what if OFFERING SUMMARY

Issuer MGM MIRAGE Amount $500 Million Security Senior Unsecured Notes

Form of Offering Registered Shelf Takedown

Maturity 2016

Call Protection NC-L

Ratings Moody’s Ba2 (Negative)

S&P BB (Stable)

Repay a Portion of the Outstanding Amount Under Use of Proceeds Our $7.0 Billion Senior Credit Facility & for General Corporate Purposes Citi, Banc of America Securities LLC, Deutsche Bank Bookrunners Securities LLC, JPMorgan, RBS Greenwich Capital what if 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

*Excludes Primm Valley Resorts, Laughlin Properties, and Nevada Landing 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, , Treasure Island, and Monte Carlo

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 CONSISTENT CASH FLOW PRODUCTION Property EBITDA

3 Months Ended 3 Months Ended ($ in Millions) March 31, 2006 March 31, 2007 %

Las Vegas Strip $523 $549 +5%

Other Nevada 6 (2) -133%

Detroit, MI 37 35 -5%

Mississippi 9 35 +289%

Unconsolidated Resorts 34 38 +12%

Total $609 $655 +8% CONSISTENT CASH FLOW PRODUCTION Property EBITDA

($ in Millions) LTM as of March 31, 2007

Las Vegas Strip $2,049

Other Nevada 15

Detroit, MI 149

Mississippi 181

Unconsolidated Resorts 251

Total $2,645 NET REVENUES

($ in millions) $8,000 $7,176 $7,331

$6,129 $6,000

$4,002 $4,000 $3,658

$2,000

$0 2003 2004 2005 2006 LTM 3/31/07 Source: Annual Report / 10-K. PROPERTY EBITDA

($ in millions) $3,000 $2,598 $2,645

$2,022 $2,000

$1,456 $1,179

$1,000

$0 2003 2004 2005 2006 LTM 3/31/07 Source: Annual Report / 10-K / Earnings Press Releases. CAPITALIZATION SUMMARY (as of Dec. 31, 2006)

($ in Millions) Historical Pro Forma Cash $ 452.9 $452.9 Senior Debt Senior Credit Facility $4,381.9 $3,881.9 (1) Existing Senior Notes 6,523.2 6,523.2 New Senior Notes - 500.0 (2) Total Senior Debt $10,905.1 $10,905.1 Subordinated Debt $2,089.9 $2,089.9 Total Debt (3) $12,994.9 $12,994.9 Total Leverage (4) 5.0X 5.0X (1) Pro-forma credit facility net of $500 million reduction from new note issuance. (2) Does not include fees. (3) As of 3/31/07 Total Debt is $13,240 million. (4) Leverage calculation pursuant to bank credit facility based on 2006 covenant EBITDA. LAS VEGAS REAL ESTATE

Circus Circus MGM Grand

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

Total Las Vegas Strip Acres - 865 LAS VEGAS REAL ESTATE

Circus Circus MGM TI Grand

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

CityCenter 250 Undeveloped / Underutilized Acres (excluding CityCenter) INVESTING IN THE FUTURE

World-Wide Brand Recognition Newest Resort Portfolio on the Las Vegas Strip All Resorts Are Expandable Continue to Enhance the Resort Experience Strong Development Pipeline LAND PURCHASE AGREEMENTS

In April, 2007, we entered into agreements to purchase several parcels of land on the Northern end of the Las Vegas Strip $444 million purchase price for 26-acre parcel north of our Circus Circus property (expected to close in May 2007)

$131 million purchase price for 8 acres of adjacent land (closed on May 3, 2007) Circus Circus will remain as the gateway to this site and will not be impaired

Combined with the land we already own, this allows us to create a 78 acre site with about 1,600 frontage feet on Las Vegas Boulevard

CITYCENTER

67 Acre Site - Best Property in Las Vegas 4,000 Room Luxury Casino/Hotel 2 Boutique Hotels 470,000 Sq. Ft. of Retail, Dining, & Entertainment 2,700 Residential Units Total Cost of Approximately $7.4 Billion (Before Pre-Opening and Land) Estimated Residential Gross Sales of $2.7 Billion Overall Estimated Net Investment of $4.7 Billion Ownership Structure to Suit Our Cash Flow, Earnings, & Returns Expect Mid-Teen Return on Net Investment Scheduled Opening Late 2009

Hotel/Casino Veer

Vdara Mandarin Sobella

SIGNATURE AT MGM GRAND SIGNATURE AT MGM GRAND DETROIT

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 Carry Cost: $50 Million Opening Q4 2007

MACAU

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.)

Scheduled to Open Late 2007

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 Potential Cash Flow Generation

Desire to Remain Public Company

Strong Existing Covenant Package Guarantees – Upstream and Downstream Lien Basket – Bonds 15% NTA / Bank 10% FMV of Assets Past Practices – Mirage and Mandalay Transactions “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. what if