LAS VEGAS, Feb. 12 - Mirage Resorts, Incorporated (NYSE: MIR) today reported 1997 earnings before extraordinary items of $1.09 per share, its fifth consecutive year of earnings growth. Earnings in the fourth
quarter were $0.26 per share. As was expected, this was slightly shy of the prior-year quarter's particularly strong
earnings of $0.27 per share.

The Company's flagship resort, The Mirage, had the best year in its eight- year history, with $252 million of
operating cash flow (EBDIT). Management believes that once again The Mirage had the highest profits of any
hotel- casino in Nevada, even though several competing facilities are significantly larger.

Treasure Island continued to be very profitable, reporting $110 million of operating cash flow for the year versus
$117 million in 1996. The good results were achieved despite construction disruptions related to a new lobby
(completed in early August) and a new Italian restaurant (which opened in December); the closing in mid-1996 of
a neighboring synergistic property; and a sharp increase in mid-market competition.

The Golden Nugget in downtown Las Vegas was also affected by the increase in competition and was also
comparing against a particularly strong 1996 year. Nineteen ninety-six was the first full year of operation of the
adjacent Fremont Street Experience attraction. The Golden Nugget, with operating cash flow of $42 million for
1997, continued to dominate the downtown Las Vegas market.

The Company's 50%-owned Monte Carlo hotel-casino achieved operating cash flow of $91.5 million in 1997, its
first full year of operation. This represented more than a 25% cash-on-cash return on the gross investment in the
property of approximately $350 million. Monte Carlo's contribution to the Company's earnings (net of the
unconsolidated subsidiary's interest and depreciation expense and the partner's share of earnings) was $29.6
million, versus $9.3 million ($14.9 million before preopening expense) for the partial year of operations in 1996.
The Company's corporate expense in 1997 was $29.2 million, versus $31.6 million in 1996. Most of such improvement resulted from a $3.5 million gain on the sale of a corporate aircraft during the fourth quarter.

Interest expense net of interest and other income was less than $1 million for the year, principally as a result of the capitalization of interest expense related to the Company's Bellagio and Beau Rivage projects now under
construction.

As is often the case, there were various non-recurring items in the fourth quarters of both years. The 1997 period
included the previously mentioned gain on the sale of the aircraft and a $5.3 million increase in capitalized interest resulting from a cumulative adjustment to properly reflect the Company's investment-to-date in its new projects.
The 1996 period included a $7.0 million reduction in bad debt expense due to better than expected accounts
receivable collection experience, a $1.2 million gain on the sale of another corporate aircraft and a $5.4 million
abandonment charge related to the construction at Treasure Island.

Average shares outstanding during 1997 were 192.5 million versus 196.7 million in 1996, principally due to share repurchases completed in the second half of 1996.

MIRAGE RESORTS, INCORPORATED

                                   Three Months                     Year
    For the periods ended
     December 31,             1997          1996         1997          1996
    (In thousands except
      per share data)

    Gross revenues        $377,262      $373,681   $1,546,049    $1,496,357
    Less - promotional
     allowances           (34,264)      (31,549)    (127,498)     (128,813)
                           342,998       342,132    1,418,551     1,367,544
    Casino-hotel
     operating costs
     and expenses          267,148       253,023    1,063,317     1,023,294
    Operating profit
     before corporate
     expense                75,850        89,109      355,234       344,250
    Corporate expense        4,836         9,856       29,193        31,580
    Operating income        71,014        79,253      326,041       312,670
    Interest and other
     income (expense)        5,614       (1,398)        (962)         5,738
    Income before income
     taxes and extraordinary
     item                   76,628        77,855      325,079       318,408
    Provision for
     income taxes           27,314        25,732      115,276       112,363
    Income before
     extraordinary item     49,314        52,123      209,803       206,045
    Extraordinary item -
     loss on early retirement
     of debt, net of
     applicable income
     tax benefit                --            --      (2,225)            --
    Net Income             $49,314       $52,123     $207,578      $206,045

    Earnings per share
     of common stock
     income before
     extraordinary item
      Undiluted              $0.28         $0.29        $1.17         $1.13
      Diluted                 0.26          0.27         1.09          1.05

    Net income
      Undiluted              $0.28         $0.29        $1.16         $1.13
      Diluted                 0.26          0.27         1.08          1.05

    Common and common
     equivalent shares
     Weighted average shares
      outstanding -
      used in the
      computation of
      undiluted earnings
      per share            179,301       180,948      178,816       182,989
    Stock options           13,699        13,492       13,720        13,694
    Common and common
     equivalent shares -
     used in the calculation
     of diluted earnings
     per share             193,000       194,440      192,536       196,683

    MIRAGE RESORTS, INCORPORATED
    Interpretive Data
                                 Three Months                     Year
    For the periods
     ended December 31,       1997          1996         1997          1996
    (Dollars in thousands,
     except room rate
     amounts)

    Gross revenues
    The Mirage            $202,321      $194,739     $851,926      $793,931
    Treasure Island        101,468       101,667      400,147       411,330
    Golden Nugget           52,321        55,916      205,075       222,303
    Golden Nugget-Laughlin  14,343        14,143       59,300        59,520
    Equity in earnings
     of Monte Carlo(a)       6,809         7,216       29,601         9,273
                           377,262       373,681    1,546,049     1,496,357
    Less - promotional
     allowances           (34,264)      (31,549)    (127,498)     (128,813)
    Net revenues          $342,998      $342,132   $1,418,551    $1,367,544

    Operating cash flow
     (EBDIT)(b)
    The Mirage             $52,214       $63,219     $252,339      $237,142
    Treasure Island         26,919        23,213      110,316       117,226
    Golden Nugget           10,454        14,189       41,841        57,552
    Golden Nugget-Laughlin   1,820         1,426        9,093         9,718
                           $91,407      $102,047     $413,589      $421,638

    Operating income
    The Mirage             $42,242       $54,842     $213,296      $198,260
    Treasure Island         19,068        15,813       80,214        87,192
    Golden Nugget            7,028        11,118       27,670        45,050
    Golden Nugget-Laughlin     703           120        4,453         4,475
                            69,041        81,893      325,633       334,977

    Equity in earnings
     of Monte Carlo(a)       6,809         7,216       29,601         9,273
    Corporate expense      (4,836)       (9,856)     (29,193)      (31,580)
                           $71,014       $79,253     $326,041      $312,670

    Other information
     (excluding Monte Carlo)
    Company-wide table
     games win
     percentage              20.5%         19.8%        21.5%         19.3%
    Company-wide occupancy
     of standard
     guest rooms             95.0%         97.0%        98.0%         98.8%
    Average standard
     guest room rate(c)        $98           $97          $93           $92

(a) During the 1997 three-month period, Monte Carlo's gross revenues, EBDIT and operating income were $65.5
million, $22.1 million and $15.5 million, respectively. Such amounts during the 1996 three-month period were $68.l
million, $23.3 million and $18.5 million, respectively. For the full year l997, Monte Carlo's gross revenues, EBDIT
and operating income were $262.8 million, $91.5 million and $69.1 million, respectively. Monte Carlo opened on
June 2l, 1996. From opening to December 3l, 1996, Monte Carlo's gross revenues were $l47.3 million and before
deducting preopening costs of $11.2 million, EBDIT and operating income were $49.0 million and $38.5 million,
respectively. The Monte Carlo amount shown in the above table for the full year l996 is after deducting the
Company's $5.6 million share of preopening costs.

(b) Earnings before depreciation, interest and taxes.

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