COMPANY OVERVIEW

Collection of Resorts with Worldwide Brand Recognition

Diverse Customer Base

Signature Brands Across All Business Lines

Over 46,000 Hotel Rooms, 1.8 Million Sq Ft of Casino, 1,600 Table Games, & 35,000 Slot Machines

2006 Net Revenue of $7.2 Billion

2006 EBITDA of $2.4 Billion

Significant Domestic & International Development Pipeline Q1 HIGHLIGHTS

Net Revenues up 9% to $1.9 Billion

Property EBITDA of $655 Million, up 7% Over Prior Year

Several All Time Property EBITDA Records: , MGM Grand,

Mandalay Bay, Treasure Island, Monte Carlo, & Beau Rivage

Continued Strength in Property EBITDA Margins at 34%

Repurchased 2.5 Million Shares for $175 Million

Highest Ever First Quarter Diluted EPS from Continuing Operations of $0.55 up 15%

Net Income per share of $0.57 Q1 FINANCIAL RESULTS Unaudited

Three months ended March 31

($ in millions, except EPS) 2006 2007 %

Net Revenue $1,774.4 $1,929.4 9%

Property EBITDA 609.6 655.2 7%

Operating Income 413.4 445.1 8%

Income from Cont. Ops. 139.8 163.0 17%

EPS from Cont. Ops. $0.48 $0.55 15% NET REVENUE

($ in millions) $7,500 $7,176 $7,331

$6,129

$5,625

$4,002 $3,750 $3,658

$1,875

$0 2003 2004 2005 2006 LTM 3/31/07 PROPERTY EBITDA

($ in millions) $3,000

$2,598 $2,645

$2,250 $2,022

$1,500 $1,456 $1,179

$750

$0 2003 2004 2005 2006 LTM 3/31/07 REAL ESTATE

Spring Mountain

Flamingo Rd. Sahara Ave. Tropicana Ave.

Las Vegas Blvd.

Russell Rd.

I-15 LAS VEGAS REAL ESTATE

(MGM MIRAGE has Significant Land Holdings)

LAS VEGAS REAL ESTATE

OVER 250 ACRES ARE UNDER UTILIZED OR UNDEVELOPED CURRENT DEVELOPMENT

CITYCENTER

CITYCENTER

67 Acre Site

4,000 Room Luxury Casino/Hotel

2 Boutique Hotels

470,000 Sq. Ft. of Retail, Dining, & Entertainment

2,653 Residential Units

Total Cost of Approximately $7.4 Billion Excluding Pre-opening & Land

Estimated Residential Gross Sales of $2.7 Billion

Overall Estimated Net Investment of $4.7 Billion

Expect Mid-Teen Return on Net Investment

HOTEL/CASINO Scheduled to Open Late 2009 KERZNER JOINT VENTURE

50/50 Joint Venture

World-Class Multi-Billion Dollar Integrated Resort

MGM to Contribute 40 Acres of Land Valued at $20 million per Acre

Kerzner & Partner to Contribute Cash Equity

Pre-Development to take from 12-18 Months

Construction timeline of up to 36 Months

Kerzner to Oversee Development & Operations

MGM to Provide Technical Assistance

Joint Marketing Agreement Among JV, MGM & Kerzner

Anchor Property to a 102 Acre Resort Campus

MGM GRAND DETROIT

World-Class Hotel & Casino

400 Hotel Rooms & Suites

100,000 Sq. Ft. Casino

Exciting Restaurant, Entertainment, & Nightclubs

Total Estimated Project Cost: Construction: $725 Million Pre-opening: $30 Million Land Cost: $50 Million

Opening Q4 2007 MGM GRAND MACAU

Located on Prime Site

Unique Three Strata Iconic Tower

375 Table Games & 900 Slot Machines

600 Rooms, Suites & Villas

World-Class Entertainment

Signature Restaurants

Substantial Expansion Opportunity (70,000 sq. ft.)

Schedule to Open Late 2007 EXPANSION - WATER CLUB MGM MIRAGE ATLANTIC CITY

72 14 ACRES ACRES ACCELERATING OUR GROWTH PLATFORM

Jean, - American Nevada & Diamond Resorts

Mashantucket Pequot

Diaoyutai

Mubadala

Kerzner STRONG FINANCIAL POSITION

Amended $7 Billion Bank Facility Maturing in October 2011

Significant Bank Capacity

Prudent Portfolio Management

Primm & Laughlin Asset Sales: $600 Million - Over 9X Multiple Closing In Q2 2007

Proven Track Record in Re-Investing In Ourselves INVESTMENT CONSIDERATIONS

Strong Financial Position

Expect Mid-Teen ROI on Growth Capital

Distinctive Position In the Las Vegas Market with Selective Geographic Diversity

Strong Operating Margins

Significant Increase Cash Flow Generation

Significant Domestic & International Development Pipeline “Safe Harbor Provision”

Statements within this presentation which are not historical facts

are “forward looking” statements and “safe harbor statements”

under the Private Securities Litigation Reform Act of 1995 that

involve risk and/or uncertainties, including but not limited to

financial projections, state and federal regulations, construction activities and other risks described in the Company’s public filings

with the Securities Exchange Commission.