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: Bellagio, 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 LAS VEGAS 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 BORGATA EXPANSION - WATER CLUB MGM MIRAGE ATLANTIC CITY
72 14 ACRES ACRES ACCELERATING OUR GROWTH PLATFORM
Jean, Nevada - 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.