Sales Center Open in Hotel and Casino's Studio Walk

LAS VEGAS, Jan. 12 /PRNewswire-FirstCall/ -- MGM Grand Hotel and Casino and Florida-based Turnberry Associates launched sales today for The Residences at MGM Grand Las Vegas, the first condominium-hotel complex on the famed Las Vegas Strip.


The project's 6,000 square-foot sales and information office recently opened in MGM Grand's Studio Walk and features a designer-furnished two-bedroom model residence. The office is open seven days a week from 9 a.m. - 9 p.m.


"The MGM Grand project is a wonderful opportunity for us to partner with one of the country's most recognized hotels," said Turnberry Principal Jeffrey Soffer. "We plan to draw on our expertise in the Las Vegas and condo-hotel markets to build one of the most desirable places in the world to live and vacation." Turnberry has revolutionized high-rise living in Las Vegas with its $650 million Turnberry Place.


Groundbreaking for the first of potentially six 40-story luxury condominium-hotel towers at the MGM Grand is tentatively set for late 2004. The project will be built on the northeast end of the resort's 116-acre property.


"The opening of the sales center for The Residences at MGM Grand marks yet another significant milestone as we move forward on our plan to provide guests with the opportunity to own a piece of the Las Vegas experience," said John Redmond, president and chief executive officer of MGM Grand Resorts. "This land represents the premier location for a condominium project in Las Vegas, offering amenities that match the MGM Grand standard for quality, along with convenient airport and monorail access."


Residents of the complex will enjoy the towers' numerous amenities, including a fitness center, concierge, fully staffed lobby, swimming pool and 24-hour security. The MGM Grand Hotel and Casino features a 171,000 square-foot casino, five outdoor pools, the Grand Spa with 30 treatment rooms and a fitness center, a variety of signature and casual restaurants featuring award-winning chefs, shopping outlets, and world-class entertainment.


Buyers will have their choice of luxury residences priced from $350,000 to $1.5 million, according to Turnberry President Bruce Weiner. Some of the tower's 576 residences will feature breathtaking views of the Las Vegas Strip and surrounding mountains. All residences will incorporate superior craftsmanship with richly detailed appointments to provide residents with unparalleled pride of ownership.


The elegantly designed suites will be fully furnished from linens to tableware and feature a wide array of custom interior amenities such as crown moldings, raised panel wood doors, granite countertops and imported Italian kitchen cabinetry by Snaidero, Sub-Zero refrigeration, Meile appliances, ultra-luxurious bathrooms with Jacuzzi tubs, plush wall-to-wall bedroom carpeting, ultra-thin LCD flat screen HDTVs, high-speed voice/data connectivity and private owners' closets for added storage space.


The studio suites will feature a spacious bedroom and sitting area, kitchenette, large master bath and some include a private balcony. The one-bedroom suites will encompass a full kitchen with dining area, living room, master bedroom, two bathrooms and a private balcony. Buyers also can purchase a two-bedroom combination suite that sleeps up to seven.


For more information on The Residences at MGM Grand Las Vegas, please call (888) 891-1688.


ABOUT MGM Grand


MGM Grand, "The City of Entertainment" in Las Vegas, features 5,034 guest rooms and suites, a state-of-the-art gaming complex, world-class entertainment venues, signature restaurants owned by celebrity chefs and the $100 million Conference Center for meetings/conventions all centrally located on the Las Vegas Strip. For room availability and information about the MGM Grand, call (800) 929-1111 or (702) 891-7777 or log onto our website at www.mgmgrand.com . MGM MIRAGE (NYSE:MGG) is the parent company of MGM Grand Hotel and Casino. MGM MIRAGE is the parent company of MGM Grand Hotel and Casino.


ABOUT TURNBERRY ASSOCIATES


Founded in 1967 by Donald Soffer, and now under the leadership of Jeffrey Soffer, Turnberry Associates is one of the country's leading full-service real estate development and property management firms. The company has to its credit the development of more than $5 billion in commercial and residential property. This includes approximately 20 million square feet of retail space, more than 5,000 luxury apartments and condominium units, 1.5 million square feet of class-A office space and in excess of 1,640 hotel and resort rooms.


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.


Source: MGM MIRAGE

CONTACT: media, Alan Feldman, Sr. Vice President Public Affairs of MGM
MIRAGE, +1-702-891-7147; or Matt Levinson or Sandra Fine, both of O'Connell &
Goldberg, Inc., +1-954-964-9098, or Stacy Gold of The Firm Public Relations,
+1-702-739-9933, all for Turnberry Associates


Web site: http://www.mgmgrand.com/