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. .