Mashantucket Pequot and MGM Mirage Sign Deal

18 Dec 2006

MASHANTUCKET, Connecticut – (PRESS RELEASE) -- The Mashantucket Pequot Tribal Nation (MPTN) and MGM Mirage (NYSE: MGM) announced today that they have signed and entered into a series of agreements to implement their multi-faceted strategic alliance, first announced in April 2006, encompassing a major new destination hotel/casino resort adjacent to Foxwoods Resort Casino and the development of additional gaming and non-gaming projects, both at Mashantucket and outside of Connecticut.

* MGM Mirage will consult with MPTN in the development of the $700 million destination hotel/casino resort, currently under construction at Mashantucket, adjacent to the existing Foxwoods Resort Casino, which is owned and will be operated by MPTN. The new resort will utilize one of the most well-known brands in the hotel/casino resort industry -- MGM Grand -- under a long-term license arrangement, and will contain the kind of meeting and convention, fine dining, night club, entertainment, spa and retail amenities for which Foxwoods and MGM Mirage are famous. Scheduled to open in the Spring of 2008, the new hotel/casino resort will be known as the "MGM Grand at Foxwoods."

* The Mashantucket Pequot Tribal Nation and MGM Mirage will collaborate on the master planning of future destination resorts and other resort facilities at Mashantucket, and nearby. The parties contemplate that additional MGM Mirage brands may be associated with such projects.

* MGM Mirage will provide MPTN with a variety of technical services in connection with operations at Foxwoods Resort Casino and MGM Grand at Foxwoods.

* MPTN and MGM Mirage will develop a variety of cross-marketing opportunities between their resorts.

* MPTN and MGM Mirage have formed a jointly owned company, Unity Gaming, LLC, to acquire or develop gaming and non-gaming enterprises, including Indian and non-Indian gaming, throughout the United States and abroad. MPTN's existing resort development company, Foxwoods Development Co. (FDC), will be MPTN's representative in the new Unity Gaming, LLC, which will be involved in off-reservation and/or out-of-state projects. MGM Mirage will provide a loan of up to $200 million, intended to be used to finance a portion of MPTN's investment in joint projects.

The agreement between the Tribal Nation and MGM Mirage has been reviewed and approved by the National Indian Gaming Commission, the national agency that enforces Indian gaming law.

Terry Lanni, MGM Mirage's Chairman and Chief Executive Officer, said: "Our strategic alliance with the Mashantucket Pequot Tribal Nation will enhance the growth prospects of both partners. Foxwoods, under the experienced management of the Mashantucket Pequot Tribal Nation, is one of the most successful and respected Indian gaming enterprises, operating one of the preeminent hotel/casino resorts in the United States. We are honored to be associated with the Mashantucket Pequots. We look forward to working together as equal partners to combine our talents to develop appropriate gaming and non-gaming opportunities."

Michael J. Thomas, Chairman of the Mashantucket Pequot Tribal Nation, said: "Our longstanding tribal government and the people we serve welcome the beginning of this strategic partnership with MGM Mirage. We look forward to a long relationship in which both the Mashantucket Pequot Tribal Nation and MGM Mirage can proactively grow this region and other regions with jobs and economic development. In the past 8 months, we have come to respect and appreciate MGM Mirage's expertise in the gaming and resort industries and we are convinced that this knowledge will mean a truly spectacular new resort ready for opening in Spring 2008.

"This agreement, as we have said earlier, still puts the direct control and operation of gaming for all facilities at Mashantucket in the hands of the Tribal Nation, an operational control that we are noted for throughout Indian Country and beyond."

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	Mashantucket Pequot and MGM Mirage Sign Deal 18 Dec 2006 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> MASHANTUCKET, Connecticut – (PRESS RELEASE) -- The Mashantucket Pequot Tribal Nation (MPTN) and MGM Mirage (NYSE: MGM) announced today that they have signed and entered into a series of agreements to implement their multi-faceted strategic alliance, first announced in April 2006, encompassing a major new destination hotel/casino resort adjacent to Foxwoods Resort Casino and the development of additional gaming and non-gaming projects, both at Mashantucket and outside of Connecticut. * MGM Mirage will consult with MPTN in the development of the $700 million destination hotel/casino resort, currently under construction at Mashantucket, adjacent to the existing Foxwoods Resort Casino, which is owned and will be operated by MPTN. The new resort will utilize one of the most well-known brands in the hotel/casino resort industry -- MGM Grand -- under a long-term license arrangement, and will contain the kind of meeting and convention, fine dining, night club, entertainment, spa and retail amenities for which Foxwoods and MGM Mirage are famous. Scheduled to open in the Spring of 2008, the new hotel/casino resort will be known as the "MGM Grand at Foxwoods." * The Mashantucket Pequot Tribal Nation and MGM Mirage will collaborate on the master planning of future destination resorts and other resort facilities at Mashantucket, and nearby. The parties contemplate that additional MGM Mirage brands may be associated with such projects. * MGM Mirage will provide MPTN with a variety of technical services in connection with operations at Foxwoods Resort Casino and MGM Grand at Foxwoods. * MPTN and MGM Mirage will develop a variety of cross-marketing opportunities between their resorts. * MPTN and MGM Mirage have formed a jointly owned company, Unity Gaming, LLC, to acquire or develop gaming and non-gaming enterprises, including Indian and non-Indian gaming, throughout the United States and abroad. MPTN's existing resort development company, Foxwoods Development Co. (FDC), will be MPTN's representative in the new Unity Gaming, LLC, which will be involved in off-reservation and/or out-of-state projects. MGM Mirage will provide a loan of up to $200 million, intended to be used to finance a portion of MPTN's investment in joint projects. The agreement between the Tribal Nation and MGM Mirage has been reviewed and approved by the National Indian Gaming Commission, the national agency that enforces Indian gaming law. Terry Lanni, MGM Mirage's Chairman and Chief Executive Officer, said: "Our strategic alliance with the Mashantucket Pequot Tribal Nation will enhance the growth prospects of both partners. Foxwoods, under the experienced management of the Mashantucket Pequot Tribal Nation, is one of the most successful and respected Indian gaming enterprises, operating one of the preeminent hotel/casino resorts in the United States. We are honored to be associated with the Mashantucket Pequots. We look forward to working together as equal partners to combine our talents to develop appropriate gaming and non-gaming opportunities." Michael J. Thomas, Chairman of the Mashantucket Pequot Tribal Nation, said: "Our longstanding tribal government and the people we serve welcome the beginning of this strategic partnership with MGM Mirage. We look forward to a long relationship in which both the Mashantucket Pequot Tribal Nation and MGM Mirage can proactively grow this region and other regions with jobs and economic development. In the past 8 months, we have come to respect and appreciate MGM Mirage's expertise in the gaming and resort industries and we are convinced that this knowledge will mean a truly spectacular new resort ready for opening in Spring 2008. "This agreement, as we have said earlier, still puts the direct control and operation of gaming for all facilities at Mashantucket in the hands of the Tribal Nation, an operational control that we are noted for throughout Indian Country and beyond."