MGM Grand Files Form 8-K Regarding Its Offer To Acquire Mirage Resorts

MGM Grand, Inc. (NYSE: MGG) announced
today it has filed a Form 8-K with the Securities and Exchange Commission.
The Form 8-K incorporates by reference a second correspondence relating to MGM
Grand`s offer to acquire Mirage Resorts for $17 per share.  The second
correspondence was sent by the Company to the Chairman of the Board of Mirage
Resorts, Incorporated, a copy of which is attached hereto.

Mr. Stephen A. Wynn
  Chairman of the Board
  President and Chief Executive Officer
  Mirage Resorts, Incorporated
  3600 Las Vegas Blvd.
  Las Vegas, NV 89109

Dear Steve:

We understand that your Board of Directors plans to examine the offer that
MGM Grand, Inc. recently made to acquire the stock of Mirage Resorts,
Incorporated for $17 per share.  Again, we are convinced that a combined MGM
Grand/Mirage entity would create stockholder value well beyond what Mirage
Resorts can accomplish on its own.  With respect to Mirage shareholders in
particular, if your Board of Directors decides not to accept our offer and the
stock price of Mirage does not equal or exceed our $17 per share offer price
by the time our merger would have been completed, the price of Mirage`s stock
may need to rise significantly higher than $17 per share so that, on a present
value basis, it would provide at least the same return to Mirage shareholders.

In addition, we want to clarify to you and your Board of Directors that
our offer is not subject to financing, and that we have an unconditional
financing commitment to fund the entire acquisition cost, including Mirage`s
existing indebtedness.

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We look forward to hearing from you.


Sincerely,

  (signed)

  J. Terrence Lanni
  Chairman of the Board


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