MGM MIRAGE Completes Sale of Golden Nugget

26th Jan 2004

MGM MIRAGE announced today that it has completed the previously announced
sale of the Golden Nugget Las Vegas and Golden Nugget Laughlin to Las
Vegas-based private investment firm Poster Financial Group, Inc. for
approximately $215 million. The company expects to report a modest gain in
the first quarter.

“We have enjoyed our relationship with the Golden Nugget properties and
are very proud of their employees. We wish the new owners great success in
the future,” said Terry Lanni, Chairman and Chief Executive Officer of MGM
MIRAGE. “From an MGM MIRAGE perspective, the proceeds raised from this
transaction will enable us to deploy capital in several high return growth
opportunities we see developing both domestically and internationally.”

Golden Nugget Las Vegas opened as a gambling hall in 1946. It is the
largest resort in downtown Las Vegas with 1,907 guest rooms; 38,000 square
feet of gaming space including 1,260 slots and 58 gaming tables, and
29,000 square feet of meeting and banquet space. Golden Nugget Las Vegas
has received the AAA Four Diamond Award perennially since 1977.

In 1988, Golden Nugget, Inc. purchased a casino-hotel in Laughlin, which
had opened in 1968, and renamed it Golden Nugget Laughlin. The property
features a tropical theme, including a rainforest jungle, with
restaurants, retail shops, a 300-room hotel, nightclub and casino. It is
located on the banks of the Colorado River.

Poster Financial Group, Inc. is owned by Timothy Poster and Thomas
Breitling, as well as several other investors. Timothy Poster and Thomas
Breitling are the entrepreneurs who founded the revolutionary travel
website and later sold it to Expedia.


MGM MIRAGE , one of the world`s leading and most respected hotel and
gaming companies, owns and operates 12 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 40,000 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; 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; 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 at Renaissance
Pointe in Atlantic City, New Jersey. 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 .



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