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MGM Grand Macau underperforming

12 May 2008

MACAO -- As reported by the Macau Daily Times: "MGM Mirage, the 50 percent stake holder in the MGM Grand Macau stated its first quarter earnings report that its Macau venue was under-performing and it needed to increase its marketing effort in the mainland.

"The company as a whole reported a 30 percent drop in first-quarter profits, due to a fall in revenue as well as the temporary closure of its Monte Carlo resort.

"In its first full quarter of operations MGM Grand Macau generated net revenues of approximately US$298 million, and property earnings before interest, tax, depreciation and amortisation of US$43 million.

"...As with the other operators, MGM also views the announced casino development slowdown as positive and it does not expect the new policy will hold back its expansion plans for the peninsula or Cotai..."

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