Exhibit 99

PRESS RELEASE		FOR IMMEDIATE RELEASE

MGM MIRAGE REPORTS FOURTH QUARTER AND FULL YEAR
FINANCIAL RESULTS

CityCenter Opens to Rave Reviews

Convention Booking Pace Continues to Strengthen

Las Vegas, Nevada, February 18, 2010 — MGM MIRAGE (NYSE: MGM) today announced its financial results for the fourth quarter of 2009. The Company reported a fourth quarter diluted loss per share of $0.98, which includes the impact of a pre-tax non-cash impairment charge totaling $548 million, or $0.73 loss per diluted share net of tax, related to the Company’s undeveloped land holdings in Atlantic City. For the same quarter in 2008, the Company reported a diluted loss per share of $4.15, which included a non-cash goodwill and indefinite-lived intangible asset impairment charge of $1.2 billion, or $4.25 per diluted share net of tax, and a gain on repurchased debt of $87 million or $0.21 per diluted share net of tax.

The following table lists items which affect the comparability of the current and prior year quarterly results (EPS impact, net of tax, per diluted share; negative amounts represent charges to income):

Three months ended December 31,		2009				2008
Preopening and start-up expenses		$	(0.04	)		$	(0.01	)
Gains on repurchase of long-term debt			—				0.21
Property transactions net:
Atlantic City non-cash impairment charge			(0.73	)			—
Goodwill and indefinite-lived intangible assets impairment			—				(4.25	)
Other property transactions, net			—				0.01

The following key results for the quarter are presented on a “same store” basis excluding the results of Treasure Island casino resort (“TI”) in the prior year as the Company completed the sale of TI in March 2009:

	•		Net revenue decreased 6% to $1.5 billion, compared to a 9% year-over-year decrease in the third quarter of 2009;
	•		Casino revenue decreased 7%, partially offset by strong baccarat results during the quarter with baccarat volume up 44%;
	•		Las Vegas Strip REVPAR1 decreased 16% compared to the prior year quarter versus a 23% year-over-year decrease in the third quarter of 2009; and
	•		Adjusted Property EBITDA2 was $307 million, or down 8%.

Other key results include:

	•		MGM Grand Macau earned operating income of $22 million and had depreciation expense of $24 million during the fourth quarter of 2009, compared to an operating loss of $2 million and depreciation expense of $19 million in the same quarter in 2008.
	•		CityCenter opened in December 2009. Aria, the centerpiece casino resort, earned operating income of $7 million in 15 days of operations, with depreciation and amortization of $9 million.

MGM MIRAGE • 3600 LAS VEGAS BLVD SOUTH • LAS VEGAS, NV 89109 • PH: 702.693.7120 • FX: 702.693.8626 • WWW.MGMMIRAGE.COM

“This has been a challenging but momentous year for MGM MIRAGE culminating with the opening of CityCenter in December,” said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. “We generated significant cash flows and kept our buildings occupied at 90% even in a brutal economy because we are equipped with the highest quality resorts, the preeminent brands, and the finest employees in the industry. We have profoundly improved our cost structure and are actively building revenue to maximize operating leverage as the economy shifts into recovery mode. Our forward convention booking pace accelerated again in the fourth quarter with over 440,000 future room nights booked. We are keenly focused on strengthening our financial foundation and made historic progress last year.”

Detailed Discussion of Fourth Quarter Operating Results
(Results are presented on a same store basis excluding TI)

Casino revenue declined 7%, with table games revenue down 7% and slots revenue down 6%. The Company’s table games volume was up 2% in the quarter, including a 44% increase in baccarat volume. The overall table games hold percentage was near the mid-point of the Company’s normal 18% to 22% range in both the current and prior year.

Rooms revenue decreased 14% while Las Vegas Strip REVPAR decreased 16%. Anticipated weakness in convention traffic led to lower room rates; however, increased leisure and casino business allowed the Company to maintain occupancy in line with prior periods. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended December 31,		2009				2008
Occupancy %			86	%			85	%
Average Daily Rate (ADR)		$	111			$	135
Revenue per Available Room (REVPAR)		$	95			$	114

Corporate expense increased to $44 million compared to $26 million in the 2008 fourth quarter. The current quarter includes increased financial advisory and legal costs and severance accruals.

Income from unconsolidated affiliates increased to $25 million from $7 million in the prior year fourth quarter, primarily as a result of continued year-over-year improvement in operating results at MGM Grand Macau. MGM Grand Macau earned operating income of $22 million during the fourth quarter compared to an operating loss of $2 million for the same quarter in the prior year. Included in income from unconsolidated affiliates is a $2 million loss related to the Company’s share of CityCenter’s consolidated operating results in the fourth quarter 2009 compared to a $9 million loss for the same quarter in 2008.

Operating loss for the fourth quarter was $487 million, which included the Atlantic City land impairment charge recorded during the quarter. Adjusted Property EBITDA was $307 million, down 8% excluding results for TI from the prior year fourth quarter, with a margin of 21% in the current year quarter compared to 22% in the prior year fourth quarter. Adjusted EBITDA was $256 million, down 15% from the 2008 fourth quarter excluding results for TI.

Non-operating expense increased to $233 million in the fourth quarter of 2009 primarily due to higher interest costs associated with the Company’s fixed rate senior note issuances in the fourth quarter of 2008 and during 2009 and higher interest rates on the Company’s senior credit facility. In addition, the prior year fourth quarter included a gain on repurchase of long-term debt of $87 million.

MGM MIRAGE • 3600 LAS VEGAS BLVD SOUTH • LAS VEGAS, NV 89109 • PH: 702.693.7120 • FX: 702.693.8626 • WWW.MGMMIRAGE.COM

Full Year 2009 Results
(Results are presented on a same store basis excluding TI, except per share data)

For the full year 2009, net revenues decreased 13% to $5.9 billion. Las Vegas Strip REVPAR decreased 25% for the full year compared to 2008, with quarter-over-quarter percentage decreases in REVPAR improving sequentially throughout the year. Adjusted Property EBITDA was $1.3 billion for the full year of 2009.

EPS from continuing operations for the full year was a loss of $3.41 per diluted share compared to a loss of $3.06 per diluted share earned in 2008. The following table lists significant items which affect the comparability of the current year and prior year annual results (EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):

Year ended December 31,		2009				2008
Monte Carlo business interruption (recorded as a reduction of general and administrative expenses)			0.03				0.02
Preopening and start-up expenses			(0.09	)			(0.05	)
Property transactions net:
Goodwill and indefinite-lived intangible assets impairment			—				(4.20	)
Atlantic City Renaissance Pointe land holdings impairment			(0.85	)			—
Gain on Sale of TI			0.31				—
Investment in CityCenter non-cash impairment charge			(1.63	)			—
Monte Carlo fire property damage income			0.01				0.02
Other property transactions			(0.03	)			(0.09	)
Income (loss) from unconsolidated affiliates:
CityCenter joint venture residential non-cash impairment charge			(0.35	)			—
Borgata joint venture insurance proceeds			0.02				—
North Las Vegas Strip joint venture impairment charge			(0.02	)			—
Other, net:
Convertible note impairment charge			(0.30	)			—
(Loss) gain on repurchase of long-term debt			(0.11	)			0.20

CityCenter

The Company and its joint venture partner, Infinity World, opened CityCenter in December 2009. CityCenter has forever changed the Las Vegas Strip and has been awarded six LEED® Gold certifications by the U.S. Green Building Council and is one of the world’s largest green developments. Aria, the centerpiece casino resort, opened as scheduled on December 16. Vdara, a 1,495-unit luxury condominium-hotel tower, Mandarin Oriental, a 400-room boutique hotel, and Crystals retail district opened in early December. Aria earned operating income of $7 million in 15 days of operations, with depreciation and amortization of $9 million.

“MGM MIRAGE Design Group delivered CityCenter on time for its scheduled opening in December 2009. I am proud of the thousands of men and women that made CityCenter a reality for all to enjoy,” said Bobby Baldwin, MGM MIRAGE Chief Construction and Design Officer and President of CityCenter.

Based on recent estimates of the final construction costs for CityCenter, the Company has accrued $150 million under its completion guarantee with the joint venture. This is the low end of management’s estimated range for the Company’s net obligation under the completion guarantee. The Company estimates the high end of such range is approximately $300 million and can provide no assurance that the final requirement will not increase such net obligation above this amount.

“The Company has instituted a comprehensive close-out plan for all of CityCenter; we fully expect a timely and successful close-out of this project and will remain focused on minimizing amounts due under the completion guarantee,” said Bobby Baldwin.

MGM MIRAGE • 3600 LAS VEGAS BLVD SOUTH • LAS VEGAS, NV 89109 • PH: 702.693.7120 • FX: 702.693.8626 • WWW.MGMMIRAGE.COM

Financial Position

In late December 2009, the Company borrowed the remaining availability under its senior credit facility of $1.6 billion in order to increase its capacity for issuing additional senior secured notes under its existing senior secured notes indentures, which resulted in a higher than normal cash balance at year end of $2.1 billion. The Company repaid such amounts immediately after year-end. The Company’s outstanding debt balance (net of the $1.6 billion of excess cash) was $12.5 billion at December 31, 2009, down from $13.5 billion at December 31, 2008.

As previously announced, the Company is seeking amendments to its aggregate $5.55 billion of senior credit facilities which would, among other things, extend the maturity of a substantial portion of those credit facilities from October 3, 2011 to February 21, 2014. The Company has asked its lenders to provide their final approvals of the transaction by February 24, 2010.

“Extending our credit facility will provide us with significant flexibility to continue to work on de-leveraging our balance sheet,” said Dan D’Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Officer. “We appreciate the strong initial support from our group of lenders who have consistently been our partners. We believe this amendment to our credit facility will provide a platform for long-term capital stability and reinforces our dedication to improving our finances.”

MGM MIRAGE will hold a conference call to discuss its fourth quarter results at 11:00 a.m. Eastern Standard Time today. The call can be accessed live at www.companyboardroom.com or www.mgmmirage.com, or by calling 1-800-526-8531 (domestic) or 1-706-758-3659 (international). Until Thursday, February 25, 2010, a complete replay of the conference call can be accessed by dialing 1-800-642-1687 or 1-706-645-9291, access code 55603540. A complete replay of the call will also be made available at www.mgmmirage.com.

1 REVPAR is hotel Revenue per Available Room.

2 “Adjusted EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. “Adjusted Property EBITDA” is Adjusted EBITDA before corporate expense and stock compensation expense. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company’s earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, pre-opening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and dependent on where the current period lies within the development cycle as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company’s operating resorts’ performance.

MGM MIRAGE • 3600 LAS VEGAS BLVD SOUTH • LAS VEGAS, NV 89109 • PH: 702.693.7120 • FX: 702.693.8626 • WWW.MGMMIRAGE.COM

Adjusted EBITDA or Adjusted Property EBITDA should not be construed as an alternative to operating income, as an indicator of the Company’s operating performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or net income as an indicator of the Company’s performance; or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the Company. Reconciliations of Adjusted EBITDA to net income (loss) and of operating income to Adjusted Property EBITDA are included in the financial schedules accompanying this release.

* * *

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 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in five other properties in Nevada, New Jersey, Illinois and Macau. One of those investments — CityCenter — is also managed by MGM MIRAGE. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip with Gold and Silver LEED^® certifications, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. CityCenter features ARIA Resort & Casino, Vdara Hotel & Spa, Mandarin Oriental, Las Vegas; Veer Towers, and Crystals retail and entertainment district. MGM MIRAGE Hospitality has entered into management agreements for casino and non-casino resorts throughout the world. 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 Web site 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

MGM MIRAGE • 3600 LAS VEGAS BLVD SOUTH • LAS VEGAS, NV 89109 • PH: 702.693.7120 • FX: 702.693.8626 • WWW.MGMMIRAGE.COM

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2009				2008				2009				2008
Revenues:
Casino		$	627,957			$	703,702			$	2,618,060			$	2,975,680
Rooms			324,631				406,771				1,370,135				1,907,093
Food and beverage			321,785				353,322				1,362,325				1,582,367
Entertainment			123,801				137,769				493,799				546,310
Retail			50,475				58,993				207,260				261,053
Other			173,455				133,028				592,703				611,692
			1,622,104				1,793,585				6,644,282				7,884,195
Less: Promotional allowances			(169,688	)			(169,073	)			(665,693	)			(675,428	)
			1,452,416				1,624,512				5,978,589				7,208,767
Expenses:
Casino			366,876				417,966				1,459,944				1,618,914
Rooms			101,922				120,713				427,169				533,559
Food and beverage			184,881				210,515				775,018				930,716
Entertainment			90,240				96,205				358,026				384,822
Retail			35,091				40,789				134,851				168,859
Other			123,736				89,983				384,298				397,504
General and administrative			274,570				307,599				1,100,193				1,278,944
Corporate expense			44,469				25,742				143,764				109,279
Preopening and start-up expenses			25,474				5,433				53,013				23,059
Property transactions, net			549,358				1,175,765				1,328,689				1,210,749
Depreciation and amortization			167,396				186,577				689,273				778,236
			1,964,013				2,677,287				6,854,238				7,434,641
Income (loss) from unconsolidated affiliates			24,942				6,543				(88,227	)			96,271
Operating loss			(486,655	)			(1,046,232	)			(963,876	)			(129,603	)
Non-operating income (expense):
Interest income			769				3,464				12,304				16,520
Interest expense, net			(220,609	)			(169,442	)			(775,431	)			(609,286	)
Non-operating items from unconsolidated affiliates			(9,069	)			(7,828	)			(47,127	)			(34,559	)
Other, net			(3,770	)			87,149				(238,463	)			87,940
			(232,679	)			(86,657	)			(1,048,717	)			(539,385	)
Loss before income taxes			(719,334	)			(1,132,889	)			(2,012,593	)			(668,988	)
Benefit (provision) for income taxes			285,416				(15,122	)			720,911				(186,298	)
Net loss		$	(433,918	)		$	(1,148,011	)		$	(1,291,682	)		$	(855,286	)
Per share of common stock:
Basic:
Net loss per share		$	(0.98	)		$	(4.15	)		$	(3.41	)		$	(3.06	)
Weighted average shares outstanding			441,238				276,505				378,513				279,815
Diluted:
Net loss per share		$	(0.98	)		$	(4.15	)		$	(3.41	)		$	(3.06	)
Weighted average shares outstanding			441,238				276,505				378,513				279,815

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — NET REVENUES
(In thousands)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2009				2008				2009				2008
Bellagio		$	269,712			$	291,665			$	1,064,729			$	1,266,252
MGM Grand Las Vegas			239,153				256,925				976,261				1,114,824
Mandalay Bay			171,418				192,387				725,129				900,306
The Mirage			140,780				149,508				624,132				720,682
Luxor			81,684				100,435				344,722				405,277
Treasure Island (1)			—				87,747				66,329				376,000
New York-New York			58,446				66,449				250,055				300,861
Excalibur			61,132				66,606				265,076				319,609
Monte Carlo			53,154				56,965				206,377				235,933
Circus Circus Las Vegas			44,617				50,920				200,385				249,339
MGM Grand Detroit			124,751				132,196				514,116				562,263
Beau Rivage			78,003				85,567				329,613				375,588
Gold Strike Tunica			35,051				36,570				153,108				155,529
Management operations			66,301				19,510				135,498				78,237
Other operations			28,214				31,062				123,059				148,067
		$	1,452,416			$	1,624,512			$	5,978,589			$	7,208,767

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2009				2008				2009				2008
Bellagio		$	68,336			$	77,183			$	274,672			$	392,300
MGM Grand Las Vegas			46,329				46,208				214,369				270,792
Mandalay Bay			31,805				44,053				159,864				248,495
The Mirage			24,507				19,549				141,118				168,351
Luxor			16,370				28,635				76,167				132,173
Treasure Island (1)			—				20,693				12,729				103,011
New York-New York			16,968				20,260				78,555				111,459
Excalibur			14,990				19,676				72,130				110,149
Monte Carlo			4,422				9,443				36,594				64,624
Circus Circus Las Vegas			2,261				7,527				27,122				56,151
MGM Grand Detroit			31,112				30,580				138,010				137,508
Beau Rivage			12,517				14,651				65,422				71,023
Gold Strike Tunica			8,086				5,505				45,051				31,400
Management operations			5,064				3,079				18,322				16,894
Other operations			(1,653	)			(418	)			1,759				3,595
Unconsolidated resorts			25,511				6,843				(87,072	)			96,655
		$	306,625			$	353,467			$	1,274,812			$	2,014,580

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)

Three Months Ended December 31, 2009

						Preopening				Property				Depreciation
		Operating				and start-up				transactions,				and				Adjusted
		income (loss)				expenses				net				amortization				EBITDA
Bellagio		$	41,154			$	—			$	(34	)		$	27,216			$	68,336
MGM Grand Las Vegas			24,356				—				(51	)			22,024				46,329
Mandalay Bay			8,887				51				(3	)			22,870				31,805
The Mirage			8,598				—				—				15,909				24,507
Luxor			7,227				—				(78	)			9,221				16,370
Treasure Island (1)			—				—				—				—				—
New York-New York			9,896				—				—				7,072				16,968
Excalibur			8,430				—				(4	)			6,564				14,990
Monte Carlo			(2,082	)			—				(3	)			6,507				4,422
Circus Circus Las Vegas			(3,398	)			—				26				5,633				2,261
MGM Grand Detroit			19,525				—				1,430				10,157				31,112
Beau Rivage			95				—				—				12,422				12,517
Gold Strike Tunica			4,374				—				(209	)			3,921				8,086
Management operations			2,586				—				—				2,478				5,064
Other operations			(3,041	)			—				(63	)			1,451				(1,653	)
Unconsolidated resorts			88				25,423				—				—				25,511
			126,695				25,474				1,011				153,445				306,625
Stock compensation			(9,495	)			—				—				—				(9,495	)
Corporate			(603,855	)			—				548,347				13,951				(41,557	)
		$	(486,655	)		$	25,474			$	549,358			$	167,396			$	255,573

Three Months Ended December 31, 2008

						Preopening				Property				Depreciation
		Operating				and start-up				transactions,				and				Adjusted
		income (loss)				expenses				net				amortization				EBITDA
Bellagio		$	47,380			$	—			$	(81	)		$	29,884			$	77,183
MGM Grand Las Vegas			19,181				—				2,792				24,235				46,208
Mandalay Bay			18,694				11				167				25,181				44,053
The Mirage			(1,115	)			—				4,272				16,392				19,549
Luxor			18,012				339				249				10,035				28,635
Treasure Island (1)			12,984				—				341				7,368				20,693
New York-New York			10,353				74				2,224				7,609				20,260
Excalibur			12,149				—				960				6,567				19,676
Monte Carlo			2,104				—				1,469				5,870				9,443
Circus Circus Las Vegas			1,717				—				(40	)			5,850				7,527
MGM Grand Detroit			13,796				—				6,020				10,764				30,580
Beau Rivage			2,548				—				—				12,103				14,651
Gold Strike Tunica			(99	)			—				2,329				3,275				5,505
Management operations			(594	)			—				—				3,673				3,079
Other operations			(2,549	)			—				511				1,620				(418	)
Unconsolidated resorts			1,838				5,005				—				—				6,843
			156,399				5,429				21,213				170,426				353,467
Stock compensation			(6,612	)			—				—				—				(6,612	)
Corporate			(1,196,019	)			4				1,154,552				16,151				(25,312	)
		$	(1,046,232	)		$	5,433			$	1,175,765			$	186,577			$	321,543

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)

Twelve Months Ended December 31, 2009

						Preopening and				Property				Depreciation
		Operating				start-up				transactions,				and				Adjusted
		income (loss)				expenses				net				amortization				EBITDA
Bellagio		$	157,079			$	—			$	2,326			$	115,267			$	274,672
MGM Grand Las Vegas			123,378				—				30				90,961				214,369
Mandalay Bay			65,841				948				(73	)			93,148				159,864
The Mirage			74,756				—				313				66,049				141,118
Luxor			37,527				(759	)			181				39,218				76,167
Treasure Island (1)			12,730				—				(1	)			—				12,729
New York-New York			45,445				—				1,631				31,479				78,555
Excalibur			47,973				—				(16	)			24,173				72,130
Monte Carlo			16,439				—				(4,740	)			24,895				36,594
Circus Circus Las Vegas			4,015				—				(9	)			23,116				27,122
MGM Grand Detroit			90,183				—				7,336				40,491				138,010
Beau Rivage			16,234				—				157				49,031				65,422
Gold Strike Tunica			29,010				—				(209	)			16,250				45,051
Management operations			7,285				—				2,473				8,564				18,322
Other operations			(4,172	)			—				(57	)			5,988				1,759
Unconsolidated resorts			(139,896	)			52,824				—				—				(87,072	)
			583,827				53,013				9,342				628,630				1,274,812
Stock compensation			(36,571	)			—				—				—				(36,571	)
Corporate			(1,511,132	)			—				1,319,347				60,643				(131,142	)
		$	(963,876	)		$	53,013			$	1,328,689			$	689,273			$	1,107,099

Twelve Months Ended December 31, 2008

						Preopening and				Property				Depreciation
		Operating				start-up				transactions,				and				Adjusted
		income (loss)				expenses				net				amortization				EBITDA
Bellagio		$	257,415			$	—			$	1,130			$	133,755			$	392,300
MGM Grand Las Vegas			170,049				443				2,639				97,661				270,792
Mandalay Bay			145,005				11				1,554				101,925				248,495
The Mirage			99,061				242				6,080				62,968				168,351
Luxor			84,948				1,116				2,999				43,110				132,173
Treasure Island (1)			63,454				—				1,828				37,729				103,011
New York-New York			74,276				726				3,627				32,830				111,459
Excalibur			83,953				—				961				25,235				110,149
Monte Carlo			46,788				—				(7,544	)			25,380				64,624
Circus Circus Las Vegas			33,745				—				5				22,401				56,151
MGM Grand Detroit			77,671				135				6,028				53,674				137,508
Beau Rivage			22,797				—				76				48,150				71,023
Gold Strike Tunica			15,093				—				2,326				13,981				31,400
Management operations			6,609				—				—				10,285				16,894
Other operations			(5,367	)			—				2,718				6,244				3,595
Unconsolidated resorts			76,374				20,281				—				—				96,655
			1,251,871				22,954				24,427				715,328				2,014,580
Stock compensation			(36,277	)			—				—				—				(36,277	)
Corporate			(1,345,197	)			105				1,186,322				62,908				(95,862	)
		$	(129,603	)		$	23,059			$	1,210,749			$	778,236			$	1,882,441

(1) Treasure Island was sold in March 2009.

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2009				2008				2009				2008
Adjusted EBITDA		$	255,573			$	321,543			$	1,107,099			$	1,882,441
Preopening and start-up expenses			(25,474	)			(5,433	)			(53,013	)			(23,059	)
Property transactions, net			(549,358	)			(1,175,765	)			(1,328,689	)			(1,210,749	)
Depreciation and amortization			(167,396	)			(186,577	)			(689,273	)			(778,236	)
Operating loss			(486,655	)			(1,046,232	)			(963,876	)			(129,603	)
Non-operating income (expense):
Interest expense, net			(220,609	)			(169,442	)			(775,431	)			(609,286	)
Other			(12,070	)			82,785				(273,286	)			69,901
			(232,679	)			(86,657	)			(1,048,717	)			(539,385	)
Loss before income taxes			(719,334	)			(1,132,889	)			(2,012,593	)			(668,988	)
Benefit (provision) for income taxes			285,416				(15,122	)			720,911				(186,298	)
Net loss		$	(433,918	)		$	(1,148,011	)		$	(1,291,682	)		$	(855,286	)

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — HOTEL STATISTICS — LAS VEGAS STRIP
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,				December 31,				December 31,				December 31,
		2009				2008				2009				2008
Bellagio
Occupancy %			91.9	%			93.0	%			94.2	%			95.0	%
Average daily rate (ADR)		$	206			$	243			$	204			$	261
Revenue per available room (REVPAR)		$	189			$	226			$	192			$	248
MGM Grand Las Vegas
Occupancy %			89.8	%			89.4	%			94.2	%			95.5	%
ADR		$	112			$	131			$	113			$	147
REVPAR		$	101			$	117			$	106			$	141
Mandalay Bay
Occupancy %			85.5	%			79.2	%			89.1	%			90.2	%
ADR		$	153			$	199			$	159			$	214
REVPAR		$	131			$	158			$	142			$	193
The Mirage
Occupancy %			89.5	%			91.9	%			93.6	%			95.8	%
ADR		$	125			$	145			$	126			$	163
REVPAR		$	112			$	133			$	118			$	156
Luxor
Occupancy %			84.3	%			85.4	%			89.8	%			94.6	%
ADR		$	80			$	103			$	80			$	116
REVPAR		$	67			$	88			$	72			$	110
New York-New York
Occupancy %			90.8	%			91.6	%			93.2	%			95.9	%
ADR		$	98			$	114			$	97			$	128
REVPAR		$	89			$	104			$	90			$	123
Excalibur
Occupancy %			81.2	%			76.9	%			87.4	%			87.9	%
ADR		$	61			$	80			$	61			$	90
REVPAR		$	50			$	61			$	54			$	79
Monte Carlo
Occupancy %			83.5	%			89.1	%			90.0	%			93.9	%
ADR		$	87			$	96			$	85			$	109
REVPAR		$	73			$	85			$	76			$	103
Circus Circus Las Vegas
Occupancy %			76.3	%			71.6	%			83.2	%			84.0	%
ADR		$	44			$	59			$	44			$	64
REVPAR		$	34			$	42			$	37			$	53

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

		December 31,				December 31,
		2009				2008
ASSETS
Current assets:
Cash and cash equivalents		$	2,056,207			$	295,644
Accounts receivable, net			368,474				303,416
Inventories			101,809				111,505
Income tax receivable			384,555				64,685
Deferred income taxes			38,487				63,153
Prepaid expenses and other			103,969				155,652
Assets held for sale			—				538,975
Total current assets			3,053,501				1,533,030
Property and equipment, net			15,069,952				16,289,154
Other assets:
Investments in and advances to unconsolidated affiliates			3,611,799				4,642,865
Goodwill			86,353				86,353
Other intangible assets, net			344,253				347,209
Deposits and other assets, net			352,352				376,105
Total other assets			4,394,757				5,452,532
		$	22,518,210			$	23,274,716
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	155,796			$	142,693
Construction payable			17,923				45,103
Current portion of long-term debt			1,079,824				1,047,614
Accrued interest on long-term debt			206,357				187,597
Other accrued liabilities			923,701				1,549,296
Liabilities related to assets held for sale			—				30,273
Total current liabilities			2,383,601				3,002,576
Deferred income taxes			3,031,303				3,441,198
Long-term debt			12,976,037				12,416,552
Other long-term obligations			256,837				440,029
Stockholders’ equity:
Common stock, $.01 par value: authorized 600,000,000 shares, issued 441,222,251 and 369,283,995 shares and outstanding 441,222,251 and 276,506,968 shares			4,412				3,693
Capital in excess of par value			3,497,425				4,018,410
Treasury stock, at cost: 0 and 92,777,027 shares			—				(3,355,963	)
Retained earnings			370,532				3,365,122
Accumulated other comprehensive loss			(1,937	)			(56,901	)
Total stockholders’ equity			3,870,432				3,974,361
		$	22,518,210			$	23,274,716