MGM Grand, Inc. (NYSE: MGG) today
reported that its first quarter profit per share rose 50% due to strong
volume, improved margins and the merger with Primadonna Resorts, Inc.  Profit
from operations increased to $23.9 million, or 42 cents a share, from
$16.3 million or 28 cents a share, in the year-ago quarter.  The results
topped the average estimate of 34 cents from analysts polled by First Call
Corp.

First Quarter Highlights:
— All-time record high revenues

— Earnings increased 50% to 42 cents per diluted share before preopening
      and one-time items

— Operating cash flow (EBITDA) soared 53% to a record for any first
      quarter
— EBITDA margins increased from 26% to 29%

— MGM Grand Las Vegas achieved new milestones:

1.  All-time high table game volume and revenues (excluding
          baccarat)

2.  Record first quarter room revenues rose 16% as a result of
          all-time highs for first quarter occupancy (96.5%), and average
          daily room rate ($109)

3.  Record first quarter food, beverage and entertainment revenues
— Merger with Primadonna Resorts, Inc. completed on March 1, 1999

— Completed $230 million Detroit bank financing
— Refinanced New York - New York and Primadonna bank debt

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