According to Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer, "This has been a monumental quarter for us, as the significant capital market transactions and other corporate finance activities meaningfully improved our financial position. Perhaps as important, we saw a more stabilized - though still difficult - operating environment in the second quarter. Our operating teams are focused on continuing to sequentially increase cash flow and our CityCenter team is driving towards completion and opening of CityCenter. We believe CityCenter will invigorate the Las Vegas market and be a key component of the future growth of MGM MIRAGE."

In announcing its financial results for the second quarter of 2009, the company reported a second quarter diluted loss per share of $0.60 compared to income per share of $0.40 in the prior year second quarter. Net revenue decreased 17%, Las Vegas Strip hotel Revenue per Available Room (REVPAR) was down 31% and casino revenue decreased 12%, mainly as a result of lower table games volume at the company's Las Vegas Strip resorts.

Jim Murren commented, "While we expect the business and convention market to remain challenging in the near term, we are seeing signs of improvement in future bookings and believe we are increasing our market share by offering a superior product and proven best-in-class customer service."

Total casino revenue declined 12%, with slots revenue down 11% for the quarter. The Company's table games volume, excluding baccarat, was down 15% in the quarter, while baccarat volume increased 17% in the 2009 quarter. The overall table games hold percentage was slightly higher in 2009 than the prior year quarter and near the mid-point of the Company's normal 18% to 22% range in both periods.

As previously disclosed, during the second quarter the Company secured funding for the completion of CityCenter, issued US$1.15 billion of equity through an offering of common stock, issued US$1.5 billion of senior secured notes, and secured key amendments to its senior credit facility.

"Our ability to access the capital markets in the second quarter is a testament to our operating strength as well as the incredible demonstration of support our stakeholders have in our Company, our properties and our employees," said Executive Vice President and Chief Financial Officer Dan D'Arrigo. "We will continue to evaluate additional strategies to further enhance our financial position."
(E-08.04.09)

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