MGM Grand Announces Final Results Of The Company`s $35 Cash Tender Offer

MGM Grand, Inc. (NYSE: MGG) today
announced the final results of the Company`s tender offer to purchase
6,000,000 shares at $35 per share, which expired Friday, July 31, 1998 at
5:00PM EST.

A total of 10,798,025 shares of the Company`s common stock were tendered,
of which the Company has accepted 6,000,000 shares for payment.  Included in
the total amount of shares tendered were 1,773,885 shares delivered pursuant
to guaranteed delivery procedures.  The Company had received Notices of
Guaranteed Delivery for 6,724,054 shares.  Since more shares were tendered
than the 6,000,000 sought in the tender offer, those shares to be purchased
are subject to proration.  Based on the final count, the proration of shares
to be purchased is 55.3% of the shares tendered, excluding odd lot shares.
Payment for the shares properly tendered and accepted will be made promptly.
As set forth in the Company`s Offer to Purchase dated July 2, 1998, the
tender offer is part of the Company`s program to repurchase an aggregate of
12,000,000 shares of common stock.  The Company anticipates that, depending on
market conditions, the remaining 6,000,000 shares in the repurchase program
may be acquired in the open market, in private transactions, through a tender
offer or offers or otherwise.  The Company may in the future also repurchase
common stock outside of the repurchase program in the open market, in private
transactions, through tender offers or otherwise, although no such purchases
are presently contemplated.

As previously announced, the percentage of common stock held by Kirk
Kerkorian and Tracinda Corporation, which is wholly owned by Mr. Kerkorian,
will increase from approximately 62.5% of the outstanding shares to
approximately 69.7%.  Tracinda has filed a 13D with the Securities and
Exchange Commission stating that, depending on market conditions and subject
to compliance with all applicable laws, it may seek to increase its ownership
of common stock through purchases in the open market, in private transactions,
through tender offers or otherwise.

MGM Grand, Inc. is an entertainment, hotel and gaming company
headquartered in Las Vegas, Nevada.  The Company operates the MGM Grand
Hotel/Casino in Las Vegas, the MGM Grand Hotel/Casino in Darwin, Australia and
owns a 50% interest in the New York - New York Hotel/Casino in Las Vegas,
Nevada.  The Company manages casinos in Nelspruit, Witbank and Johannesburg
(opening in September, 1998), South Africa.  MGM Grand plans to develop a
temporary casino in Detroit, Michigan, which is anticipated to open in mid-
1999, followed by the permanent hotel/casino resort thereafter.  The Company
also has announced plans to develop a hotel/casino resort in Atlantic City,
New Jersey.

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 Annual
Report on Form 10-K for the fiscal year ended December 31, 1997.