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MGM Mirage Announces $66 Million in Additional Sales Of Non-Strategic Assets27 September 2000LAS VEGAS, Nevada -- (Press Release) -- Sept. 27, 2000 -- MGM Mirage (NYSE: MGG) announced today that it has entered into agreements for the sale of additional non-strategic assets. When the newly announced transactions are consummated, the company will realize proceeds of approximately $66 million, all of which will be used to further reduce debt. Since completion of its acquisition of Mirage Resorts, Incorporated on May 31, 2000, and including the new transactions, MGM Mirage will have sold non-strategic assets with total proceeds of approximately $220 million. The current asset dispositions include approximately 5.5 acres of undeveloped land on the Boardwalk in Atlantic City, New Jersey (the ``Dunes'' site), the Cascata Golf Course in Boulder City, Nevada, and artwork from the former collection at the Bellagio Gallery of Fine Art. The two properties are being sold to Park Place Entertainment. The sale of the Cascata Golf Course is subject to the approval of the Boulder City Council. The company also intends to sell four of its remaining paintings -- a Renoir, a Morissot and two Modigliani's -- at the upcoming impressionist auction to be held by Sotheby's in New York on November 9, 2000. ``We are continuing our program of disposing assets we do not need for our core business and development activities,'' said MGM Mirage Chairman Terry Lanni. ``We are focusing our on-going art exhibition program at Bellagio on special exhibits -- we are currently exhibiting a superb collection of impressionist art from Washington, D.C.'s Phillip's Collection. ``In Atlantic City, where we have a broad range of development opportunities, we are selling a 5.5-acre parcel which we do not intend to develop. ``We built the Cascata Golf Course in Boulder City to be MGM Grand's answer to the world-famous Shadow Creek. With the acquisition of Mirage Resorts, we now own Shadow Creek. While Cascata is a dynamic golf course of which we are proud, it is no longer essential to our operations in light of owning Shadow Creek and two championship courses next to our Primm Properties,'' said Mr. Lanni. MGM Mirage President and CFO James Murren added: ``When we close these current transactions, we will have reduced our debt by approximately $415 million since the acquisition of Mirage Resorts. Our debt reduction program is well ahead of schedule |