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| LAS VEGAS, March 19, 1999 - MGM Grand, Inc. (NYSE:
MGG) and Marriott International, Inc. (NYSE: MAR) announced today that
they have canceled their plans to construct a 1,500 room hotel adjacent
to MGM Grand's flagship property in Las Vegas. The project was to have
been managed by Marriott as a Marriott Marquis Hotel. In light of the completed
and projected additional capacity to the Las Vegas market in 1998 and 1999,
MGM Grand, Inc. believes that it can more productively deploy its resources
for new projects such as Detroit and other growth opportunities.
MGM Grand reports that its flagship property in Las Vegas, MGM Grand Hotel and Casino - The City of Entertainment is experiencing record first quarter 1999 occupancy of 96.5% vs. 90.6% in the comparable 1998 period, with average daily rates up 8% year-to-year. Occupancy rates at the Company's New York - New York Hotel and Casino are currently 97.8% compared with 88.9% in 1998. "Despite the very strong performance of our Las Vegas properties, we have suspended our plans for the new hotel. Depending on market conditions, we intend to build a hotel adjacent to our highly successful conference center in the future," said Alex Yemenidjian, President and Chief Operating Officer of MGM Grand, Inc. MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered
in Las Vegas, Nevada. MGM Grand Marriott International, Inc. achieved excellent financial results and
opened a record number of new properties in 1998. Marriott international,
Inc. is a leading worldwide hospitality company with over 1,800 operating
units in the United States and 52 other countries and territories. Marriott's
lodging business includes hotels and vacation ownership (timeshare) resorts
operated and franchised under the Marriott, Ritz-Carlton, Renaissance,
Residence Inn, Courtyard, Towne Place Suites, Fairfield Inn, Spring Hill
Suites, Ramada International and Marriott Vacation Club International brands.
Other businesses include senior living communities and services, and food
service
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 MGM Grand, Inc. and Marriott International, Inc. public filings with the Securities Exchange Commission. |
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| Also See: | Daniel M. Wade and William J. Hornbuckle Promoted at MGM Grand Inc./ Oct 1998 |
| Three Casino Groups to Proceed with Hotel/Casino Developments in Detroit / Nov 1997 |
operates:
the MGM Grand Hotel and Casino and New York - New York Hotel and Casino
in Las Vegas; Whiskey Pete's, Buffalo Bill's and the Primm Valley Resort
in Primm, Nevada; two championship golf courses in California; the MGM
Grand Hotel and Casino in Darwin, Australia; and manages casinos in Nelspruit,
Witbank and Johannesburg, South Africa. MGM Grand is developing a temporary
casino in Detroit, Michigan, which is anticipated to open in the fall of
1999, followed by the permanent hotel and casino resort thereafter. MGM
Grand has also announced plans to develop a