New quarterly records were also set for:

• Total revenues at $737.9 million - versus the previous record of $706.6 million set in the 1999 fourth quarter. Compared to the 1999 first quarter�s revenues of $648.1 million, this represents an increase of $89.8 million (14%).
• Operating cash flow (EBDIT) for wholly owned properties at $179.8 million - directly following the previous record of $167.1 million set in the fourth quarter of 1999.  This new record represents an increase of $27.0 million (18%) over $152.8 million of operating cash flow generated in the 1999 first quarter.
• Operating income before preopening costs at $122.6 million - an increase of $16.0 million (15%) over the previous record of $106.6 million set in the first quarter of 1999.

During its initial 16 days of operation in the prior-year first quarter, Beau Rivage generated total revenues of $14.2 million.  Casino revenues totaled $9.0 million and total non-casino revenues were $5.2 million.  Like many new resorts, Beau Rivage�s operating results were hampered during its initial start-up period by overstaffing and other inefficiencies.  As a result, Beau Rivage did not contribute to the Company�s consolidated operating cash flow during the 1999 first quarter.

The Company�s record quarterly operating results were achieved despite a lower than historical average table games win percentage and increased competition in the Las Vegas market.  The overall table games win percentage was 19.0% during the 2000 first quarter, versus the Company�s historical long-term average of approximately 20%.  The win percentage in the 1999 quarter averaged 20.2%.  The Company�s room rates and occupancy levels remained strong during the recent quarter, in the face of the new Las Vegas competition.  Excluding Beau Rivage, the Company-wide average daily standard room rate increased to approximately $113, compared with $109 in the 1999 first quarter.  On this same-store basis, occupancy of available standard guestrooms was 98.0%, versus 98.6%.  Including Beau Rivage, Company-wide standard guestroom occupancy was approximately 98% during the first quarter of both years at an average daily rate of $107 in 2000 and $108 in 1999.

Earnings during the first quarter of both 2000 and 1999 were reduced by charges for preopening costs and certain unusual items.  During the 2000 quarter, preopening costs associated with the Company�s development activities in Atlantic City reduced after-tax earnings by $1.6 million ($0.01 per share).  After-tax earnings during the recent quarter were also reduced by $3.6 million ($0.02 per share) for costs incurred in connection with the Company�s previously announced pending merger with MGM Grand, Inc.  The merger is expected to close in 2000.  The applicable waiting period under federal antitrust law expired on April 14, 2000.

During the 1999 first quarter, there were two separate components to the charge for preopening costs.  First, the Company adopted a new method of accounting for preopening costs that requires such costs to be expensed as incurred.  The Company previously capitalized preopening costs and amortized them to expense following opening of the related resort.  All previously capitalized preopening costs remaining at the time of adoption were required to be written off.  As a result, the Company expensed all previously capitalized preopening costs associated with Beau Rivage and its development activities in Atlantic City, resulting in an after-tax cumulative effect charge of $30.6 million ($0.16 per share).  Second, the Company incurred and expensed additional preopening costs associated with these projects during the 1999 first quarter, reducing after-tax earnings by an additional $20.6 million ($0.11 per share).

After deducting the above charges, the Company reported net income of $55.8 million ($0.28 per share) for the 2000 first quarter, versus $1.5 million ($0.01 per share) in the prior-year period.

Same-Property Operating Results

Bellagio
Bellagio achieved a relatively flat operating cash flow comparison during the quarter, despite a significantly lower table games win percentage.  Operating cash flow was $64.6 million, down only slightly from the $65.0 million reported in the 1999 first quarter.  The table games win percentage was 17.7%, substantially below the 21.7% experienced in the 1999 period.  The lower table games win percentage principally accounted for a $21.4 million (16%) decline in Bellagio�s total casino revenues.

Bellagio�s non-casino revenues were up sharply over the prior-year period, substantially offsetting the decline in casino revenues.  Total non-casino revenues grew to $162.5 million, representing an increase of $17.4 million (12%) over the first quarter of 1999.  The revenue growth was experienced across the board.  Food and beverage and room revenues during the quarter were particularly strong, posting year-over-year increases of 16% and 9%, respectively.  The average daily rate for Bellagio�s standard guestrooms rose to $171 during the 2000 first quarter, versus $156 in the prior-year period.  Occupancy held steady at approximately 99% during the first quarter of both years.

The Mirage
The Mirage reported its best quarterly results since the third quarter of 1997.  Total revenues at the resort increased to $191.7 million and operating cash flow grew to $56.0 million.  These results represent increases over the 1999 first quarter of $15.2 million (9%) in total revenues and $6.3 million (13%) in operating cash flow.

Casino revenues totaled $99.1 million during the quarter, representing a $10.7 million (12%) increase over the prior-year period.  This increase principally reflects a 22% increase in table games revenue resulting from a significantly higher table games win percentage and a 9% increase in drop.  The table games win percentage for the quarter was 24.1%, compared with 21.5% in the prior-year period.

The Mirage achieved total non-casino revenues during the quarter of $92.6 million, representing an increase of $4.5 million (5%) over the year-ago period.  Similar to Bellagio, revenue contribution increased in every non-casino category.  Food and beverage revenue increased by $2.0 million (7%) and room revenue grew by $1.6 million (5%).  Standard guestroom occupancy during the recent quarter was 97.2% at an average daily rate of $117.  This compares with 98.4% and $116 in the first quarter of 1999.

Treasure Island
Treasure Island reported its highest quarterly operating results in three years.  Its total revenues grew to $104.9 million and its operating cash flow climbed to $28.6 million.  These results represent increases over the 1999 first quarter of $8.1 million (8%) in total revenues and $4.3 million (18%) in operating cash flow.  Casino revenues increased by $3.3 million (9%) and non-casino revenues grew by $4.8 million (8%). Slot play was up substantially over the prior-year quarter, leading to a $2.8 million (14%) increase in related revenue.  Table games revenue rose by 2%, despite a slight decline in the win percentage.

Total room revenue at Treasure Island grew by $1.9 million (8%) over the first quarter of 1999.  The resort immediately benefited from the room refurbishment program completed near the end of the 1999 third quarter.  The program substantially upgraded the quality of the furnishings of its guestrooms and assisted the property in receiving the Four Diamond rating from AAA.  The refurbishment program began in February 1999 and resulted in approximately 8% fewer available room nights at the hotel during the 1999 first quarter compared with the current-year period.  Occupancy of available standard guestrooms averaged 98.9% during the recently completed quarter, versus 98.1% in the year-ago period.  An increase in both occupancy and the average ticket price for the popular Mystere show principally accounted for a $1.9 million (17%) increase in entertainment revenue.

Golden Nugget Properties
The additional competition from several major new resorts built on the Las Vegas Strip in recent years has especially impacted the hotel-casinos located in downtown Las Vegas and in Laughlin.  The hotel-casinos in Laughlin have experienced additional competitive pressure from hotel-casinos built on nearby Indian reservations.  Nevertheless, comparisons at the Company�s Golden Nugget properties in downtown Las Vegas and in Laughlin remained fairly stable.  The Golden Nugget-Las Vegas produced total revenues for the quarter of $53.0 million and operating cash flow of $10.7 million.  This was down only moderately from the $54.1 million and $11.6 million reported in the 1999 first quarter.  Comparisons at the Golden Nugget in Laughlin were essentially flat with those of the year-ago quarter.  Total revenues were $15.3 million versus $15.7 million and operating cash flow was $2.6 million compared with $2.5 million.

This press release contains forward-looking statements that are subject to change.  Actual results may differ materially from those described in any forward-looking statement.