for income taxes                     (53,830)       (26,647)
 
     Income Before Extraordinary Item                  84,672         44,305
 
     Extraordinary Item:
       Loss on Early Extinguishment of Debt, net         (778)            --
 
     Net Income                                    $   83,894     $   44,305
 
     Income Before Preopening and Other,
      Restructuring, and Extraordinary Item        $   85,241     $   48,522
 
 
                            MGM MIRAGE AND SUBSIDIARIES
                             PER SHARE OF COMMON STOCK
                                    (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                        2001           2000
     Per Share Of Common Stock:
       Basic:
       Income Before Extraordinary Item            $     0.54     $     0.39
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.53     $     0.39
 
       Weighted Average Shares Outstanding (000's)    159,219        112,819
 
       Diluted:
       Income Before Extraordinary Item            $     0.53     $     0.38
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.52     $     0.38
 
       Weighted Average Shares Outstanding (000's)    161,320        115,438
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                  SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
                                  (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001            2000
     Per Share Of Common Stock:
       Basic:
       Income Before Preopening and other,
        Restructuring, and Extraordinary Item      $     0.54     $     0.43
       Preopening expenses and Other, net                  --          (0.01)
       Restructuring costs, net                            --          (0.03)
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.53     $     0.39
 
       Weighted Average Shares Outstanding (000's)    159,219        112,819
 
       Diluted:
       Income Before Preopening and other,
        Restructuring, and Extraordinary Item      $     0.53     $     0.42
       Preopening expenses and Other, net                  --          (0.01)
       Restructuring costs, net                            --          (0.03)
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.52     $     0.38
 
       Weighted Average Shares Outstanding (000's)    161,320        115,438
 
 
                            MGM MIRAGE AND SUBSIDIARIES
                   SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
                                   (in thousands)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
     NET REVENUES:
       Bellagio (1)                                $  260,240     $       --
       MGM Grand Las Vegas                            189,431        200,031
       The Mirage (1)                                 169,550             --
       Treasure Island (1)                             97,366             --
       New York-New York                               54,506         52,963
       Primm Properties                                51,197         60,833
       Golden Nugget Las Vegas (1)                     48,448             --
       Golden Nugget Laughlin (1)                      12,467             --
       MGM Grand Detroit                               88,645         99,827
       Beau Rivage (1)                                 68,813             --
       Income from Unconsolidated Affiliate (1)        11,551             --
       Boardwalk (1)                                    9,115             --
       MGM Grand Australia                              7,145          9,104
       MGM Grand South Africa                           1,033          1,255
                                                   $1,069,507     $  424,013
 
     EBITDA:
       Bellagio (1)                                $   93,515     $       --
       MGM Grand Las Vegas                             47,996         61,016
       The Mirage (1)                                  54,558             --
       Treasure Island (1)                             31,005             --
       New York-New York                               23,456         23,418
       Primm Properties                                11,395         19,810
       Golden Nugget Las Vegas (1)                     11,868             --
       Golden Nugget Laughlin (1)                       1,496             --
       MGM Grand Detroit                               36,597         35,830
       Beau Rivage (1)                                 14,489             --
       Income from Unconsolidated Affiliate (1)        11,551             --
       Boardwalk (1)                                    1,700             --
       MGM Grand Australia                              2,969          3,382
       MGM Grand South Africa                           1,015          1,236
                                                   $  343,610     $  144,692
 
     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.
 
 
                            MGM MIRAGE AND SUBSIDIARIES
              SUPPLEMENTAL DATA - PRO FORMA PROPERTY OPERATING RESULTS
                                   (in thousands)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001         2000 (1)
     NET REVENUES:
       Bellagio                                   $   260,240    $   238,687
       MGM Grand Las Vegas                            189,431        200,031
       The Mirage                                     169,550        166,692
       Treasure Island                                 97,366         94,447
       New York-New York                               54,506         52,963
       Primm Properties                                51,197         60,833
       Golden Nugget Las Vegas                         48,448         46,307
       Golden Nugget Laughlin                          12,467         12,867
       MGM Grand Detroit                               88,645         99,827
       Beau Rivage                                     68,813         75,380
       Income from Unconsolidated Affiliate            11,551          8,374
       Boardwalk                                        9,115          9,498
       MGM Grand Australia                              7,145          9,104
       MGM Grand South Africa                           1,033          1,255
                                                  $ 1,069,507    $ 1,076,265
 
     EBITDA:
       Bellagio                                   $    93,515    $    64,569
       MGM Grand Las Vegas                             47,996         61,016
       The Mirage                                      54,558         56,025
       Treasure Island                                 31,005         28,610
       New York-New York                               23,456         23,418
       Primm Properties                                11,395         19,810
       Golden Nugget Las Vegas                         11,868         10,658
       Golden Nugget Laughlin                           1,496          2,553
       MGM Grand Detroit                               36,597         35,830
       Beau Rivage                                     14,489         17,396
       Income from Unconsolidated Affiliate            11,551          8,374
       Boardwalk                                        1,700          1,866
       MGM Grand Australia                              2,969          3,382
       MGM Grand South Africa                           1,015          1,236
                                                  $   343,610    $   334,743
 
     Note:
     (1)Pro forma amounts for 2000 include Mirage results for the period prior
         to the acquisition.
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                      SUPPLEMENTAL STATISTICAL INFORMATION
 
                                                         Three Months Ended
                                                       March 31,     March 31,
                                                         2001           2000
     ROOM STATISTICS:
       Bellagio (1)  (3,005 Rooms)
         Occupancy %                                    96.7%          98.8%
         Average Daily Rate (ADR)                        $195           $171
         Revenue per Available Room (REVPAR)             $189           $169
 
       MGM Grand Las Vegas  (5,034 Rooms)
         Occupancy %                                    94.9%          97.2%
         Average Daily Rate (ADR)                        $122           $110
         Revenue per Available Room (REVPAR)             $116           $107
 
       The Mirage (1)  (3,044 Rooms)
         Occupancy %                                    97.1%          97.2%
         Average Daily Rate (ADR)                        $133           $117
         Revenue per Available Room (REVPAR)             $129           $113
 
       Treasure Island (1)  (2,885 Rooms)
         Occupancy %                                    95.2%          98.9%
         Average Daily Rate (ADR)                        $109            $94
         Revenue per Available Room (REVPAR)             $103            $93
 
       New York-New York  (2,024 Rooms)
         Occupancy %                                    98.3%          95.2%
         Average Daily Rate (ADR)                         $93            $85
         Revenue per Available Room (REVPAR)              $91            $81
 
       Primm Properties  (2,642 Rooms)
         Occupancy %                                    59.3%          64.8%
         Average Daily Rate (ADR)                         $39            $37
         Revenue per Available Room (REVPAR)              $23            $24
 
       Golden Nugget Las Vegas (1)  (1,907 Rooms)
         Occupancy %                                    98.4%          97.0%
         Average Daily Rate (ADR)                         $65            $61
         Revenue per Available Room (REVPAR)              $64            $59
 
       Golden Nugget Laughlin (1)  (300 Rooms)
         Occupancy %                                    96.1%          97.1%
         Average Daily Rate (ADR)                         $28            $33
         Revenue per Available Room (REVPAR)              $27            $32
 
       Beau Rivage (1)  (1,780 Rooms)
         Occupancy %                                    94.1%          94.8%
         Average Daily Rate (ADR)                         $72            $74
         Revenue per Available Room (REVPAR)              $68            $70
 
       Boardwalk (1)  (654 Rooms)
         Occupancy %                                    89.8%          90.3%
         Average Daily Rate (ADR)                         $70            $67
         Revenue per Available Room (REVPAR)              $63            $61
 
       MGM Grand Australia  (96 Rooms)
         Occupancy %                                    55.0%          67.6%
         Average Daily Rate (ADR)                         $56            $60
         Revenue per Available Room (REVPAR)              $31            $40
 
     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.  Information for 2000 includes Mirage
         results for the period prior to the acquisition.
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                       (in thousands, except share data)
                                  (Unaudited)
 
                                     ASSETS
                                                     March 31,    December 31,
                                                       2001           2000
 
     CURRENT ASSETS:
       Cash and cash equivalents                 $    259,382   $    227,968
       Accounts receivable, net                       208,786        236,650
       Inventories                                     86,333         86,279
       Income tax receivable                               --         11,264
       Deferred income taxes                          146,679        162,934
       Prepaid expenses                                67,283         70,549
         Total current assets                         768,463        795,644
 
     PROPERTY AND EQUIPMENT, NET                    9,034,577      9,064,233
 
     OTHER ASSETS:
       Investment in unconsolidated affiliates        524,360        522,422
       Excess of purchase price over fair market
        value of net assets acquired, net              50,650         54,281
       Deposits and other assets, net                 280,526        298,021
         Total other assets                           855,536        874,724
                                                 $ 10,658,576   $ 10,734,601
 
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
       Accounts payable                          $     59,013   $     65,317
       Income taxes payable                             3,170             --
       Current obligation, capital leases               1,251          4,099
       Current portion of long-term debt              413,044        521,308
       Accrued interest on long-term debt              68,122         77,738
       Other accrued liabilities                      533,687        564,743
         Total current liabilities                  1,078,287      1,233,205
 
     DEFERRED INCOME TAXES                          1,743,500      1,730,158
     LONG-TERM OBLIGATION, CAPITAL LEASES               1,974          7,092
     LONG-TERM DEBT                                 5,337,470      5,348,320
     OTHER LONG-TERM OBLIGATIONS                       33,232         33,381
     STOCKHOLDERS' EQUITY:
       Common stock ($.01 par value: authorized
        300,000,000 shares, outstanding
        159,255,533 and 159,130,205 shares)             1,633          1,632
       Capital in excess of par value               2,042,803      2,041,820
       Treasury stock, at cost
        (4,059,000 and 4,059,000 shares)              (83,683)       (83,683)
       Retained earnings                              511,850        427,956
       Other comprehensive loss                        (8,490)        (5,280)
         Total stockholders' equity                 2,464,113      2,382,445
                                                 $ 10,658,576   $ 10,734,601
 

SOURCE MGM MIRAGE
    LAS VEGAS, April 19 /PRNewswire/ -- MGM MIRAGE (NYSE:   MGG) today reported
 record earnings of 52 cents per diluted share for the 2001 first quarter,
 compared with 38 cents per diluted share in the 2000 quarter.  Excluding
 nonrecurring expenses, the Company reported a 26% increase in earnings per
 share to an all-time record high of 53 cents per share for the three months
 ended March 31, 2001, up from 42 cents per share in the prior year's quarter.
     Net income before nonrecurring expenses grew 76% to $85.2 million in the
 2001 quarter from $48.5 million in the prior year's quarter.  These results
 reflect the continued strong performance from the Company's casino and hotel
 operations and the impact of the historic acquisition of Mirage Resorts,
 Incorporated ("Mirage Resorts") on May 31, 2000.  Revenue and operating cash
 flow ("EBITDA") soared 152% and 137%, respectively, representing the ninth
 consecutive quarterly increase in revenue and EBITDA on a year-over-year
 basis.
     On a pro forma basis to account for the Mirage Resorts acquisition in both
 periods, revenue was relatively flat at $1.07 billion while EBITDA increased
 3% to $343.6 million in the 2001 first quarter.
     "These strong results continue to confirm the tremendous value of
 combining two powerful companies creating a diverse portfolio of properties,"
 said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE.  "Our
 overall earnings, which reflected a normal table games hold percentage,
 exceeded expectations despite various challenges such as higher energy prices,
 the national economic slowdown and stock market volatility.  Our major Las
 Vegas properties all experienced significant room revenue growth in the
 quarter and current booking trends remain positive.  The capital and
 operational strategies already underway are intended to continue this positive
 momentum."
 
                        First Quarter Company Highlights
 
     -- Experienced strong increases in revenue per available room ("REVPAR")
        at every major Las Vegas property
     -- Produced significant free cash flow at all operating properties
     -- Sold $12 million in non-strategic assets during the quarter, bringing
        the total assets sold since the Mirage acquisition to $241 million
     -- Reduced debt by $123 million during the quarter, resulting in total
        debt reduction of $652 million since the acquisition of Mirage Resorts
     -- Construction of Borgata, our 50% owned resort, is on track and the
        design phase for a second wholly-owned resort in Atlantic City is
        underway
     -- Issued $400 million of Senior Subordinated Notes, maturing on
        February 1, 2011
     -- Extinguished the balance of the $1.3 billion Term Loan with proceeds
        from the note offering and free cash flow
 
                         Company-Wide Operating Results
 
     For the three months ended March 31, 2001, the Company reported
 consolidated net revenue of $1.07 billion, up 152% from the prior year's
 quarter of $424 million.  The increase in net revenue was largely due to the
 acquisition of Mirage Resorts.  EBITDA grew 137% to $343.6 million from
 $144.7 million in the 2000 quarter.  EBITDA also benefited from a full quarter
 contribution by the Mirage Resorts properties.  The Company recorded a 32%
 overall EBITDA margin during the 2001 first quarter.
     "We continue to meaningfully improve operating efficiency as evidenced by
 our margins which again improved in the quarter and consistently lead the
 industry," said Jim Murren, President and CFO of MGM MIRAGE.  "We are
 deploying our substantial free cash flow in our existing resorts and new
 projects to sustain growth while our balance sheet continues to improve.  Our
 business volumes are already benefiting from the early phase of our marketing
 and technology investments."
 
                                    Bellagio
 
     Bellagio achieved EBITDA of $93.5 million on net revenue of $260.2 million
 for the three months ended March 31, 2001, easily surpassing the resort's
 previous quarterly EBITDA record of $88.1 million achieved in the fourth
 quarter of 2000.  EBITDA and net revenue for the first quarter of 2000 were
 $64.6 million and $238.7 million, respectively.  Quarterly EBITDA margin of
 36% was also a record, and represented a nine percentage point increase over
 the 27% reported in the first quarter of 2000.  Bellagio has reached
 successive new highs in EBITDA margin in each full quarter since the Mirage
 Resorts acquisition.  Significant increases were achieved in both casino and
 non-casino revenue, while operating expenses were reduced by nearly 4%.
 Casino revenue benefited from an increase in table games hold percentage,
 while double-digit increases in average daily room rate ("ADR") and REVPAR
 contributed to the increase in non-casino revenue.
 
                MGM Grand Las Vegas - The City of Entertainment
 
     MGM Grand Las Vegas - The City of Entertainment recorded net revenue of
 $189.4 million and EBITDA of $48 million for the three months ended March 31,
 2001, versus $200 million and $61 million, respectively during the prior
 year's quarter.  Net revenue and EBITDA during the 2001 first quarter was
 affected by lower casino revenue due to a lower baccarat hold percentage when
 compared with the prior year.  Despite the lower hold percentage, The City of
 Entertainment was able to achieve several milestones.  Table game volume
 (excluding baccarat) in the quarter was an all-time record high, while slot
 volume was the highest of any first quarter in this property's history.  Net
 non-casino revenue rose 9% as a result of all-time record highs in both room
 revenue and food and beverage revenue.  Room revenue benefited from an 11%
 increase in ADR to $122 (an all-time record high) and a $9 increase in REVPAR
 to $116 in the 2001 first quarter.
 
                                   The Mirage
 
     The Mirage recorded net revenue of $169.6 million, versus $166.7 million
 reported in the first quarter of 2000.  EBITDA of $54.6 million was the second
 highest quarterly total in the last three years, surpassed only by the $56.0
 million achieved in the first quarter of 2000.  Net non-casino revenue
 increased by $11.9 million versus the first quarter of 2000, more than
 offsetting a $9.0 million decrease in casino revenue.  The decline in casino
 revenue was primarily attributable to a decline in table games hold
 percentage.  All areas of non-casino revenue showed improvement over the prior
 year. Particularly noteworthy was the continuing strength in room revenue, as
 ADR and REVPAR each increased by 14% versus the prior-year quarter.
 
                                Treasure Island
 
     Treasure Island produced net revenue of $97.4 million, an all-time record
 for the resort, and EBITDA of $31.0 million for the first quarter of 2001,
 versus $94.4 million and $28.6 million, respectively, in the prior-year
 quarter.  This was Treasure Island's best quarterly EBITDA performance in five
 years, and the second best in the resort's history.  Net non-casino revenue
 increased by $5.0 million versus the first quarter of 2000, more than
 offsetting a $2.0 million decrease in casino revenue.  The decline in casino
 revenue was due to decreases in table games and slot volume.  Room revenue
 benefited from double-digit increases in ADR and REVPAR, while increased
 entertainment revenue reflected an increase in ticket pricing, as well as a
 December 2000 increase in showroom capacity.
 
                              New York - New York
 
     New York - New York recorded net revenue of $54.5 million and EBITDA of
 $23.5 million during the 2001 first quarter when compared to $53.0 million and
 $23.4 million, respectively, in the prior year's quarter.  EBITDA margin
 remained an impressive 43% during the 2001 period.  New York - New York
 benefited from an 11% increase in net non-casino revenue while casino revenue
 remained relatively flat.  Net non-casino revenue increased as a result of
 increases in both room and food and beverage revenue.  Room revenue increased
 due to a three percentage point increase in occupancy to 98.3%, a 9% increase
 in ADR, and 12% REVPAR growth.
 
                                Primm Properties
 
     The Primm Properties, located in Primm, Nevada, produced net revenue for
 the 2001 first quarter of $51.2 million and EBITDA of $11.4 million.  This
 compares with net revenue of $60.8 million and EBITDA of $19.8 million during
 the 2000 first quarter.  These resorts have been negatively impacted by lower
 traffic counts on Interstate 15 as a result of increased competition from
 Native American casinos, as well as higher gas and utility costs in
 California.
 
                            Golden Nugget Properties
 
     The Golden Nugget in downtown Las Vegas produced net revenue of
 $48.4 million and EBITDA of $11.9 million during the first quarter of 2001,
 representing increases of $2.1 million and $1.2 million, respectively, versus
 the amounts achieved in the 2000 first quarter.  These were the best quarterly
 results for the Golden Nugget since 1996, the first year of operation for the
 Fremont Street Experience.  The improved results were primarily attributable
 to non-casino operations, where all significant revenue categories showed
 strong improvement.  EBITDA at the Golden Nugget Laughlin fell to $1.5 million
 from the $2.6 million reported in the 2000 first quarter, as the Laughlin
 market continues to face difficult competitive conditions similar to those
 experienced at the Primm Properties.
 
                               MGM Grand Detroit
 
     MGM Grand Detroit produced net revenue of $88.6 million and EBITDA of
 $36.6 million for the three months ended March 31, 2001 when compared with net
 revenue and EBITDA of $99.8 million and $35.8 million, respectively, for the
 2000 first quarter.  Despite the lower revenue MGM Grand Detroit continued to
 focus on maximizing its profitability as evidenced by the increase in EBITDA
 margin from 36% in the 2000 period to 41% during the 2001 quarter.
 
                                  Beau Rivage
 
     Beau Rivage reported net revenue of $68.8 million and EBITDA of
 $14.5 million for the three months ended March 31, 2001, versus $75.4 million
 and $17.4 million, respectively, in the prior-year period.  Casino and
 non-casino operations were affected by construction associated with the
 expansion of the resort's buffet and slot floor.  The buffet expansion will
 increase seating capacity by 75%, while the newly configured slot floor will
 add approximately 370 new machines.  The expanded buffet and slot offerings
 are scheduled to be completed during the second quarter of 2001.
 
                                Other Operations
 
     Monte Carlo reported net revenue of $69.5 million and EBITDA of
 $24.7 million compared with $68.4 million and $24.7 million, respectively, for
 the first quarter of 2000.  The Company's 50% share of this joint venture's
 results contributed $11.6 million to EBITDA for the three months ended March
 31, 2001.
     The Holiday Inn(R) Casino Boardwalk ("Boardwalk") reported net revenue of
 $9.1 million and EBITDA of $1.7 million during the first quarter of 2001,
 versus $9.5 million and $1.9 million, respectively, recorded in the prior-year
 quarter.
     For the three months ended March 31, 2001, MGM Grand Australia reported
 net revenue of $7.1 million and EBITDA of $3.0 million compared with net
 revenue of $9.1 million and EBITDA of $3.4 million in the prior year period.
 Reported results were adversely affected by currency translation.  MGM Grand
 Australia's EBITDA margin grew from 37% in the 2000 period to an impressive
 42% in the 2001 quarter.
 
     MGM MIRAGE is an entertainment, hotel and gaming company headquartered in
 Las Vegas, Nevada, which owns and/or operates through subsidiaries 18 casino
 properties on three continents.  Its U.S. holdings include: Bellagio, the MGM
 Grand Hotel and Casino - The City of Entertainment, The Mirage, Treasure
 Island, New York - New York Hotel and Casino, the Boardwalk Hotel and Casino
 and 50% of Monte Carlo, all located on the Las Vegas Strip; the Golden Nugget
 in Downtown Las Vegas; Whiskey Pete's, Buffalo Bill's and the Primm Valley
 Resort in Primm, Nevada as well as two championship golf courses at the
 California/Nevada state line; the Golden Nugget in Laughlin, Nevada; the Beau
 Rivage resort on the Mississippi Gulf Coast; and the MGM Grand Detroit Casino
 in Detroit, Michigan.  The Company is a joint venture partner on Borgata, a
 resort under development in Atlantic City, New Jersey and also controls
 several development sites in the ocean-front resort community.
 Internationally, MGM MIRAGE owns and operates the MGM Grand Hotel and Casino
 in Darwin, Australia and manages casinos in Nelspruit, Witbank and
 Johannesburg, Republic of South Africa.
     For more information on MGM MIRAGE and its operating subsidiaries, visit
 our website at 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
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (in thousands)
                                    (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
     Revenues:
       Casino                                      $  575,395     $  285,578
       Rooms                                          236,983         71,763
       Food and beverage                              185,956         51,004
       Entertainment, retail and other                167,271         48,962
       Income from unconsolidated affiliate            11,551             --
                                                    1,177,156        457,307
       Less: promotional allowances                   107,649         33,294
                                                    1,069,507        424,013
     Expenses:
       Casino                                         309,501        139,129
       Rooms                                           56,616         21,636
       Food and beverage                              102,126         28,017
       Entertainment, retail and other                101,811         26,948
       Provision for doubtful accounts                 14,649          5,273
       General and administrative                     141,194         58,318
       Preopening expenses and other                      875          2,348
       Restructuring costs                                 --          4,140
       Depreciation and amortization                   95,943         40,183
                                                      822,715        325,992
 
     Operating Profit                                 246,792         98,021
 
     Corporate Expense                                 10,824          5,579
     Operating Income                                 235,968         92,442
 
     Non-Operating Income (Expense):
       Interest income                                  2,032            763
       Interest expense, net                          (97,536)       (22,091)
       Interest expense from unconsolidated affiliate    (817)            --
       Other, net                                      (1,145)          (162)
                                                      (97,466)       (21,490)
 
     Income Before Income Taxes and
      Extraordinary Item                              138,502         70,952
       Provision for income taxes                     (53,830)       (26,647)
 
     Income Before Extraordinary Item                  84,672         44,305
 
     Extraordinary Item:
       Loss on Early Extinguishment of Debt, net         (778)            --
 
     Net Income                                    $   83,894     $   44,305
 
     Income Before Preopening and Other,
      Restructuring, and Extraordinary Item        $   85,241     $   48,522
 
 
                            MGM MIRAGE AND SUBSIDIARIES
                             PER SHARE OF COMMON STOCK
                                    (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                        2001           2000
     Per Share Of Common Stock:
       Basic:
       Income Before Extraordinary Item            $     0.54     $     0.39
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.53     $     0.39
 
       Weighted Average Shares Outstanding (000's)    159,219        112,819
 
       Diluted:
       Income Before Extraordinary Item            $     0.53     $     0.38
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.52     $     0.38
 
       Weighted Average Shares Outstanding (000's)    161,320        115,438
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                  SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
                                  (Unaudited)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001            2000
     Per Share Of Common Stock:
       Basic:
       Income Before Preopening and other,
        Restructuring, and Extraordinary Item      $     0.54     $     0.43
       Preopening expenses and Other, net                  --          (0.01)
       Restructuring costs, net                            --          (0.03)
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.53     $     0.39
 
       Weighted Average Shares Outstanding (000's)    159,219        112,819
 
       Diluted:
       Income Before Preopening and other,
        Restructuring, and Extraordinary Item      $     0.53     $     0.42
       Preopening expenses and Other, net                  --          (0.01)
       Restructuring costs, net                            --          (0.03)
       Extraordinary Item, net                          (0.01)            --
       Net Income Per Share                        $     0.52     $     0.38
 
       Weighted Average Shares Outstanding (000's)    161,320        115,438
 
 
                            MGM MIRAGE AND SUBSIDIARIES
                   SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
                                   (in thousands)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
     NET REVENUES:
       Bellagio (1)                                $  260,240     $       --
       MGM Grand Las Vegas                            189,431        200,031
       The Mirage (1)                                 169,550             --
       Treasure Island (1)                             97,366             --
       New York-New York                               54,506         52,963
       Primm Properties                                51,197         60,833
       Golden Nugget Las Vegas (1)                     48,448             --
       Golden Nugget Laughlin (1)                      12,467             --
       MGM Grand Detroit                               88,645         99,827
       Beau Rivage (1)                                 68,813             --
       Income from Unconsolidated Affiliate (1)        11,551             --
       Boardwalk (1)                                    9,115             --
       MGM Grand Australia                              7,145          9,104
       MGM Grand South Africa                           1,033          1,255
                                                   $1,069,507     $  424,013
 
     EBITDA:
       Bellagio (1)                                $   93,515     $       --
       MGM Grand Las Vegas                             47,996         61,016
       The Mirage (1)                                  54,558             --
       Treasure Island (1)                             31,005             --
       New York-New York                               23,456         23,418
       Primm Properties                                11,395         19,810
       Golden Nugget Las Vegas (1)                     11,868             --
       Golden Nugget Laughlin (1)                       1,496             --
       MGM Grand Detroit                               36,597         35,830
       Beau Rivage (1)                                 14,489             --
       Income from Unconsolidated Affiliate (1)        11,551             --
       Boardwalk (1)                                    1,700             --
       MGM Grand Australia                              2,969          3,382
       MGM Grand South Africa                           1,015          1,236
                                                   $  343,610     $  144,692
 
     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.
 
 
                            MGM MIRAGE AND SUBSIDIARIES
              SUPPLEMENTAL DATA - PRO FORMA PROPERTY OPERATING RESULTS
                                   (in thousands)
 
                                                        Three Months Ended
                                                     March 31,      March 31,
                                                       2001         2000 (1)
     NET REVENUES:
       Bellagio                                   $   260,240    $   238,687
       MGM Grand Las Vegas                            189,431        200,031
       The Mirage                                     169,550        166,692
       Treasure Island                                 97,366         94,447
       New York-New York                               54,506         52,963
       Primm Properties                                51,197         60,833
       Golden Nugget Las Vegas                         48,448         46,307
       Golden Nugget Laughlin                          12,467         12,867
       MGM Grand Detroit                               88,645         99,827
       Beau Rivage                                     68,813         75,380
       Income from Unconsolidated Affiliate            11,551          8,374
       Boardwalk                                        9,115          9,498
       MGM Grand Australia                              7,145          9,104
       MGM Grand South Africa                           1,033          1,255
                                                  $ 1,069,507    $ 1,076,265
 
     EBITDA:
       Bellagio                                   $    93,515    $    64,569
       MGM Grand Las Vegas                             47,996         61,016
       The Mirage                                      54,558         56,025
       Treasure Island                                 31,005         28,610
       New York-New York                               23,456         23,418
       Primm Properties                                11,395         19,810
       Golden Nugget Las Vegas                         11,868         10,658
       Golden Nugget Laughlin                           1,496          2,553
       MGM Grand Detroit                               36,597         35,830
       Beau Rivage                                     14,489         17,396
       Income from Unconsolidated Affiliate            11,551          8,374
       Boardwalk                                        1,700          1,866
       MGM Grand Australia                              2,969          3,382
       MGM Grand South Africa                           1,015          1,236
                                                  $   343,610    $   334,743
 
     Note:
     (1)Pro forma amounts for 2000 include Mirage results for the period prior
         to the acquisition.
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                      SUPPLEMENTAL STATISTICAL INFORMATION
 
                                                         Three Months Ended
                                                       March 31,     March 31,
                                                         2001           2000
     ROOM STATISTICS:
       Bellagio (1)  (3,005 Rooms)
         Occupancy %                                    96.7%          98.8%
         Average Daily Rate (ADR)                        $195           $171
         Revenue per Available Room (REVPAR)             $189           $169
 
       MGM Grand Las Vegas  (5,034 Rooms)
         Occupancy %                                    94.9%          97.2%
         Average Daily Rate (ADR)                        $122           $110
         Revenue per Available Room (REVPAR)             $116           $107
 
       The Mirage (1)  (3,044 Rooms)
         Occupancy %                                    97.1%          97.2%
         Average Daily Rate (ADR)                        $133           $117
         Revenue per Available Room (REVPAR)             $129           $113
 
       Treasure Island (1)  (2,885 Rooms)
         Occupancy %                                    95.2%          98.9%
         Average Daily Rate (ADR)                        $109            $94
         Revenue per Available Room (REVPAR)             $103            $93
 
       New York-New York  (2,024 Rooms)
         Occupancy %                                    98.3%          95.2%
         Average Daily Rate (ADR)                         $93            $85
         Revenue per Available Room (REVPAR)              $91            $81
 
       Primm Properties  (2,642 Rooms)
         Occupancy %                                    59.3%          64.8%
         Average Daily Rate (ADR)                         $39            $37
         Revenue per Available Room (REVPAR)              $23            $24
 
       Golden Nugget Las Vegas (1)  (1,907 Rooms)
         Occupancy %                                    98.4%          97.0%
         Average Daily Rate (ADR)                         $65            $61
         Revenue per Available Room (REVPAR)              $64            $59
 
       Golden Nugget Laughlin (1)  (300 Rooms)
         Occupancy %                                    96.1%          97.1%
         Average Daily Rate (ADR)                         $28            $33
         Revenue per Available Room (REVPAR)              $27            $32
 
       Beau Rivage (1)  (1,780 Rooms)
         Occupancy %                                    94.1%          94.8%
         Average Daily Rate (ADR)                         $72            $74
         Revenue per Available Room (REVPAR)              $68            $70
 
       Boardwalk (1)  (654 Rooms)
         Occupancy %                                    89.8%          90.3%
         Average Daily Rate (ADR)                         $70            $67
         Revenue per Available Room (REVPAR)              $63            $61
 
       MGM Grand Australia  (96 Rooms)
         Occupancy %                                    55.0%          67.6%
         Average Daily Rate (ADR)                         $56            $60
         Revenue per Available Room (REVPAR)              $31            $40
 
     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.  Information for 2000 includes Mirage
         results for the period prior to the acquisition.
 
 
                          MGM MIRAGE AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                       (in thousands, except share data)
                                  (Unaudited)
 
                                     ASSETS
                                                     March 31,    December 31,
                                                       2001           2000
 
     CURRENT ASSETS:
       Cash and cash equivalents                 $    259,382   $    227,968
       Accounts receivable, net                       208,786        236,650
       Inventories                                     86,333         86,279
       Income tax receivable                               --         11,264
       Deferred income taxes                          146,679        162,934
       Prepaid expenses                                67,283         70,549
         Total current assets                         768,463        795,644
 
     PROPERTY AND EQUIPMENT, NET                    9,034,577      9,064,233
 
     OTHER ASSETS:
       Investment in unconsolidated affiliates        524,360        522,422
       Excess of purchase price over fair market
        value of net assets acquired, net              50,650         54,281
       Deposits and other assets, net                 280,526        298,021
         Total other assets                           855,536        874,724
                                                 $ 10,658,576   $ 10,734,601
 
 
                        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
       Accounts payable                          $     59,013   $     65,317
       Income taxes payable                             3,170             --
       Current obligation, capital leases               1,251          4,099
       Current portion of long-term debt              413,044        521,308
       Accrued interest on long-term debt              68,122         77,738
       Other accrued liabilities                      533,687        564,743
         Total current liabilities                  1,078,287      1,233,205
 
     DEFERRED INCOME TAXES                          1,743,500      1,730,158
     LONG-TERM OBLIGATION, CAPITAL LEASES               1,974          7,092
     LONG-TERM DEBT                                 5,337,470      5,348,320
     OTHER LONG-TERM OBLIGATIONS                       33,232         33,381
     STOCKHOLDERS' EQUITY:
       Common stock ($.01 par value: authorized
        300,000,000 shares, outstanding
        159,255,533 and 159,130,205 shares)             1,633          1,632
       Capital in excess of par value               2,042,803      2,041,820
       Treasury stock, at cost
        (4,059,000 and 4,059,000 shares)              (83,683)       (83,683)
       Retained earnings                              511,850        427,956
       Other comprehensive loss                        (8,490)        (5,280)
         Total stockholders' equity                 2,464,113      2,382,445
                                                 $ 10,658,576   $ 10,734,601
 SOURCE  MGM MIRAGE