CASH COW

[DAVE_007]

maybe I shoulda held MGM too...PR just now..

04/13/2009 20:01 EDT
MGM MIRAGE Receives Bank Support to Fund 100 Percent of Current Construction Costs for CityCenter




LAS VEGAS, April 13 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM), today announced that it has received the support of its banks and has entered into an amendment of its senior credit facility.


Under the newly obtained amendment, MGM MIRAGE's senior lenders have provided the company with the ability to pay the full amount of current construction costs for CityCenter totaling $70 million due no later than April 17, 2009. This amendment allows MGM MIRAGE to fund Dubai World's $35 million share, should Dubai World not do so.


MGM MIRAGE remains committed to finding a long-term solution to the financing of CityCenter to ensure the completion of this important project.


MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts in the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com.


Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission.


Contacts:
Investment Community News Media
DANIEL J. D'ARRIGO ALAN M. FELDMAN
Executive Vice President, Senior Vice President
Chief Financial Officer Public Affairs
[phone] [phone]




SOURCE MGM MIRAGE




CONTACT: DANIEL J. D'ARRIGO, Executive Vice President, Chief Financial Officer, [phone], or ALAN M. FELDMAN, Senior Vice President, Public Affairs, [phone]
Web site: http://www.mgmmirage.com