LAS VEGAS, Feb. 10 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGG) has entered into an agreement to sell its hotel and casino located in Darwin, Australia to SKYCITY Entertainment Group Limited for A$195 million (approximately US$150 million based on current exchange rates). The transaction is subject to customary closing conditions contained in the sale and purchase agreement, including receipt of all necessary regulatory and governmental approvals. Both parties anticipate the transaction to be completed by the third quarter. Upon successful completion of the transaction, MGM MIRAGE expects to report a substantial pretax gain.


"We are extremely proud of the accomplishments made by our employees in making this property one of the most successful casinos in Australia," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "At the same time, this transaction further positions us to execute on several high return domestic and international growth initiatives."


MGM Grand Australia is located on 18 acres of beachfront property in Darwin, Northern Territory, Australia. The property has approximately 23,800 square feet of gaming space, 107 hotel rooms, 450 slot machines and 26 gaming tables.


SKYCITY Entertainment Group Limited is a gaming and entertainment company headquartered in Auckland, New Zealand. The company owns and/or operates gaming and entertainment complexes in New Zealand and Australia.


MGM MIRAGE (NYSE:MGG) , one of the world's leading and most respected hotel and gaming companies, owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia, and has investments in two other casino resorts in Nevada and New Jersey. The company is headquartered in Las Vegas, Nevada, and offers an unmatched collection of casino resorts with a limitless range of choices for guests. Guest satisfaction is paramount, and the company has approximately 40,000 employees committed to that result. Its portfolio of brands include AAA Five Diamond award-winner Bellagio, MGM Grand Las Vegas - The City of Entertainment, The Mirage, TI, New York - New York, Boardwalk Hotel and Casino and 50 percent of Monte Carlo, all located on the Las Vegas Strip; Whiskey Pete's, Buffalo Bill's, Primm Valley Resort and two championship golf courses at the California/Nevada state line; the exclusive Shadow Creek golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast; and MGM Grand Detroit Casino in Detroit, Michigan. The Company is also a 50-percent owner of Borgata, a destination casino resort at Renaissance Pointe in Atlantic City, New Jersey. Internationally, MGM MIRAGE owns and operates MGM Grand Australia in Darwin, Australia, and holds a 25 percent interest in casino developer Metro Casinos Limited of Great Britain. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com/ .


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: Investment Community, James J. Murren, President, Chief
Financial Officer and Treasurer, +1-702-693-8877, or Media, Alan Feldman,
Senior Vice President, Public Affairs, +1-702-891-7147, both of MGM MIRAGE


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


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