First Quarter Company Highlights

• All-time record high net revenue of $442.9 million
• Earnings doubled to an all-time high 42 cents per diluted share
• Operating cash flow (�EBITDA�) soared to an all-time record $144.6 million
• All properties generated significant free cash flow from operations
• Recorded a 2-for-1 stock split to shareholders of record on February 10, 2000
• Announced the signing of a definitive agreement to acquire Mirage Resorts
• Announced that J. Terrence Lanni has rejoined the Company in a full-time executive capacity as Chairman of the Board

• MGM Grand Las Vegas - The City of Entertainment produced its best quarterly results since the second quarter of 1996.  EBITDA rose 32% to $61 million due to record table game and slot volume and strong room revenue as a result of record first quarter average daily rate (�ADR�) and occupancy
• MGM Grand Detroit generated $35.8 million in EBITDA on net revenue of $101.3 million, as margins continue to improve
• New York - New York registered a citywide high 44% EBITDA margin
• The Primm Properties grew EBITDA by 32% and improved EBITDA margins from 26% in 1999 to 33% in 2000
• MGM Grand Australia increased EBITDA by 17%, while recording a 37% EBITDA margin

• Announced that subject to the completion of the acquisition, Robert H. Baldwin has agreed to accept the position of President and Chief Executive Officer of Mirage Resorts, which will be a wholly-owned subsidiary of the Company
• Filed with the Securities and Exchange Commission a $2.75 billion �shelf� registration statement for the potential issuance of equity and debt securities
• Entered into agreements with a group of banks to provide $4.3 billion in bank credit facilities
• Cleared the mandatory waiting period for Hart-Scott-Rodino
• Concluded a $1.23 billion private equity placement of 46.5 million shares at $26.50 per share directly with institutional investors -- Discontinued the previously announced quarterly dividend policy -- Filed all required applications necessary for approval by the state gaming agencies in connection with the merger

For the three months ended March 31, 2000, consolidated net revenue soared 76% to an all-time record high of $442.9 million, up from the prior year�s quarter of $251.4 million.  This year�s first quarter benefited from a strong performance at the Company�s flagship property the MGM Grand Las Vegas, the continued superior operating results from MGM Grand Detroit which commenced operations on July 29, 1999, as well as the full consolidation of New York - New York and the three hotel/casinos (the �Primm Properties�) located in Primm, Nevada.  The Primm Properties and the fifty percent of New York - New York not previously owned by the Company were acquired as a result of the March 1, 1999 acquisition of Primadonna Resorts, Inc.  EBITDA in the 2000 quarter rose to an all-time record of $144.6 million, up 99% from $72.7 million in the 1999 quarter.  The Company continues to maximize its profitability as evidenced by the increase in the overall EBITDA margin from 29% in 1999 to 33% in the 2000 first quarter.

�The MGM Grand family of properties has been defined by the quality of its assets and superior operating performance.  This is a testament to our team of the highest caliber individuals in the industry,� said J. Terrence Lanni, Chairman of the Board of MGM Grand, Inc.

�We are absolutely dedicated to achieving the highest possible margins at each of our properties, and believe that our leadership in this industry can only be strengthened by vigilant attention to detail.  Our success is marked by the continued superior operating performance at each of our properties driven by strong customer response,� said Daniel M. Wade and John T. Redmond, Co-Chief Executive Officers of MGM Grand, Inc.

�Our Company�s strong profit margins and earnings, as well as our superior balance sheet, afford us the necessary financial flexibility to execute our goal of optimizing free cash flow to enhance shareholder value.  We achieve this through reinvestment, financial management and acquisitions,� said James J. Murren, President and Chief Financial Officer of MGM Grand, Inc.

MGM Grand Las Vegas - The City of Entertainment
The City of Entertainment generated EBITDA of $61 million for the three months ended March 31, 2000, when compared with $46.1 million in the 1999 period.  This represents the highest quarterly cash flow for this property since the 1996 second quarter.  Net revenue for the 2000 first quarter increased 11% to $216.7 million.  This was the highest quarterly revenue result since the property opened in 1993.  EBITDA margins increased year-over-year from 24% in 1999 to 28% in 2000.  The increase in revenue was led by higher casino and food and beverage revenue and continued strength from the rooms department.  Casino revenue rose due to stronger slot and table game volume, which increased 12% and 15%, respectively, and a slightly higher table game hold percentage.

The increases in slot volume and table drop were a result of continued strong international and national customer activity and the strength of our event calendar which included the spectacular millennium New Year�s concert starring Barbra Streisand, the ESPY�s, Cher, The Judds, Crosby, Stills, Nash & Young as well as a strong Chinese New Year.  Room revenue was consistent with the prior year period as a result of an increase in revenue per available room (�REVPAR�) and record first quarter ADR.  The ADR increased to $110 in the 2000 first quarter from $109 in the 1999 quarter, while REVPAR increased $2 to $107.  Occupancy for the 2000 first quarter increased to 97.2% from 96.5% in 1999.  These increases were offset by a decrease in the total number of available rooms in 2000 when compared with the 1999 quarter.

MGM Grand Detroit Casino
For the three months ended March 31, 2000, MGM Grand Detroit produced net
revenue of $101.3 million and EBITDA of $35.8 million.  EBITDA margins rose for the third consecutive quarter to 35%.  MGM Grand Detroit continues to exceed expectations as a result of the positive customer satisfaction with this facility.  Due to MGM Grand Detroit�s strong free cash flow, the Company has been able to reduce debt on its outstanding Detroit Credit Facility from a high of $181 million to its current balance of $141 million.  MGM Grand Detroit features three restaurants, 2,435 slot machines, 86 table games and has 3,200 parking spaces available for its customers.

New York - New York Hotel and Casino
New York - New York continued its strong operating performance in the first quarter of 2000 reporting net revenue and EBITDA of $53.7 million and $23.4 million, respectively, compared with net revenue and EBITDA of $54.9 million and $25.8 million in 1999.  EBITDA margins remained a citywide high 44% for the period, as New York - New York continues to be a leader in its market.  On March 31, 1999, MGM Grand utilized its $1.25 billion Senior Revolving Credit Facility to refinance approximately $157.9 million of bank debt at New York - New York at a lower borrowing rate.  As a result of New York - New York�s exceptional free cash flow, the Company was able to reduce this outstanding indebtedness by $68 million in the twelve months since the refinancing.

Primm Properties
The Primm Properties (Whiskey Pete�s, Buffalo Bill�s and the Primm Valley Resort located in Primm, Nevada and two championship golf courses at the California / Nevada stateline) produced net revenue for the 2000 first quarter of $60.9 million and EBITDA of $19.8 million, representing a 33% EBITDA margin.  This compares with net revenue of $58.3 million, EBITDA of $15 million, and an EBITDA margin of 26% during the 1999 first quarter.  On March 31, 1999, MGM Grand utilized its Senior Credit Facility to refinance approximately $216.6 million of Primadonna�s bank debt.  The Primm Properties� strong free cash flow has reduced debt by approximately $52 million in the twelve months since the refinancing.

MGM Grand Australia
MGM Grand Australia continued to exceed expectations in the first quarter. Net revenue grew 18% to $9.1 million, while EBITDA increased 17% to $3.4 million in the 2000 quarter.  MGM Grand Australia�s EBITDA margin remained high at 37% in the 2000 quarter.
 

MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada.  MGM Grand, Inc. owns and operates:  the MGM Grand Hotel and Casino - The City of Entertainment and New York - New York Hotel and Casino both located in Las Vegas; Whiskey Pete�s, Buffalo Bill�s and the Primm Valley Resort in Primm, Nevada; the MGM Grand Detroit Casino in Detroit, Michigan; the MGM Grand Hotel and Casino in Darwin, Australia; manages casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa; and owns two championship golf courses at the California/Nevada stateline.  MGM Grand is in the early stages of developing a permanent hotel and casino complex in Detroit, Michigan.  The Company also has announced plans to develop a hotel and casino resort in Atlantic City, New Jersey.  

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.