MGM MIRAGE , the most respected U.S.-based gaming and entertainment
company, and The British Land Company PLC, today announced their intention
to develop a leisure and entertainment complex, with a projected cost of
between 200 million British pounds sterling (approximately $364 million
U.S. dollars) and 250 million British pounds sterling (approximately $455
million U.S. dollars), adjacent to British Land`s Meadowhall Shopping
Centre in Sheffield, one of the United Kingdom`s largest and most
successful retail centers. This follows the recent announcement by
Sheffield City Council and British Land of a joint new masterplan
initiative aimed at revitalizing the Lower Don Valley by attracting new
investment into the area.

The agreement between the two companies envisages the construction of a
major multi-purpose leisure development, incorporating a casino, and other
related facilities such as restaurants, entertainment venues and a hotel
and conference center. The casino would be operated by MGM MIRAGE and the
development could create as many as 4,500 construction jobs and 2,000
leisure- related jobs.

The complex, completion of which is contingent upon timely implementation
of proposed gaming law reforms and obtaining required planning approvals,
will further strengthen Sheffield`s regional role as a focal point for
leisure, sport and tourism, as well as Meadowhall`s position as a highly
successful retail leisure destination and one which already services up to
800,000 visitors per week.
Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM
MIRAGE, said: “We are pleased to be pursuing this development with British
Land in Sheffield and this agreement represents a further key element of
our ambitious plans to invest in the United Kingdom. We plan to use our
unparalleled knowledge and experience of the gaming and leisure industries
to create a variety of entertainment opportunities.”

John Ritblat, Chairman and Managing Director of The British Land Company
PLC, said: “We are delighted to be working with MGM MIRAGE on such an
exciting initiative, and with the opportunity to strengthen our investment
in Meadowhall and our commitment to Sheffield.”

Lloyd C. Nathan, Managing Director of MGM MIRAGE Development, Europe,
added: “Meadowhall represents a great opportunity for our company and a
wealth of new and exciting possibilities for the people of South Yorkshire
and the North of England. Although the development clearly relies upon the
anticipated modernization of the United Kingdom`s gaming laws, planning
and a new tax regime, we believe that on completion the region could
benefit from a large number of new jobs, inward investment and enhanced
tourism opportunities. We look forward to working with the local community
to achieve these aims.”