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What If OFFERING SUMMARY 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, Mandalay Bay, 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 Luxor Mandalay Mirage Monte 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 The Harmon 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.
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