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MGM Grand, Inc. Reports Record Cash Flow Increasing Second Quarter Earnings By 108%

MGM Grand, Inc. (NYSE: MGG) today
reported that second quarter earnings more than doubled to 52 cents a share
from 25 cents a share in the year ago quarter due to strong casino and hotel
volume, improved margins and the positive earnings contribution from the
acquisition of Primadonna Resorts, Inc.  The results significantly exceeded
the average estimate of 40 cents from analysts polled by First Call Corp.

Second Quarter Accomplishments:
—All-time record high net revenues of $319.1 million
—Earnings increased 108% to 52 cents per diluted share before preopening

—Operating cash flow (“EBITDA”) doubled to an all-time record of
    $97.9 million

—EBITDA margins increased from 26% to 31% year-over-year
—Announced a $50 per share tender offer for up to 6 million shares