Mirage Resorts Inc. reported second-quarter earnings of 26 cents per share, a 24 percent increase over the prior-year period. Mirage Resorts has now achieved year-over-year earnings increases in 13 of the past 14 quarters.

The earnings improvement was led by the company's flagship resort, The Mirage, which achieved a 13 percent increase in revenues and a 33 percent increase in operating income.  The Mirage's gaming revenues increased by 24 percent as a result of higher activity levels and an increase in its table games win percentage.

Its nongaming revenues rose by 4 percent, reflecting stable occupancy, higher room rates and the continued
success of Siegfried Roy. The strong Mirage results were achieved against the backdrop of a highly competitive Las Vegas marketplace. According to the Las Vegas Convention and Visitors Authority, visitor counts to Las Vegas during the period January through April rose 5.7 percent over the 1996 period, while the number of available guest rooms rose 12.9 percent.

As a result, citywide occupancy declined. Management believes that this trend continued in May and June.
Mirage Resorts, however, focuses on operating superior, magnet properties and has been less affected by the
citywide trend. In the quarter, companywide occupancy remained very high (99 percent vs. 99.6 percent) and the
average room rate at the company's Las Vegas hotels rose to $95, vs. $92 in the prior-year quarter. Treasure Island performed well amidst competitive market conditions. Despite ongoing construction of a new lobby and other amenities, Treasure Island's revenues nearly equaled the strong revenues that it achieved in the second quarter of 1996. The new lobby is scheduled to open in August, followed by a new Italian restaurant and other new features in the third and fourth quarters.

The Golden Nugget was impacted in the quarter by both the competitive market conditions and the completion in
late April of the refurbishment of its 1,382-guest-room South Tower. Monte Carlo, which is 50 percent owned by the company, continued to perform well, contributing $8.8 million to the company's pretax income in the quarter. Monte Carlo's quarterly operating income was its highest since its opening on June 21, 1996.

The companywide table games win percentage in the quarter was a relatively normal 20.1 percent, vs. the
unusually low 16 percent recorded in the prior-year period. The prior-year period benefited from a $4.5 million gain on the sale of investment securities, but was impacted by a $5.6 million charge reflecting the company's share of Monte Carlo's pre-opening costs. There were no such nonrecurring gains or charges in the recent quarter.

The company's interest cost rose to $14.5 million in the quarter, reflecting the ongoing construction of the Bellagio and Beau Rivage resorts, as well as share repurchases completed principally in the second half of 1996.

The company capitalized $11.9 million of such interest during the quarter, as it related to construction in progress.
As a result of the share repurchases, the company's average shares outstanding declined 4 percent from the
prior-year period.

                               For the three          For the six
                               months ended           months ended
                                 June 30,               June 30,
                              1997      1996         1997      1996

Gross revenues            $373,757  $343,183     $768,156  $751,851
Less - promotional
  allowances               (29,396)  (30,531)     (61,756)  (64,991)
                           344,361   312,652      706,400   686,860

Casino-hotel operating
  costs and expenses       260,821   247,255      523,511   515,640
Operating profit before
  corporate expense         83,540    65,397      182,889   171,220
Corporate expense            6,703     6,079       15,315    13,778
Operating income            76,837    59,318      167,574   157,442

Other income and (expense)
 Interest cost             (14,477)   (6,501)     (27,203)  (13,221)
 Interest capitalized       11,934     5,905       21,499     9,929
 Other, including interest

   income                    1,364     4,341        1,508    11,418
                            (1,179)    3,745       (4,196)    8,126

Income before income taxes
  and extraordinary item    75,658    63,063      163,378   165,568
Provision for income taxes  26,757    22,464       57,788    60,382
Income before extraordinary
  item                      48,901    40,599      105,590   105,186
Extraordinary item -- loss
  on early retirement of
  debt, net of applicable
  income tax benefit            --        --       (2,225)       --
Net income                $ 48,901  $ 40,599     $103,365  $105,186

Income per share of common stock
 Income before

   extraordinary item     26 cents  21 cents     55 cents  54 cents
 Extraordinary item --

   loss on early retirement
   of debt, net of
   applicable income tax

   benefit                      --        --      (1 cent)       --
Net income per share of
  common stock            26 cents  21 cents     54 cents  54 cents
Common and dilutive
  common-equivalent
  shares                   190,391   197,434      190,461   196,564

                               For the three          For the six
                               months ended           months ended
                                 June 30,               June 30,
                              1997      1996         1997      1996

Gross revenues
 The Mirage               $202,159  $178,381     $419,161  $405,619
 Treasure Island            97,890   100,379      199,204   205,388
 Golden Nugget              49,801    54,628      102,578   114,309
 Golden Nugget - Laughlin   15,155    14,963       31,053    31,703
 Equity in earnings of

   Monte Carlo(a)            8,752    (5,168)      16,160    (5,168)

373,757  343,183  768,156  751,851

 (29,396) (30,531) (61,756) (64,991)

$344,361 $312,652 $706,400 $686,860

Operating income
 The Mirage               $ 47,116  $ 35,442     $106,252  $ 98,254
 Treasure Island            19,670    22,510       42,199    48,394
 Golden Nugget               6,545    11,100       14,814    25,561
 Golden Nugget - Laughlin    1,457     1,513        3,464     4,179
                            74,788    70,565      166,729   176,388

Equity in earnings of
  Monte Carlo(a)             8,752    (5,168)      16,160    (5,168)
Corporate expense           (6,703)   (6,079)     (15,315)  (13,778)
                          $ 76,837  $ 59,318     $167,574  $157,442

Other information (excluding Monte Carlo)
 Companywide table games

   win percentage             20.1%     16.0%        20.0%     19.0%
 Companywide occupancy of

   standard guest rooms       99.0%     99.6%        99.2%     99.5%
 Average standard guest-

   room rate(c)            $    95  $     92     $     94  $     92

(a) During the 1997 three-month period, Monte Carlo's gross revenues, EBDIT and operating income were $66.9 million, $24.4 million and $19.3 million, respectively. Such amounts during the 1997 six- month period were $133.2 million, $48 million and $37.8 million, respectively. Monte Carlo opened on June 21, 1996. The loss during the 1996 periods includes a one-time charge of $5.6 million for the company's proportionate share of pre- opening costs. During its initial 10 days of operation in 1996, Monte Carlo's gross revenues, EBDIT and operating income before
pre-opening costs were $9 million, $1.7 million and $1.2 million, respectively.

(b) Earnings before depreciation, interest and taxes.

(c) Cash rate (i.e., excluding complimentary accommodations) at the company's Las Vegas hotels.

 CONTACT:  Mirage Resorts Inc., Las Vegas, Alan Feldman, 702/650-7402