LAS VEGAS, March 17, 2009 - MGM MIRAGE (NYSE: MGM) today reported its 2008 fourth quarter and full year financial results and provided details of a waiver and amendment of its senior credit facility. 

Summary of Fourth Quarter Operating Results

The Company reported a fourth quarter diluted loss per share from continuing operations of $4.15, including a non-cash goodwill and indefinite-lived intangible asset impairment charge of $1.2 billion, or $4.25 per share, compared to earnings per share of $2.85 in the prior year quarter, which included a $1.03 billion, or $2.23 per share, gain on the CityCenter transaction. The Company notes that fourth quarter results were impacted by global economic conditions and market trends, and that these trends have continued into the first quarter. The Company earned net revenues of $1.6 billion and Property EBITDA(2) of $327 million in the fourth quarter of 2008, which included $27 million of preopening and start-up expenses and net property transactions.

The non-cash impairment charge, which is included in "Property transactions, net," relates to goodwill and other indefinite-lived intangible assets recognized in the 2005 acquisition of Mandalay Resort Group. Goodwill was assigned primarily to Mandalay Bay, Luxor, Excalibur, and Gold Strike Tunica; this impairment charge represents substantially all of the goodwill recognized at the time of the Mandalay acquisition and a minor portion of the value of trade names related to the Mandalay resorts. The charge resulted from several factors: 1) lower market valuation multiples for gaming assets; 2) higher discount rates resulting from turmoil in the credit markets; and 3) reduced cash flow forecasts for the affected resorts based on current market conditions.

The following table lists significant items which affect the comparability of the current and prior year quarterly results (EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):

    Three months ended December 31,                2008              2007
    Gain on contribution of CityCenter to a
     joint venture                                             $ -             $2.23
    Preopening and start-up expenses              (0.01)            (0.11)
    Profits from The Signature at MGM Grand           -              0.02
    Gains on repurchase of long-term debt          0.21                 -
    Hurricane Katrina business interruption
     income (recorded as a reduction of general
     and administrative expenses)                        -              0.08
    Property transactions net:
      Goodwill and indefinite-lived intangible
       assets impairment                                (4.25)                -
      Hurricane Katrina property damage income        -              0.23
      Other property transactions, net               0.01             (0.01)

Summary of Senior Credit Facility Waiver and Amendment
On March 17, 2009, the Company obtained from the lenders under its senior credit facility a waiver of the requirement that the Company comply with the senior credit facility's financial covenants through May 15, 2009. Under the terms of the amendment, the Company repaid $300 million of the outstanding borrowings under its senior revolving credit facility. The amendment provides for a 100 basis point increase to the interest rate under the senior credit facility, prohibits the Company from prepaying or repurchasing any debt or disposing of assets, and allows the Company to continue to make its required equity contributions to CityCenter through May 15, 2009. 

"We are pleased to have obtained this waiver and amendment of our senior credit facility. While there is still work to be done, this is a positive step that provides us with the opportunity to continue to work with our financial advisors and our bank group in addressing the Company's current financial position," said Jim Murren, Chairman and Chief Executive Officer of MGM MIRAGE. "The current economic climate remains challenging, but we are still driving high occupancy at our resorts, which are in terrific shape. We continue to provide our guests with world-class customer service and a renewed value proposition."

Detailed Discussion of Fourth Quarter Operating Results
Gaming revenues decreased 17% for the fourth quarter. The Company's total table games volume (including baccarat) decreased 17% in the quarter, with the overall table games hold percentage near the midpoint of the Company's normal 18% to 22% range in the 2008 period, lower than the 2007 period when the hold percentage was near the top end of the range. Slots revenues decreased 12% company-wide. 

Rooms revenue decreased 21% as market conditions impacted rates and occupancy leading to a 21% decrease in Las Vegas Strip REVPAR(1). Average room rates decreased 15% at the Company's Las Vegas Strip resorts and occupancy decreased from 93% to 85%. 

The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:
    Three months ended December 31,                2008              2007
    Occupancy %                                                 85%               93%
    Average Daily Rate (ADR)                                $133              $156
    Revenue per Available Room (REVPAR)            $114              $145

The Company's non-gaming revenues excluding rooms decreased 9%. Such revenues were impacted by the decreased customer spending and lower occupancy at the Company's resorts. The Company continues to generate a significant portion of its revenue from its non-gaming businesses by providing new and exciting experiences for its guests. For example, the Company recently opened the Terry Fator show at The Mirage and, in conjunction with its partners at Disney Theatrical Productions, plans to open the Broadway sensation The Lion King at Mandalay Bay in May 2009. 

Corporate expense decreased to $26 million compared to $53 million in the prior year quarter as a result of cost reduction efforts throughout the year. The Company continues to implement new cost saving programs to maximize its margins and cash flows.
MGM Grand Macau, which opened in December 2007, earned Property EBITDA of $17 million during the 2008 quarter and Property EBITDA of $119 million for the full year. The Company recognized its share of MGM Grand Macau's fourth quarter results as follows: $2 million of expense in the "Income from unconsolidated affiliates" line and $4 million of expense in "Non-operating items from unconsolidated affiliates." 

Operating income decreased 60% on a comparable basis to the prior year quarter, excluding the non-cash goodwill and indefinite-lived intangible asset impairment charge in 2008, the CityCenter gain in 2007, property transactions, insurance recoveries, profits from The Signature at MGM Grand, and preopening and start-up expenses. 

Property EBITDA of $327 million was also impacted by certain of the items discussed above and was down 41% on a comparable basis to the prior year quarter with a margin of 22% compared to 31%. The following table lists the items that impacted comparability of Property EBITDA (income/ (expense)):

    Three months ended December 31,                2008              2007
      (In thousands)
    Profits from The Signature at MGM Grand          $ -            $8,538
    Preopening and start-up expenses                  (5,429)          (37,603)
    Hurricane Katrina business interruption
     (recorded as a reduction of general and
     administrative expenses)                                  -            39,227
    Property transactions net:
      Hurricane Katrina property damage income        -           110,268
      Other property transactions                      (21,213)           (8,579)

Full Year 2008 Results
For the full year 2008, net revenues decreased 6% to $7.2 billion. The decrease in revenues was largely a result of decreases in market conditions discussed above which began earlier in the year and accelerated after the financial and credit market crisis in the fall of 2008. Las Vegas Strip REVPAR decreased 10% for the full year compared to 2007. Property EBITDA was $2 billion for the full year of 2008.
EPS from continuing operations for the full year was a loss of $3.06 per share versus income of $4.70 per share earned in 2007. The following table lists significant items which affect the comparability of the current year and prior year annual results (EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):

    Year ended December 31,                        2008              2007
    Gain on contribution of CityCenter to a
     joint venture                                               $ -             $2.28
    Preopening and start-up expenses                 (0.05)            (0.24)
    Profits from The Signature at MGM Grand           -              0.20
    Gains on repurchase of long-term debt            0.20                 -
    Business interruption (recorded as a
     reduction of general and
    administrative expenses) :
      Hurricane Katrina                                       -              0.15
      Monte Carlo Fire                                    0.02                 -
    Property transactions net:
    Goodwill and indefinite-lived intangible
     assets impairment                                    (4.20)                -
      Hurricane Katrina property damage income        -              0.47
      Monte Carlo fire property damage income      0.02                 -
      Other property transactions                      (0.09)            (0.07)

Liquidity and Financial Position
During the fourth quarter of 2008, the following items were relevant to the Company's liquidity and financial position:

• Issued $750 million of 13% senior secured notes due 2013 at a discount to yield 15%, with net proceeds to the Company of $687 million.
• Repurchased $345 million of face amount of outstanding senior notes at a purchase price of $263 million. A substantial portion of the repurchased notes were from the October 2009 and September 2010 maturities of senior notes.
• Redeemed $149 million of senior subordinated notes assumed in the Mandalay acquisition as a result of a one-time put option by the bondholders.
• Announced that the Company's 50% owned venture CityCenter closed on a $1.8 billion senior secured bank credit facility. Under the terms of the credit facility, at March 16, 2009 the Company and Dubai World were each required to fund remaining construction costs of up to $494 million; such amounts may be reduced by any additional financing obtained by CityCenter. In addition, the Company and Dubai World have each provided partial completion guarantees up to $600 million.
• Entered into an agreement to sell Treasure Island for $775 million, or $755 million if the amount is paid in full by April 30, 2009; the sale is expected to close by March 31, 2009.
• In the fourth quarter of 2008 capital expenditures totaled approximately $120 million.

The Company was in compliance with its financial covenants under its senior credit facility at December 31, 2008. However, if the recent adverse conditions in the economy in general - and the gaming industry in particular - continue, the Company believes that it will not be in compliance with those financial covenants during 2009. In fact, given these conditions and the recent borrowing under its senior credit facility, the Company does not expect to be in compliance with these financial covenants at March 31, 2009. As a result, on March 17, 2009 the Company obtained an amendment to the senior credit facility, as discussed above, which included a waiver of the requirement to comply with such financial covenants through May 15, 2009. Following expiration of the waiver on May 15, 2009, the Company will be subject to an event of default related to the expected noncompliance with financial covenants under the senior credit facility at March 31, 2009. 

The Company intends to work with its lenders to obtain additional waivers or amendments prior to that time to address future noncompliance with the senior credit facility; however, the Company provided no assurance that it will be able to secure such waivers or amendments. The lenders holding at least a majority of the principal amount under the Company's senior credit facility could, among other actions, accelerate the obligation to repay borrowings under our senior credit facility in such an event of default. As a result of such event of default, under certain circumstances, cross defaults could occur under the Company's indentures and the CityCenter $1.8 billion senior secured credit facility, which could accelerate the obligation to repay amounts outstanding under such indentures and the CityCenter credit facility and could result in termination of the unfunded commitments under the CityCenter credit facility. As a result of the conditions described above, the report of the Company's independent registered public accounting firm on the Company's consolidated financial statements for the year ended December 31, 2008 contains an explanatory paragraph with respect to the Company's ability to continue as a going concern. The Company has included additional information about its liquidity and financial position in its recently filed Form 10-K, including a detailed discussion of the impact of the matters described above.

"We view the recently executed waiver and amendment as a strong show of support by our long-term relationship banks," said Executive Vice President and Chief Financial Officer of MGM MIRAGE, Dan D'Arrigo. "We look forward to further dialog with our lenders as we consider all viable options to improve our capital structure, which may include asset dispositions, raising additional debt and/or equity capital, and modifying or extending our outstanding debt."
 

MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS                         (In thousands, except per share data)                                      (Unaudited)                              Three Months Ended       Twelve Months Ended                           ------------------------  ------------------------                           December 31, December 31, December 31, December 31,                               2008         2007         2008         2007                           -----------  ----------   -----------  -----------       Revenues:         Casino            $   703,702  $  849,350   $ 2,975,680  $ 3,239,054         Rooms                 406,771     515,636     1,907,093    2,130,542         Food and          beverage             353,322     402,869     1,582,367    1,651,655         Entertainment         137,769     142,331       546,310      560,909         Retail                 58,993      73,218       261,053      296,148         Other                 133,028     130,469       611,692      519,360                            ----------  ----------    ----------   ----------                             1,793,585   2,113,873     7,884,195    8,397,668         Less: Promotional          allowances          (169,073)   (185,157)     (675,428)    (706,031)                            ----------  ----------    ----------   ----------                             1,624,512   1,928,716     7,208,767    7,691,637                            ----------  ----------    ----------   ----------       Expenses:         Casino                417,966     429,240     1,618,914    1,646,883         Rooms                 120,713     134,476       533,559      542,289         Food and beverage     210,515     238,241       930,716      947,475         Entertainment          96,205      94,698       384,822      395,611         Retail                 40,789      47,601       168,859      187,386         Other                  89,983      82,598       397,504      307,914         General and          administrative       307,485     295,942     1,278,501    1,251,952         Corporate expense      25,742      53,220       109,279      193,893         Preopening and          start-up          expenses               5,433      37,830        23,059       92,105         Restructuring          costs                    114           -           443            -         Property          transactions,          net                1,175,765    (104,514)    1,210,749     (186,313)         Gain on          CityCenter          transaction                -  (1,029,660)            -   (1,029,660)         Depreciation          and          amortization         186,577     193,768       778,236      700,334                            ----------  ----------    ----------   ----------                             2,677,287     473,440     7,434,641    5,049,869                            ----------  ----------    ----------   ----------       Income from        unconsolidated        affiliates               6,543      29,935        96,271      222,162                            ----------  ----------    ----------   ----------       Operating income        (loss)              (1,046,232)  1,485,211      (129,603)   2,863,930                            ----------  ----------    ----------   ----------       Non-operating        income        (expense):         Interest income         3,464       4,274        16,520       17,210         Interest          expense, net        (169,442)   (160,870)     (609,286)    (708,343)         Non-operating          items from          unconsolidated          affiliates            (7,828)     (4,386)      (34,559)     (18,805)         Other, net             87,149       9,120        87,940        4,436                            ----------  ----------    ----------   ----------                               (86,657)   (151,862)     (539,385)    (705,502)                            ----------  ----------    ----------   ----------       Income (loss)        from        continuing        operations        before income        taxes               (1,132,889)  1,333,349      (668,988)   2,158,428         Provision for          income          taxes                (15,122)   (462,575)     (186,298)    (757,883)                            ----------  ----------    ----------   ----------       Income (loss)        from        continuing        operations          (1,148,011)    870,774      (855,286)   1,400,545                            ----------  ----------    ----------   ----------       Discontinued        operations:         Income from          discontinued          operations                 -           -             -       10,461         Gain on          disposal of          discontinued          operations                 -       1,932             -      265,813         Provision for          income          taxes                      -        (495)            -      (92,400)                            ----------  ----------    ----------   ----------                                     -       1,437             -      183,874                            ----------  ----------    ----------   ----------       Net income (loss)   $(1,148,011) $  872,211    $ (855,286)  $1,584,419                            ==========  ==========    ==========   ==========       Per share of        common stock:         Basic:         Income (loss)          from          continuing          operations        $    (4.15) $     2.96    $    (3.06)  $     4.88         Discontinued          operations                 -           -             -         0.64                            ----------  ----------    ----------   ----------         Net income         (loss) per         share              $    (4.15) $     2.96    $    (3.06)  $     5.52                            ==========  ==========    ==========   ==========         Weighted          average          shares          outstanding          276,505     294,545       279,815      286,809                            ==========  ==========    ==========   ==========         Diluted:         Income (loss)          from          continuing          operations        $    (4.15) $     2.85    $    (3.06)  $     4.70         Discontinued          operations                 -           -             -         0.61                            ----------  ----------    ----------   ----------         Net income          (loss) per          share             $    (4.15) $     2.85    $    (3.06)  $     5.31                            ==========  ==========    ==========   ==========         Weighted          average          shares          outstanding          276,505     305,989       279,815      298,284                            ==========  ==========    ==========   ==========                                  MGM MIRAGE AND SUBSIDIARIES                            SUPPLEMENTAL DATA - NET REVENUES                                     (In thousands)                                      (Unaudited)                               Three Months Ended       Twelve Months Ended                           ------------------------  ------------------------                           December 31, December 31, December 31, December 31,                               2008         2007         2008         2007                           -----------  -----------  -----------  -----------         Las Vegas Strip   $ 1,319,607  $ 1,608,565  $ 5,889,083  $ 6,473,793         Other Nevada           31,062       39,415      148,067      177,082         MGM Grand          Detroit              132,196      150,310      562,263      487,359         Mississippi           122,137      124,584      531,117      547,561         Other                  19,510        5,842       78,237        5,842                           -----------  -----------  ----------- ------------                           $ 1,624,512  $ 1,928,716  $ 7,208,767  $ 7,691,637                           ===========  ===========  =========== ============                                  MGM MIRAGE AND SUBSIDIARIES                          SUPPLEMENTAL DATA - PROPERTY EBITDA                                     (In thousands)                                      (Unaudited)                              Three Months Ended       Twelve Months Ended                           ------------------------  ------------------------                           December 31, December 31, December 31, December 31,                               2008         2007         2008         2007                           -----------  -----------  -----------  -----------         Las Vegas Strip   $   280,450  $   501,934  $ 1,641,688  $ 2,051,598         Other Nevada             (929)         501          877       10,393         MGM Grand          Detroit               24,560       33,411      131,345      113,658         Mississippi            17,827      167,234      100,021      394,829         Other                   3,079        1,040       16,894        1,040         Unconsolidated          resorts                1,838        2,283       76,374      181,123                           -----------  -----------  -----------  -----------                           $   326,825  $   706,403  $ 1,967,199  $ 2,752,641                           ===========  ===========  ============ ===========                                  MGM MIRAGE AND SUBSIDIARIES             DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA                                     (In thousands)                                      (Unaudited)                            Three Months Ended December 31, 2008                            ------------------------------------                             Preopening            Property                                and     Restruct-    trans-                              start-up   uring      actions,                              expenses   costs        net         Total                             ---------- ---------  ----------   ----------          Las Vegas Strip    $      424 $       -  $   12,353   $   12,777          Other Nevada                -         -         511          511          MGM Grand Detroit           -         -       6,020        6,020          Mississippi                 -       114       2,329        2,443          Unconsolidated           resorts                5,005         -           -        5,005                             ---------- ---------  ----------   ----------                                  5,429       114      21,213       26,756          Corporate and other         4         -   1,154,552    1,154,556                             ---------- ---------  ----------   ----------                             $    5,433 $     114  $1,175,765   $1,181,312                             ========== =========  ==========   ==========                                Three Months Ended December 31, 2007                            ------------------------------------                             Preopening            Property                                and     Restruct-    trans-                              start-up   uring      actions,                              expenses   costs        net         Total                             ---------- ---------  ----------   ---------          Las Vegas Strip    $    2,833 $       -  $    8,658   $  11,491          Other Nevada                -         -           -           -          MGM Grand Detroit       7,119         -        (570)      6,549          Mississippi                 -         -    (109,777)   (109,777)          Unconsolidated           resorts               27,652         -           -      27,652                             ---------- ---------  ----------   ---------                                 37,604         -    (101,689)    (64,085)          Corporate and other       226         -      (2,825)     (2,599)                             ---------- ---------  ----------   ---------                             $   37,830 $       -  $ (104,514)  $ (66,684)                             ========== =========  ==========   =========                                  MGM MIRAGE AND SUBSIDIARIES             DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA                                     (continued)                                    (In thousands)                                     (Unaudited)                            Twelve Months Ended December 31, 2008                            -------------------------------------                             Preopening            Property                                and     Restruct-    trans-                              start-up   uring      actions,                              expenses   costs        net         Total                             ---------- ---------  ----------  ----------          Las Vegas Strip    $    2,538 $     329  $   13,279  $   16,146          Other Nevada                -         -       2,718       2,718          MGM Grand Detroit         135         -       6,028       6,163          Mississippi                 -       114       2,402       2,516          Unconsolidated           resorts               20,281         -           -      20,281                             ---------- ---------  ----------  ----------                                 22,954       443      24,427      47,824          Corporate and other       105         -   1,186,322   1,186,427                             ---------- ---------  ----------  ----------                             $   23,059 $     443  $1,210,749  $1,234,251                             ========== =========  ==========  ==========                                  Twelve Months Ended December 31, 2007                            -------------------------------------                             Preopening             Property                                and     Restruct-     trans-                              start-up   uring       actions,                              expenses   costs         net        Total                             ---------- ---------   ---------   ---------          Las Vegas Strip    $   24,078 $       -   $  29,258   $  53,336          Other Nevada                -         -       4,630       4,630          MGM Grand Detroit      26,257         -        (570)     25,687          Mississippi                 -         -    (216,211)   (216,211)          Unconsolidated           resorts               41,039         -           -      41,039                             ---------- ---------   ----------   --------                                 91,374         -    (182,893)    (91,519)          Corporate and other       731         -      (3,420)     (2,689)                             ---------- ---------   ---------   ---------                             $   92,105 $       -   $(186,313)  $ (94,208)                             ========== =========   =========   =========                                  MGM MIRAGE AND SUBSIDIARIES                   RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME (LOSS)                              FROM CONTINUING OPERATIONS                                     (In thousands)                                      (Unaudited)                              Three Months Ended        Twelve Months Ended                           ------------------------  ------------------------                           December 31, December 31, December 31, December 31,                               2008         2007         2008         2007                           -----------  -----------  -----------  -----------       EBITDA              $  (859,655) $ 1,678,979  $   648,633  $ 3,564,264         Depreciation          and          amortization        (186,577)    (193,768)    (778,236)    (700,334)                           -----------  -----------  -----------  -----------       Operating income        (loss)              (1,046,232)   1,485,211     (129,603)   2,863,930                           -----------  -----------  -----------  -----------       Non-operating        income        (expense):         Interest          expense,          net                 (169,442)    (160,870)    (609,286)    (708,343)         Other                  82,785        9,008       69,901        2,841                           -----------  -----------  -----------  -----------                               (86,657)    (151,862)    (539,385)    (705,502)                           -----------  -----------  -----------  -----------       Income (loss)        from continuing        operations        before income        taxes               (1,132,889)   1,333,349     (668,988)   2,158,428         Provision for          income taxes         (15,122)    (462,575)    (186,298)    (757,883)                           -----------  -----------  -----------  -----------       Income (loss)        from continuing        operations         $(1,148,011) $   870,774  $  (855,286) $ 1,400,545                           -----------  -----------  -----------  -----------                                  MGM MIRAGE AND SUBSIDIARIES             RECONCILIATION OF OPERATING INCOME (LOSS) TO PROPERTY EBITDA                                    (In thousands)                                     (Unaudited)                              Three Months Ended December 31, 2008                              ------------------------------------                                                Depreciation                                    Operating       and                                  income (loss) amortization    EBITDA                                  ------------  ------------  ---------          Las Vegas Strip         $    141,459  $    138,991  $ 280,450          Other Nevada                  (2,549)        1,620       (929)          MGM Grand Detroit             13,796        10,764     24,560          Mississippi                    2,449        15,378     17,827          Other                           (594)        3,673      3,079          Unconsolidated           resorts                       1,838             -      1,838                                  ------------  ------------  ---------                                       156,399       170,426    326,825          Stock compensation                                     (6,612)          Corporate and other                                (1,179,868)                                                              ---------                                                              $(859,655)                                                              =========                                  Three Months Ended December 31, 2007                              ------------------------------------                                                Depreciation                                    Operating       and                                  income (loss) amortization    EBITDA                                  ------------  ------------  ----------          Las Vegas Strip         $    355,262  $    146,672  $  501,934          Other Nevada                    (981)        1,482         501          MGM Grand Detroit             19,425        13,986      33,411          Mississippi                  151,460        15,774     167,234          Other                             70           970       1,040          Unconsolidated           resorts                       2,283             -       2,283                                  ------------  ------------   ---------                                       527,519       178,884     706,403          Stock compensation                                     (11,195)          Gain on CityCenter           transaction                                         1,029,660          Corporate and other                                    (45,889)                                                              ----------                                                              $1,678,979                                                              ==========                                  Twelve Months Ended December 31, 2008                              -------------------------------------                                                Depreciation                                    Operating       and                                  income (loss) amortization    EBITDA                                  ------------  ------------  ----------         Las Vegas Strip          $  1,058,694  $    582,994  $1,641,688         Other Nevada                   (5,367)        6,244         877         MGM Grand Detroit              77,671        53,674     131,345         Mississippi                    37,890        62,131     100,021         Other                           6,609        10,285      16,894         Unconsolidated          resorts                       76,374             -      76,374                                  ------------  ------------  ----------                                     1,251,871       715,328   1,967,199         Stock compensation                                      (36,277)         Corporate and other                                  (1,282,289)                                                              ----------                                                              $  648,633                                                              ==========                                  Twelve Months Ended December 31, 2007                              -------------------------------------                                                Depreciation                                    Operating       and                                  income (loss) amortization    EBITDA                                  ------------  ------------  ----------         Las Vegas Strip          $  1,502,156  $    549,442  $2,051,598         Other Nevada                    3,942         6,451      10,393         MGM Grand Detroit              81,836        31,822     113,658         Mississippi                   333,452        61,377     394,829         Other                              70           970       1,040         Unconsolidated          resorts                      181,123             -     181,123                                  ------------  ------------  ----------                                     2,102,579       650,062   2,752,641         Stock compensation                                      (46,545)         Gain on CityCenter          transaction                                          1,029,660         Corporate and other                                    (171,492)                                                              ----------                                                              $3,564,264                                                              ==========                                  MGM MIRAGE AND SUBSIDIARIES                              CONSOLIDATED BALANCE SHEETS                           (In thousands, except share data)                                      (Unaudited)                                                 December 31,       December 31,                                                   2008               2007                                               -----------        -----------                                  ASSETS       Current assets:           Cash and cash equivalents           $   295,644        $   416,124           Accounts receivable, net                303,416            412,933           Inventories                             111,505            126,941           Income tax receivable                    64,685                  -           Deferred income taxes                    63,153             63,453           Prepaid expenses and other              155,652            106,364           Assets held for sale                    538,975                  -                                               -----------        -----------                 Total current assets            1,533,030          1,125,815                                               -----------        -----------       Property and equipment, net              16,289,154         16,870,898       Other assets:           Investments in and advances to            unconsolidated affiliates            4,642,865          2,482,727           Goodwill                                 86,353          1,262,922           Other intangible assets, net            347,209            362,098           Deposits and other assets, net          376,105            623,226                                               -----------        -----------                 Total other assets              5,452,532          4,730,973                                               -----------        -----------                                               $23,274,716        $22,727,686                                               ===========        ===========                              LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:           Accounts payable                    $   142,693        $   220,495           Construction payable                     45,103             76,524           Income taxes payable                          -            284,075           Current portion of long-term            debt                                 1,047,614                  -           Accrued interest on long-term            debt                                   187,597            211,228           Other accrued liabilities             1,549,296            932,365           Liabilities related to assets            held for sale                           30,273                  -                                               -----------        -----------                 Total current liabilities       3,002,576          1,724,687                                               -----------        -----------       Deferred income taxes                     3,441,198          3,416,660       Long-term debt                           12,416,552         11,175,229       Other long-term obligations                 440,029            350,407       Stockholders' equity:           Common stock, $.01 par value:            authorized 600,000,000 shares,           issued 369,283,995 and            368,395,926 shares and            outstanding           276,506,968 and 293,768,899            shares                                   3,693              3,684           Capital in excess of par value        4,018,410          3,951,162           Treasury stock, at cost:            92,777,027 and 74,627,027            shares                              (3,355,963)        (2,115,107)           Retained earnings                     3,365,122          4,220,408           Accumulated other comprehensive            income (loss)                          (56,901)               556                                               -----------        -----------                 Total stockholders' equity      3,974,361          6,060,703                                               -----------        -----------                                               $23,274,716        $22,727,686                                               ===========        ===========

MGM MIRAGE will hold a conference call to discuss its fourth quarter earnings results at 6:00 p.m. Eastern Daylight Savings Time today. The call can be accessed live at www.companyboardroom.com or www.mgmmirage.com, or by calling 1-800-526-8531 (domestic) or 1-706-634-6528 (international). Until March 24, 2009, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 89680497. A complete replay of the call will also be made available at www.mgmmirage.com. 
Supplemental detailed earnings information will also be available on the Company's website. 

(1) REVPAR is hotel Revenue per Available Room.
(2) "EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization. "Property EBITDA" is EBITDA before corporate expense and stock compensation expense. EBITDA information is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Management uses Property EBITDA as the primary measure of the Company's operating resorts' performance, including the evaluation of operating personnel. EBITDA should not be construed as an alternative to operating income, as an indicator of the Company's operating performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. 
The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. Also, other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. Reconciliations of consolidated EBITDA to net income and of operating income to Property EBITDA are included in the financial schedules accompanying this release.

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts in the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. The Company has entered into an agreement to sell its Treasure Island property on the Las Vegas Strip. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com.

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.

MGM MIRAGE
www.mgmmirage.com