MGM MIRAGE announced today
that it has completed the previously announced sale of its hotel and
casino located in Darwin, Australia to SKYCITY Entertainment Group Limited
for A$195 million (approximately US$140 million based on current exchange
rates) plus certain working capital adjustments. As a result of this
transaction, the company expects to report an after-tax gain from
discontinued operations of approximately $50 million in the third quarter.
“We are extremely proud of the accomplishments made by our employees in
making this property one of the most successful casinos in Australia. We
wish the new owners great success in the future,” said James J. Murren,
President, Chief Financial Officer and Treasurer of MGM MIRAGE. “From an
MGM MIRAGE perspective, the proceeds from this transaction will enable us
to deploy capital on several high return 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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