MGM Mirage Completes Australian Casino Sale

23 Jul 2004

LAS VEGAS – (PRESS RELEASE) -- MGM MIRAGE (NYSE: MGG) announced today that it has completed the previously announced sale of its hotel and casino located in Darwin, Australia to SKYCITY Entertainment Group Limited for A$195 million (approximately US$140 million based on current exchange rates) plus certain working capital adjustments. As a result of this transaction, the company expects to report an after-tax gain from discontinued operations of approximately $50 million in the third quarter.

"We are extremely proud of the accomplishments made by our employees in making this property one of the most successful casinos in Australia. We wish the new owners great success in the future," said James J. Murren, President, Chief Financial Officer and Treasurer of MGM MIRAGE. "From an MGM MIRAGE perspective, the proceeds from this transaction will enable us to deploy capital on several high return growth initiatives."

MGM Grand Australia is located on 18 acres of beachfront property in Darwin, Northern Territory, Australia. The property has approximately 23,800 square feet of gaming space, 107 hotel rooms, 450 slot machines and 26 gaming tables.

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	MGM Mirage Completes Australian Casino Sale 23 Jul 2004 <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> LAS VEGAS – (PRESS RELEASE) -- MGM MIRAGE (NYSE: MGG) announced today that it has completed the previously announced sale of its hotel and casino located in Darwin, Australia to SKYCITY Entertainment Group Limited for A$195 million (approximately US$140 million based on current exchange rates) plus certain working capital adjustments. As a result of this transaction, the company expects to report an after-tax gain from discontinued operations of approximately $50 million in the third quarter. "We are extremely proud of the accomplishments made by our employees in making this property one of the most successful casinos in Australia. We wish the new owners great success in the future," said James J. Murren, President, Chief Financial Officer and Treasurer of MGM MIRAGE. "From an MGM MIRAGE perspective, the proceeds from this transaction will enable us to deploy capital on several high return growth initiatives." MGM Grand Australia is located on 18 acres of beachfront property in Darwin, Northern Territory, Australia. The property has approximately 23,800 square feet of gaming space, 107 hotel rooms, 450 slot machines and 26 gaming tables.