MGM MIRAGE Completes North Las Vegas Land Sale

PRNewswire-FirstCall LAS VEGAS Oct. 16 :
MGM MIRAGE today announced that it has completed the sale of approximately
315 acres of land north of its Shadow Creek golf course in North Las
Vegas, Nevada for approximately $55 million. The land was purchased by
Centex Homes, one of the nation`s largest and most admired home builders.

“At one time, the Company had considered the development of a second golf
course on this site,” said J. Terrence Lanni, Chairman and Chief Executive
Officer of MGM MIRAGE. “Given that Shadow Creek and our two championship
golf courses at Primm Valley are in pristine condition, this land sale is
an efficient way for our Company to monetize this non-core asset. We will
utilize these proceeds to continue to reinvest in our premier collection
of assets and further strengthen our balance sheet.”

The Company expects to report a pretax gain from the sale of approximately
$37 million during the fourth quarter.

MGM MIRAGE , one of the world`s leading and most respected hotel and
gaming companies, owns and operates 14 casino resorts located in Nevada,
Mississippi, Michigan and Australia, and has investments in two other
casino resorts in Nevada and New Jersey. The company is headquartered in
Las Vegas, Nevada, and offers an unmatched collection of casino resorts
with a limitless range of choices for guests. Guest satisfaction is
paramount, and the company has approximately 43,000 employees committed to
that result. Its portfolio of brands include AAA Five Diamond award-winner
Bellagio, MGM Grand Las Vegas—The City of Entertainment, The Mirage,
Treasure Island, New York—New York, Boardwalk Hotel and Casino and 50
percent of Monte Carlo, all located on the Las Vegas Strip; Golden Nugget
in downtown Las Vegas; Whiskey Pete`s, Buffalo Bill`s, Primm Valley Resort
and two championship golf courses at the California/Nevada state line; the
exclusive Shadow Creek golf course in North Las Vegas; Golden Nugget in
Laughlin, Nevada; Beau Rivage on the Mississippi Gulf Coast; and MGM Grand
Detroit Casino in Detroit, Michigan. The Company is also a 50-percent
owner of Borgata, a destination casino resort under development on
Renaissance Pointe in Atlantic City, New Jersey. Borgata is scheduled to
open in summer 2003. Internationally, MGM MIRAGE owns and operates MGM
Grand Australia in Darwin, Australia, and holds a 25 percent interest in
casino developer Metro Casinos Limited of Great Britain. For more
information about MGM MIRAGE, please visit the company`s website at .

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 public filings with the Securities and Exchange Commission.