what if COMPANY OVERVIEW

The Premier Casino Resort Company in the World

World-Class Properties

Operating Expertise Resulting in Industry-Leading Margins

An Employee Base of Over 70,000

Collection of Signature Brands Across all Business Lines

Proven Development Track Record NET REVENUES

($ in millions) $7,500 $7,308

$6,482

$6,000

$4,500 $4,238 $3,863

$3,000

$1,500

$0 2003 2004 2005 LTM 6/30/06 REVENUE MIX LTM 06/30/06

($ in millions)

Entertainment, Retail & Other $1,213 15%

Casino F & B $3,246 $1,509 41% 19%

Rooms $1,988 25% PROPERTY EBITDA

($ in millions)

$2,500 $2,362

$2,082 $2,000

$1,500 $1,431

$1,130 $1,000

$500

$0 2003 2004 2005 LTM 6/30/06 INVESTING IN WINNING BRANDS

World-Wide Brand Recognition Newest Resort Portfolio on the Strip All Resorts Are Expandable Continue to Enhance the Resort Experience Recent Examples: EDITDA (Q2 2006)

EBITDA in Millions $131.0 MGM Grand $82.6 $79.5 $74.0 Wynn $73.2 Venetian $63.2 $46.1 MGM GRAND DETROIT

World-Class Hotel & Casino

400 Hotel Rooms & Suites

100,000 Sq. Ft. Casino

Exciting Restaurant, Entertainment & Nightclubs

Total Project Cost of $765 Million

Opening Late 2007 MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND DETROIT MGM GRAND MACAU MGM GRAND MACAU

Located on Prime Waterfront Site Unique Three Strata Iconic Tower 347 Table Games & 1,037 Slot Machines 600 Rooms, Suites & Villas World-Class Entertainment Signature Restaurants Substantial Expansion Opportunity (70,000 sq. ft.) Schedule to Open Late 2007 MGM GRAND MACAU MGM GRAND MACAU MGM GRAND MACAU MGM GRAND MACAU LAS VEGAS REAL ESTATE

CIrcus MGM Circus Grand

TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay

Other Land Sloan 85 Acres Total Las Vegas Strip Acres - 831 Jean 60 Acres Primm 573 Acres LAS VEGAS REAL ESTATE

CIrcus MGM Circus Grand

TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay

Other Land 150 Undeveloped Acres Sloan 85 Acres 200 Underutilized Acres Jean 60 Acres Primm 573 Acres 350 Acres For Future Development LAS VEGAS REAL ESTATE

CIrcus MGM Circus Grand

TI Las Vegas Strip The NY Bellagio Monte Mirage NY Excalibur Carlo Luxor Mandalay Bay CityCenter

CityCenter CITYCENTER

Monte Carlo Bellagio New York CityCenter Cosmopolitan New York Towers CITYCENTER

CityCenter Hotel/Casino Hotel/Condo

Mandarin Oriental Lifestyle Hotel HOTEL/CASINO HOTEL/CASINO MANDARIN ORIENTAL MANDARIN ORIENTAL RESIDENTIAL RESIDENTIAL SOBELLA LIFESTYLE HOTEL LIFESTYLE HOTEL HOTEL/CONDO HOTEL/CONDO CITYCENTER CITYCENTER

Foster & Partners

SIEMENS CITYCENTER

66 Acre Site - Best Property in Las Vegas 4,000 Room Luxury Casino/Hotel 2 Boutique Hotels 470,000 Sq. Ft. of Retail, Dining, & Entertainment Over 2,700 Residential Units Total Cost of Approximately $7 Billion Estimated Residential Gross Sales of $2.5 Billion Overall Estimated Net Investment of $4.5 Billion Ownership Structure to Suit Our Cash Flow, Earnings & Returns Expect Mid-Teen Return on Net Investment Scheduled to Opening Late 2009 SIGNATURE AT MGM GRAND SIGNATURE AT MGM GRAND SIGNATURE AT MGM GRAND

Three 576-Room Hotel/Condo Towers Tower 1 - Sold Out at $780 per sq. ft. Opened May 2006 Profit to MGM $52 Million in 2006 Accepting Reservations

Tower 2 - Sold Out at $940 per sq. ft Scheduled Opening Dec. 2006 Anticipated Profit to MGM $60+ Million

Tower 3 - Over 80% Sold at $1,065 per sq. ft Scheduled Opening Q2 2007 ATLANTIC CITY

72 Acres for Development INVESTMENT CONSIDERATIONS

Strong Development Pipeline

Expect Mid-Teen ROI on Growth Capital

Distinctive Position In the Las Vegas Market with Selective Geographic Diversity in Domestic & International Markets

Strong Operating Margins

Significant Potential Cash Flow Generation what if