MGM MIRAGE and Turnberry to Build at MGM Grand

South Florida-based Turnberry Associates today announced a joint venture to
build a luxury condominium-hotel complex on the northeast end of the famed MGM
Grand resort`s 115-acre property.

Sales for the first of potentially six 40-story towers to be built on the
resort property are anticipated to start next summer with groundbreaking
tentatively scheduled for the second quarter of 2004.

The project not only introduces Turnberry`s successful condominium-hotel
concept to Las Vegas, but also brings together two of the most influential and
successful developers on the Strip.  MGM Grand has welcomed millions of
visitors since its opening in 1993, and Turnberry has revolutionized luxury
high-rise living in Las Vegas with its $600 million Turnberry Place
condominium community located at Paradise Road and Riviera Boulevard.

Residents of the complex will be entitled to enjoy the towers` numerous
amenities, including a private owners` lounge and fully-staffed lobby,
swimming pool and 24-hour security, in addition to the MGM Grand`s diverse
facilities such as a 171,000 square-foot casino, five outdoor pools, the Grand
Spa with 30 treatment rooms and fitness center, in-room dining, concierge and
housekeeping service, a variety of signature and casual restaurants, shopping
outlets, as well as world-class entertainment venues.

“We are pleased to be moving forward on our joint development with
Turnberry, undoubtedly one of the country`s finest real estate investment and
development companies,” said John Redmond, President and Chief Executive
Officer of MGM Grand Resorts. “The land represents one of the premier
locations for a condominium project in all of Las Vegas, offering convenient
airport and monorail access and linkage to MGM Grand.  It will create an
exciting opportunity for guests to own a piece of the Las Vegas experience.”
According to Turnberry President Bruce Weiner, buyers will have their
choice of three different luxury suites priced from $350,000 to $1 million and
several ultra-luxurious penthouses from $1.4 to $2.6 million.  Each of the
tower`s 578 residences will feature breathtaking views of the Las Vegas Strip
and surrounding mountains and incorporate superior craftsmanship with richly
detailed appointments to provide residents with unparalleled pride of
ownership.  The elegantly designed suites will be fully furnished from the
linens to the tableware and include a wide array of custom standard interior
amenities such as crown moldings, raised panel wood doors, granite
countertops, marble bathrooms, plush, wall-to-wall bedroom carpeting,
televisions, fax machines, high-speed internet capability, a deluxe appliance
package and private owner`s closets for added storage space.


The 585-square-foot junior suite includes a spacious bedroom and sitting
area, kitchenette, large master bath and private balcony.  The 925-square-
foot, one-bedroom suite encompasses a full kitchen with dining area, living
room, master bedroom, two bathrooms and a private balcony.  Buyers can also
purchase a 1,510-square-foot, two-bedroom combination suite that sleeps up to
seven and includes dual balconies.

“It is a wonderful opportunity for us to partner with one of the most
renowned hotel companies in the world.  We plan to draw on our expertise in
the Las Vegas and condo-hotel markets to build one of the most desirable
places to live and vacation in the world,” said Turnberry Principal Jeffrey
Soffer, whose company is currently developing Fontainebleau II, a
condominium-hotel at the legendary Miami Beach resort.