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Billionaire's Loss is MGM Mirage's Gain

7 September 2000

LOS ANGELES, CALIFORNIA –Sept. 7, 2000 – As reported by Reuters: "...MGM Mirage isn't talking, but reports that Australia's richest man, media tycoon Kerry Packer, supposedly lost $20 million while gambling at the company's ritzy Bellagio resort/casino in July had some Wall Street analysts crowing that MGM Mirage has hit the jackpot.

"…Packer has admitted losses -- but said they were far less that the $20 million newspapers claim he bet away.

"PaineWebber analyst Robin Farley said the reports, if true, could provide a boost for MGM Mirage.

"…Despite the windfall, Farley said she is holding back from revising her earnings estimates.

"…Jeffrey Logsdon of W.R. Hambrecht & Co. said he recently upped his third-quarter earnings estimates for MGM Mirage to 38 cents a share from 32 cents.

"…The 62-year-old Packer, known as Australia's richest man and one of the world's biggest gamblers, called the reports that he lost $20 million `absolutely ridiculous.'

"…Whatever the truth, investors appear to be bullish on MGM Mirage stock in recent days. The company's shares rose $1-7/16 to close at $35-11/16 Tuesday, and are trading near their 52-week high of $36-5/8."

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