MGM MIRAGE and CapitaLand, one of the largest listed property companies in Asia, have
agreed to submit a joint concept proposal to the Singapore government for
the development of an integrated entertainment resort complex at Marina
Bayfront in Singapore. This joint proposal agreement is in response to the Singapore Tourism
Board’s invitation to interested parties to submit concepts (RFC) for an
Integrated Resort (IR) in Singapore.

Marina Bayfront is ideally located on the south bay of Singapore, adjacent
to the busy Central Business District and the proposed Business and
Financial Center (BFC).

“We have been exploring development opportunities in Singapore for some
time, and we are very pleased to be submitting a joint concept proposal
with CapitaLand, a company for which we have the greatest respect,” said
Terry Lanni, Chairman and CEO of MGM MIRAGE. “We are seeking to expand our
international interests in the world’s most promising resort venues and
hope to take advantage of our international marketing skills and worldwide
recognition as leaders in the entertainment industry. By proceeding
jointly with CapitaLand, both companies will benefit by building on each
other’s great strengths and reputations.”

The Marina Bayfront project will provide MGM MIRAGE with a unique
opportunity to showcase its expertise in this tourist sector. The proposed
resort will help add excitement and create a significant attraction for
the whole Marina Bay area, including the proposed Business and Financial
Center (BFC). This complex will make Singapore an even more attractive
place to live, work and do business.

Singapore needs to sustain and grow its tourism industry in an
increasingly difficult environment in which it will be competing in a
high- growth sector against major competitors with much more diversified
natural attractions. CapitaLand has selected MGM MIRAGE for its proven
track records in developing successful large-scale integrated resorts with
demonstrated social responsibility and care in managing its casino
operations.

The companies are expected to submit the joint concept proposal to the
government by the end of February.
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