MGM Mirage Sets Project CityCenter Foundation - Monday 26th of June 2006

LAS VEGAS, Nevada – With more than 10,000 cubic yards of concrete delivered by convoy, MGM Mirage set the foundation today for the transformation of the Las Vegas Strip. Project CityCenter, an unprecedented $7 billion urban metropolis, will be defined by spectacular architecture, renowned for premier experiences and unrivaled as the address to live and live it up.

A design collaboration between MGM Mirage (NYSE: MGM) and six internationally acclaimed architects, CityCenter opens in 2009 on 66 acres between Bellagio and Monte Carlo resorts. At the heart of the action on the Las Vegas Strip, CityCenter will feature a soaring 60-story, 4,000-room hotel/casino; two 400-room, non-gaming hotels; 500,000 square feet of retail shops, dining and entertainment venues; and luxury condominiums.

"This marks a significant milestone in our vision to create a living experience like none other in Las Vegas," said Terry Lanni, Chairman and Chief Executive Officer of MGM Mirage. "Project CityCenter's stunning contemporary architecture coupled with its singular collection of amenities will set this global city apart as a place not just to visit, but to live."

MGM Mirage also announced today three additions to the unrivaled architectural design team assembled to bring the CityCenter vision to reality. Studio Daniel Libeskind, Murphy/Jahn Architects and Rockwell Group have been selected to join CityCenter's celebrated and world-class design and architecture team. These firms will give shape to the project's pulse-setting retail/residential component: a modern urban residential district rich with high-end shops, gourmet restaurants and unique pedestrian environments.

"The addition of Studio Daniel Libeskind, Murphy/Jahn and Rockwell Group architectural firms acclaimed for their remarkable global portfolios appropriately round out a design team with the credentials to shape the future look of Las Vegas and set the benchmark for new growth in this city and beyond," said Robert Baldwin, President and CEO of Mirage Resorts, Inc., an operating division of MGM Mirage.

Among Project CityCenter's key elements:

* Hotel/Casino: Designed by Pelli Clarke Pelli Architects, the contemporary design of this striking landmark tower will become the focal point of the Las Vegas skyline;

* Condominium/Hotel: Designed by Rafael Vinoly Architects, this 50-story ebony tower located between Bellagio and the Hotel/Casino will include 1,543 residential units;

* Murphy/Jahn-Designed Residences: Designed by Murphy/Jahn Architects, these two silhouette towers of glass together will include 810 modern, loft-like residences surrounded by the best retail, restaurants and entertainment on the Strip;

* Mandarin Oriental Hotel and Residences: Designed by KPF Architects, this extraordinary building will mix the prestige of an internationally renowned resort brand and its unparalleled amenities with a world-class, five-star hotel and residential experience. Renowned interior designer Adam Tihany, noted for extraordinary projects around the world, will be the principal designer of the Mandarin Oriental Hotel. The Mandarin also will feature 215 luxury residential units;

* Lifestyle Hotel and Residences: Designed by Foster and Partners, this lifestyle hotel conceived and operated by Andrew Sasson's Light Group will define hip, urban living on the Strip and deliver top-flight service and amenities for guests and residents;

* The Retail District: Designed by Studio Daniel Libeskind, Project CityCenter's retail district will feature international luxury brands and high-end couture under a crystalline canopy of unprecedented brilliance. For the interior architecture, David Rockwell and Rockwell Group will create an experiential environment within the retail district complementing the overall city scene. This inviting neighborhood of unique retail shops, dining and entertainment venues will form the core of this urban metropolis.

"Individually, each of these projects is striking and refined," Baldwin said. "Together, they reflect an integrated design approach that promotes discovery, enhances operational efficiencies and customizes the look and feel of this new urban Las Vegas experience."

Project CityCenter's residential Presentation Center will open in January 2007.

Charting a new course for responsible growth in Las Vegas, MGM Mirage is pursuing the U.S. Green Building Council's Leadership In Energy and Environmental Design (LEED) certification at Project CityCenter. The 18-million-square foot, multi-use project will incorporate a variety of elements from the use of reclaimed water to on-site power generation to make it one of the world's largest environmentally sustainable urban communities.

"Designing Project CityCenter with sustainable elements and practices reinforces its permanence and creates a healthier environment for our future tenants and guests, as well as for the 12,000 people who will ultimately work at Project CityCenter," Baldwin said.

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