MGM Grand Reports Record First Quarter Revenue, Cash Flow And Earnings

MGM Grand, Inc. (NYSE: MGG) today
reported record results, which produced all-time record revenue, cash flow and
earnings per share for the first quarter ended March 31, 2000.  Earnings per
share for the first quarter, before non-recurring expenses, doubled to
42 cents a share, up from 21 cents a share in the prior year`s quarter.  These
results exceeded the average estimate of 34 cents for the first quarter from
analysts polled by First Call Corp.  This is the sixth consecutive quarter of
better than expected earnings and the fifth consecutive quarterly increase in
revenue and operating cash flow (“EBITDA”) on a year-over-year basis.

First Quarter Company Highlights:

—All-time record high net revenue of $442.9 million
—Earnings doubled to an all-time high 42 cents per diluted share
—Operating cash flow (“EBITDA”) soared to an all-time record
    $144.6 million
—All properties generated significant free cash flow from operations
—Recorded a 2-for-1 stock split to shareholders of record on
    February 10, 2000
—Announced the signing of a definitive agreement to acquire Mirage

—Announced that J. Terrence Lanni has rejoined the Company in a
    full-time executive capacity as Chairman of the Board