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MGM MIRAGE Provides Funds to Ensure Construction Continues at CityCenter
 

LAS VEGAS, April 17 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) today announced that, as permitted under the terms of the Company's previously announced amendment of its senior credit facility, it has provided $70 million to cover the current construction costs for CityCenter. The payment by MGM MIRAGE includes $35 million that should have been funded by Infinity World, a subsidiary of Dubai World.

"MGM MIRAGE remains dedicated to supporting the completion of CityCenter, recognizing the significant long-term value this development will provide to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "MGM is determined to make CityCenter a success and we continue to review with our partners all options to keep CityCenter fully funded. We are continuing to engage in constructive discussions with our senior lenders and the CityCenter lending group and we appreciate the support of the involved parties."

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts in the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com.

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.

    Contacts:
    Investment Community                   News Media
    DANIEL J. D'ARRIGO                     ALAN M. FELDMAN
    Executive Vice President,              Senior Vice President
    Chief Financial Officer                Public Affairs
    (702) 693-8895                         (702) 650-6947


SOURCE MGM MIRAGE