MGM Grand Announces $1.23 Billion Equity Placement

MGM Grand, Inc. (NYSE: MGG) today
announced that it has placed 46.5 million shares of its common stock at $26.50
per share with a limited number of financial institutions and Tracinda
Corporation, its principal stockholder.  The private placement raises
$1.23 billion of new equity.  MGM Grand expects to utilize the proceeds in
connection with its pending acquisition of Mirage Resorts, Incorporated
(NYSE: MIR).

“This completes the previously announced equity financing for the
acquisition,” said Jim Murren, President and Chief Financial Officer.


Tracinda is purchasing 23 million (or 49.5%) of the placement.  After
giving effect to this transaction, Tracinda Corporation and Kirk Kerkorian`s
combined ownership of MGM Grand stock will be reduced from 64.4% to 60.0% of
the outstanding shares.

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