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MGM Grand Macau Begins Construction

MACAU – (PRESS RELEASE) -- MGM MIRAGE (NYSE: MGM) -- At a ceremony held Wednesday morning in Macau, MGM Grand Paradise, the international partnership of Pansy Ho and MGM MIRAGE, officially launched construction on its joint venture MGM Grand Macau, which on opening in the second half of 2007 will take the Macau gaming industry to a new level.

Terry Lanni, Chairman of the Board and Chief Executive Officer of MGM MIRAGE said "Our decision to invest in Macao's future came some time ago. Recent financial indications in the market simply reinforce our decision and our desire to get to work. Our strong partnership with Pansy Ho will enable us to combine our collective experience to do something special in Macau."

The MGM Grand Macau hotel tower will be a unique structure located on a prime waterfront site in Macau's central Nam Van gaming district. The 600-room resort hotel will rise 28-floors into the sky and as the shimmering glass of the building reflects the South China Sea, the shape of the building itself will reflect the rolling swell of the ocean surf. Separated into three distinct horizontal segments as it rises, the exterior walls curve rhythmically like waves in the ocean. The resort will feature a signature atrium which will be the focus of the resort.

The casino will feature 300 table games and 1,000 slots with room for significant expansion. Other features planned at the new Macau resort include a luxurious spa, convertible convention space, entertainment facilities, and a variety of dining destinations.

Total project cost is set at $975 million, including land, subconcession fees, pre-opening and capitalized interest. Project completion is expected in the second half of 2007.

MGM Grand Paradise, the developer and operator of MGM Grand Macau, is owned 50/50 by Pansy Ho Chiu-King and MGM MIRAGE under a subconcession approved by the government of Macau S.A.R.

Pansy Ho is Managing Director of MGM Grand Paradise; Terry Lanni is its Chairman. Ms. Ho also serves as Managing Director of Shun Tak Holdings Limited, Chairman of Macau Tower Convention & Entertainment Centre and Executive Director of Air Macau Company Limited.

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