At a ceremony held
Wednesday morning in Macau, MGM Grand Paradise, the international
partnership of Pansy Ho and MGM MIRAGE, officially launched construction
on its joint venture MGM Grand Macau, which on opening in the second half
of 2007 will take the Macau gaming industry to a new level. Terry Lanni, Chairman of the Board and Chief Executive Officer of MGM
MIRAGE said “Our decision to invest in Macao’s future came some time ago.
Recent financial indications in the market simply reinforce our decision
and our desire to get to work. Our strong partnership with Pansy Ho will
enable us to combine our collective experience to do something special in
Macau.”

The MGM Grand Macau hotel tower will be a unique structure located on a
prime waterfront site in Macau’s central Nam Van gaming district. The
600-room resort hotel will rise 28-floors into the sky and as the
shimmering glass of the building reflects the South China Sea, the shape
of the building itself will reflect the rolling swell of the ocean surf.
Separated into three distinct horizontal segments as it rises, the
exterior walls curve rhythmically like waves in the ocean. The resort will
feature a signature atrium which will be the focus of the resort.

The casino will feature 300 table games and 1,000 slots with room for
significant expansion. Other features planned at the new Macau resort
include a luxurious spa, convertible convention space, entertainment
facilities, and a variety of dining destinations.

Total project cost is set at $975 million, including land, subconcession
fees, pre-opening and capitalized interest. Project completion is expected
in the second half of 2007.
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