CityCenter secures first phase of its $3.0 billion senior credit facility

AS VEGAS, Nevada -- (PRESS RELEASE) -- MGM MIRAGE announced today that CityCenter, a joint development project with Dubai World, successfully completed the first phase of its $3.0 billion financing package by securing a $1.8 billion senior bank credit facility. The facility, which matures in April 2013, is expected to be increased to a total amount of $3.0 billion as additional commitments are received. CityCenter has received additional signed commitment letters totaling in excess of $500 million, which commitments are expected to be added to the facility once completed. Both MGM MIRAGE and Dubai World continue to work with additional lenders and will seek the remaining commitment amounts through a syndication process beginning on October 7, 2008.

"Even in the current difficult lending environment, strong well-conceived projects attract financing - CityCenter is such a project. We appreciate the strong support CityCenter has received from these participating financial institutions," said Dan D'Arrigo, Executive Vice President and CFO of MGM MIRAGE. "We and our partner are actively in discussions with additional financial institutions to obtain the additional funding of the credit facility and are receiving strong interest in the syndication process set to launch this week."

The credit facility consists of a $250 million revolver with the remaining amount being in the form of term loans and is secured by substantially all of the assets of CityCenter. The facility is initially priced at LIBOR plus 3.75% through the construction period. This facility is led by Bank of America, Royal Bank of Scotland, UBS, BNP Paribas, and Sumitomo Mitsui. In addition, other current participants include Deutsche Bank, Morgan Stanley, and the Bank of Nova Scotia.

"MGM's strong balance sheet and long track record of superior financial performance combined with the substantial financial resources of our partner uniquely position CityCenter in an obviously difficult credit market," said Mr. D'Arrigo

As previously stated in MGM's Form 10-Q for the period ended June 30, 2008, the estimated net project budget for CityCenter is $8.6 billion, after net residential proceeds of approximately $2.7 billion. The gross project budget consists of $9.3 billion of construction costs (including capitalized interest), $1.7 billion of land, $0.2 billion of preopening expenses, and $0.1 billion of intangible assets. CityCenter is scheduled to be completed in December 2009.

About MGM MIRAGE:

MGM MIRAGE, one of the world's leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.