MGM MIRAGE has entered into an agreement to sell its hotel and casino
located in Darwin, Australia to SKYCITY Entertainment Group Limited for
A$195 million (approximately US$150 million based on current exchange
rates). The transaction is subject to customary closing conditions
contained in the sale and purchase agreement, including receipt of all
necessary regulatory and governmental approvals. Both parties anticipate
the transaction to be completed by the third quarter. Upon successful
completion of the transaction, MGM MIRAGE expects to report a substantial
pretax gain. “We are extremely proud of the accomplishments made by our employees in
making this property one of the most successful casinos in Australia,”
said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. “At
the same time, this transaction further positions us to execute on several
high return domestic and international growth initiatives.”

MGM Grand Australia is located on 18 acres of beachfront property in
Darwin, Northern Territory, Australia. The property has approximately
23,800 square feet of gaming space, 107 hotel rooms, 450 slot machines and
26 gaming tables.

SKYCITY Entertainment Group Limited is a gaming and entertainment company
headquartered in Auckland, New Zealand. The company owns and/or operates
gaming and entertainment complexes in New Zealand and Australia.
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