The boards of MGM MIRAGE and Wembley plc today announced that they have
reached agreement on the terms of a cash acquisition by MGM MIRAGE of
Wembley plc which has been unanimously recommended by the Board of
Directors of Wembley plc to its shareholders.

MGM MIRAGE has agreed to offer Wembley plc`s shareholders 750 pence
($13.65) per share, valuing the Wembley plc equity at approximately 270
pounds Sterling ($490) million at current exchange rates. Wembley plc has
no material indebtedness.

The United States operations generates the bulk of Wembley plc`s revenues
by way of greyhound racing and video lottery terminals (“VLTs”) at its
Lincoln Park facility in Rhode Island as well as three greyhound tracks
and one horse racing track in Colorado. In the United Kingdom, Wembley plc
operates greyhound tracks in Wimbledon, Manchester, Birmingham, Oxford and
Portsmouth.
J. Terrence Lanni, Chairman and Chief Executive Officer of MGM MIRAGE,
said, “MGM MIRAGE believes that Wembley plc will geographically and
commercially complement its existing core gaming assets in the United
States. Wembley plc`s leading position in Rhode Island represents a strong
fit with our existing gaming operations and will allow us to leverage our
significant gaming expertise and strong balance sheet across the Wembley
plc group. Additionally, Wembley plc owns sites in the United Kingdom
which could complement our plans to develop facilities in the United
Kingdom, should appropriate gaming reforms be adopted.”

A member of the Wembley plc group, Lincoln Park Inc., and two executives
of the Wembley plc group are subject to indictment in Rhode Island. The
terms of the acquisition call for MGM MIRAGE to acquire the Lincoln Park
operations free and clear of the indictment and any liabilities related
thereto. Under an agreement entered into by Wembley plc with the United
States Department of Justice, acting through the United States Attorney
for the District of Rhode Island, the indictment will proceed against an
entity funded by Wembley plc prior to its separation from the Wembley plc
Group. MGM MIRAGE will not acquire any interest in that entity.

The transaction is subject to requisite court and shareholder approval,
the completion of the Lincoln Park reorganization and receipt of necessary
regulatory approvals including in Rhode Island.

The MGM MIRAGE acquisition is being unanimously recommended by Wembley plc
Directors, and is expected to be completed by the third quarter of 2004.

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
http://www.mgmmirage.com/ .
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