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MGM Grand Offers to Acquire Mirage Resorts
LAS VEGAS, Feb. 23, 2000 - MGM Grand, Inc. (NYSE: MGG) announced today it has filed a Form 8-K with the Securities and Exchange Commission. The Form 8-K incorporates by reference a letter sent by the Company to the Chairman of the Board of Mirage Resorts, Incorporated, a copy of which is attached hereto.
 
February 23, 2000

Mr. Stephen A. Wynn
Chairman of the Board
President and Chief Executive Officer
Mirage Resorts, Incorporated
3600 Las Vegas Blvd.
Las Vegas, NV 89109

Dear Steve:

On behalf of the Board of Directors of MGM Grand, Inc., our Company is offering to acquire the stock of Mirage Resorts, Incorporated for $17 per share. Each of your shareholders can choose to receive the consideration either all in cash, or a combination of $7 cash per share and MGM Grand, Inc. stock valued at $10 per share based on today’s closing price of $40 3/8. This offer would provide your shareholders with more than a 56 percent premium over the closing share price of $10 7/8 on February 22, 2000.

It is our intention that the Board of Directors of the combined entity would consist of all the current members of both Boards.

In addition to providing your shareholders with an immediate significant premium for their shares, we strongly believe that the revenue enhancement and cost reduction opportunities arising out of this combination would create a significant increase in the value of the stock of the combined company. Beyond the compelling economics, we believe that the combined entity would be the undisputed leader in our industry by any measure.  We want you to know that neither MGM Grand, Inc. nor its principal shareholder currently own any shares of Mirage Resorts, Incorporated and that it is our intention that this powerful combination be accomplished on a friendly basis. Our offer, which is subject only to standard governmental and corporate approvals and to the negotiation of a definitive agreement, will expire at 5:00 p.m. PST on March 8, 2000.  We look forward to hearing from you.

Sincerely,
J. Terrence Lanni
Chairman of the Board

SOURCE  MGM Grand, Inc.

MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered in Las Vegas, Nevada. MGM Grand, Inc. owns and operates: the MGM Grand Hotel and Casino—The City of Entertainment and New York—New York Hotel and Casino both located in Las Vegas; Whiskey Pete’s, Buffalo Bill’s and the Primm Valley Resort in Primm, Nevada; the MGM Grand Detroit Casino in Detroit, Michigan; the MGM Grand Hotel and Casino in Darwin, Australia; manages casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa; and owns two championship golf courses at the California/Nevada stateline. MGM Grand is in the early stages of developing a permanent hotel and casino complex in Detroit, Michigan. The Company also has announced plans to develop a hotel and casino resort in Atlantic City, New Jersey.

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.

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Contact:
James J. Murren, 
President and Chief Financial Officer of MGM Grand, Inc., 
702-891-3344
http://www.mgmgrand.com
Also See: MGM Grand, Inc. and Marriott International, Inc. Terminate Plans for 1,500 Room Las Vegas Marriott Marquis Hotel / March 1999 
All-time High for First Quarter Occupancy of 96.5% at MGM Grand Las Vegas / April 1999 

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