MGM Grand Hotel and Casino and Florida-based Turnberry Associates launched
sales today for The Residences at MGM Grand Las Vegas, the first
condominium-hotel complex on the famed Las Vegas Strip.

The project`s 6,000 square-foot sales and information office recently
opened in MGM Grand`s Studio Walk and features a designer-furnished
two-bedroom model residence. The office is open seven days a week from 9
a.m. - 9 p.m.

“The MGM Grand project is a wonderful opportunity for us to partner with
one of the country`s most recognized hotels,” said Turnberry Principal
Jeffrey Soffer. “We plan to draw on our expertise in the Las Vegas and
condo-hotel markets to build one of the most desirable places in the world
to live and vacation.” Turnberry has revolutionized high-rise living in
Las Vegas with its $650 million Turnberry Place.

Groundbreaking for the first of potentially six 40-story luxury
condominium-hotel towers at the MGM Grand is tentatively set for late
2004. The project will be built on the northeast end of the resort`s
116-acre property.

“The opening of the sales center for The Residences at MGM Grand marks yet
another significant milestone as we move forward on our plan to provide
guests with the opportunity to own a piece of the Las Vegas experience,”
said John Redmond, president and chief executive officer of MGM Grand
Resorts. “This land represents the premier location for a condominium
project in Las Vegas, offering amenities that match the MGM Grand standard
for quality, along with convenient airport and monorail access.”

Residents of the complex will enjoy the towers` numerous amenities,
including a fitness center, concierge, fully staffed lobby, swimming pool
and 24-hour security. The MGM Grand Hotel and Casino features a 171,000
square-foot casino, five outdoor pools, the Grand Spa with 30 treatment
rooms and a fitness center, a variety of signature and casual restaurants
featuring award-winning chefs, shopping outlets, and world-class
entertainment.

Buyers will have their choice of luxury residences priced from $350,000 to
$1.5 million, according to Turnberry President Bruce Weiner. Some of the
tower`s 576 residences will feature breathtaking views of the Las Vegas
Strip and surrounding mountains. All residences will incorporate superior
craftsmanship with richly detailed appointments to provide residents with
unparalleled pride of ownership.
The elegantly designed suites will be fully furnished from linens to
tableware and feature a wide array of custom interior amenities such as
crown moldings, raised panel wood doors, granite countertops and imported
Italian kitchen cabinetry by Snaidero, Sub-Zero refrigeration, Meile
appliances, ultra-luxurious bathrooms with Jacuzzi tubs, plush
wall-to-wall bedroom carpeting, ultra-thin LCD flat screen HDTVs,
high-speed voice/data connectivity and private owners` closets for added
storage space.

The studio suites will feature a spacious bedroom and sitting area,
kitchenette, large master bath and some include a private balcony. The
one-bedroom suites will encompass a full kitchen with dining area, living
room, master bedroom, two bathrooms and a private balcony. Buyers also can
purchase a two-bedroom combination suite that sleeps up to seven.

MGM Grand, “The City of Entertainment” in Las Vegas, features 5,034 guest
rooms and suites, a state-of-the-art gaming complex, world-class
entertainment venues, signature restaurants owned by celebrity chefs and
the $100 million Conference Center for meetings/conventions all centrally
located on the Las Vegas Strip. For room availability and information
about the MGM Grand, call (800) 929-1111 or (702) 891-7777 or log onto our
website at http://www.mgmgrand.com/ . MGM MIRAGE is the parent company of
MGM Grand Hotel and Casino. MGM MIRAGE is the parent company of MGM Grand
Hotel and Casino.

Founded in 1967 by Donald Soffer, and now under the leadership of Jeffrey
Soffer, Turnberry Associates is one of the country`s leading full-service
real estate development and property management firms. The company has to
its credit the development of more than $5 billion in commercial and
residential property. This includes approximately 20 million square feet
of retail space, more than 5,000 luxury apartments and condominium units,
1.5 million square feet of class-A office space and in excess of 1,640
hotel and resort rooms.
——-