MGM MGM Resorts International

Company Receives Waiver From Its Lenders to Fund 100 Percent of Required March Equity Contributions for CityCenter LAS VEGAS, March 27 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM), today announced that it is, with the authorization of its senior lenders, providing $200 million of funding to CityCenter to satisfy the required sponsor equity contributions due on or about March 24, 2009. The funding includes $100 million which should have been funded by Dubai World. This allows construction to continue while MGM MIRAGE seeks additional funding for CityCenter. MGM MIRAGE intends to work with Dubai World, its lenders and others to find a long-term solution for the financing of CityCenter's completion. With today's funding, the remaining combined equity contributions necessary to access the CityCenter credit facility are approximately $800 million. "MGM MIRAGE believes that CityCenter is of vital importance to Las Vegas and the state of Nevada," said Jim Murren, Chairman and CEO of MGM MIRAGE. "We are doing our utmost to see that this project continues, keeping thousands of Nevadans employed. We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region. We appreciate the support of our senior lenders and the CityCenter lending group. We continue to review with our partners all possible options to keep CityCenter fully funded and on a path to completion." MGM MIRAGE (NYSE:MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts in the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. The Company has entered into an agreement to sell its Treasure Island property on the Las Vegas Strip. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. 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. Contacts: Investment Community News Media DANIEL J. D'ARRIGO ALAN M. FELDMAN Executive Vice President, Senior Vice President Chief Financial Officer Public Affairs (702) 693-8895 (702) 650-6947 DATASOURCE: MGM MIRAGE CONTACT: Investment Community: DANIEL J. D'ARRIGO, Executive Vice President, Chief Financial Officer, +1-702-693-8895, or News Media: ALAN M. FELDMAN, Senior Vice President, Public Affairs, +1-702-650-6947 Web Site: http://www.mgmmirage.com/

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