The issuance of a license is subject to suitability and compliance with the requirements of the Michigan Gaming Control and Revenue Act. A company must also demonstrate that it will develop and complete its permanent hotel/casino complex as soon as reasonably possible and in accordance with the performance and completion requirements of its certified casino development agreement with the City of Detroit. The Executive Director of the Michigan Gaming Control Board has stated that the license review process will take six to twelve months, which would enable the company to open its temporary gaming facility in the second quarter of 1999.

MGM Grand has entered into a lease agreement for its temporary facility, which will be in the former Internal Revenue Service (IRS) building located directly off the Lodge Freeway. The facility will house a 65,000-square-foot casino with approximately 2,100 slot machines, 70 table games, specialty restaurants and bars. Under the development agreement, the temporary facility will remain open for a period of four years, at which time the company anticipates opening a spectacular permanent entertainment and gaming complex at an estimated cost of $750 million.

"We eagerly await the opportunity to bring the MGM Grand experience to the City of Detroit with a world class facility. This casino will provide a critical training ground for employees, cultivate strong customer loyalty, expand the MGM Grand franchise into a new market, and represents a major milestone in the renaissance of Detroit," said Chairman and CEO J. Terrence Lanni. "The City's goal in developing casino gaming is to generate jobs and investment in Detroit. Our plan involves the hiring and training of local residents, with emphasis on economically disadvantaged and unemployed workers.

The temporary casino will have in excess of 1,400 employees, and should generate a significant return on investment for our shareholders," said Alex Yemenidjian, President and COO of MGM Grand, Inc. MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada. The Company operates the MGM Grand Hotel/Casino in Las Vegas, the MGM Grand Hotel/Casino in Darwin, Australia, and owns a 50% interest in the New York - New York Hotel/Casino in Las Vegas. The company also manages casinos in Nelspruit, Witbank, and Johannesburg (opening in September, 1998) South Africa. 

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 Annual Report on Form 1O-K for the fiscal year ended December 31, 1997.