Alongside Foxwoods Resort Casino in Connecticut
MASHANTUCKET, Conn. and LAS VEGAS, April 25, 2006 - The Mashantucket Pequot Tribal Nation ("MPTN") and MGM MIRAGE (NYSE: MGM - News) announced today that they have agreed to enter into a multi-faceted strategic alliance encompassing a major new destination hotel/casino resort at Foxwoods Resort Casino and the development of additional gaming and non-gaming projects, both at Foxwoods and outside of Connecticut.
The strategic alliance, which is subject to the execution of definitive agreements and such regulatory approvals as may be required, contemplates a series of ongoing relationships between MPTN and MGM MIRAGE, including the following:
Michael J. Thomas, Chairman of the Mashantucket Pequot Tribal Nation, said: "The Tribal Nation here at our ancestral homelands in Mashantucket welcomes and honors this strategic alliance with MGM MIRAGE. Our affiliation with MGM MIRAGE provides us with an experienced advisor in gaming, a proven resort development partner, at Mashantucket, and an equal partner in a powerful venture - all at once. The quality and positive energy of the people who lead MGM MIRAGE mirror the culture we have embraced from the onset of our gaming enterprise.
"Our Tribe has been carefully matching our needs and opportunities with potential strategic partners in recent years. This relationship with MGM MIRAGE will enable our Tribal Community to develop a destination resort with a greater range of entertainment experiences than any other in the world, while also diversifying our Tribal economy without deviating from our core competencies. We will also develop, as a Tribal Community, the institutional capacity to maximize our economic success over the long term through this relationship without compromising the direct control of gaming at Mashantucket that we are noted for within Indian Country."
About Mashantucket Pequot Tribal Nation
The Mashantucket Pequot Tribal Nation is located on its ancestral homelands in southeastern Connecticut, dating back hundreds of years. The modern Tribe is governed by a seven-person Tribal Council, including a chairman, vice chairman, secretary and treasurer, and an Elders Council. The government and its citizens own and operate several businesses, the largest of which is Foxwoods Resort Casino, which opened in 1992. The Tribal Nation opened an award-winning Native American museum, the Mashantucket Pequot Museum and Research Center, in 1998.
Foxwoods Resort Casino is the largest resort casino in the world with entertainment, gaming, dining and shopping. Foxwoods (http://www.foxwoods.com) offers world-class gaming with 7,400 slot machines, 380 table games, the largest poker room on the East coast, High Stakes Bingo and the Ultimate Racebook. The resort also features 55,000 square feet of superior meeting space. Restaurants, retail shops and nightclubs line the glass enclosed concourses and 1,400 luxury hotel rooms and suites await the leisure and business traveler. There is world- class entertainment in the unique and intimate Fox Theater, and the resort has a B.B. King nightclub and a Hard Rock Cafe.
About MGM MIRAGE
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 23 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau, a hotel-casino resort currently under construction in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs.
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.
Mashantucket Pequot Tribal Nation
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