MGM Resorts International (MGM) 8-K MGM Mirage Reports Second Quarter Financial Results

Exhibit 99.1

PRESS RELEASE FOR IMMEDIATE RELEASE

MGM MIRAGE REPORTS SECOND QUARTER FINANCIAL RESULTS

Significant Capital Raise Improves Financial Position;
Operating Trends Stabilize in Second Quarter

Las Vegas, Nevada, August 3, 2009— MGM MIRAGE (NYSE: MGM) today announced its financial results for the second quarter of 2009. The Company reported a second quarter diluted loss per share of $0.60 compared to income per share of $0.40 in the prior year second quarter. The current year result was impacted by non-cash impairment charges of $188 million, or $0.34 per diluted share net of tax, primarily related to the Company’s investment in a convertible note. The Company also recorded losses on the retirement of long-term debt of $58 million primarily related to the redemption of senior debentures required to permit the Company’s recent secured note issuances — an impact of $0.11 per diluted share net of tax.

The following key results for the quarter are presented on a “same store” basis excluding the results of TI in the prior year as the Company completed the sale of TI in March 2009:

• Net revenue decreased 17% to $1.5 billion;

• Las Vegas Strip REVPAR¹ decreased 31%;

• Casino revenue decreased 12%, mainly as a result of lower table games volume at the Company’s Las Vegas Strip resorts;

• Property EBITDA² was $357 million, a 34% decrease from the 2008 second quarter; excluding impairment charges, property transactions, and preopening expenses, Property EBITDA was $379 million, or down 29% on a comparable basis.

The following table lists items which affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):

Three months ended June 30,	2009			2008
Preopening and start-up expenses	$	(0.02	)	$	(0.02	)
Monte Carlo fire business interruption income (recorded as a reduction of general and administrative expenses)		—			0.02
Property transactions net:
Monte Carlo fire property damage income		—			0.02
Other property transactions, net		(0.01	)		(0.02	)
North Las Vegas Strip joint venture impairment charge		(0.02	)		—
Convertible note impairment charge		(0.32	)		—
Loss on early retirement of long-term debt		(0.11	)		—

As previously disclosed, during the second quarter the Company secured funding for the completion of CityCenter, issued $1.15 billion of equity through an offering of common stock, issued $1.5 billion of senior secured notes, and secured key amendments to its senior credit facility.

“This has been a monumental quarter for us, as the significant capital market transactions and other corporate finance activities meaningfully improved our financial position,” said Jim Murren, MGM MIRAGE Chairman and Chief Executive Officer. “Perhaps as important, we saw a more stabilized — though still difficult — operating environment in the second quarter. Our operating teams are focused on continuing to sequentially increase cash flow and our CityCenter team is driving towards completion and opening of CityCenter. We believe CityCenter will invigorate the Las Vegas market and be a key component of the future growth of MGM MIRAGE.”

1MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

Detailed Discussion of Second Quarter Operating Results
(Results are presented on a same store basis excluding TI)

Total casino revenue declined 12%, with slots revenue down 11% for the quarter. The Company’s table games volume, excluding baccarat, was down 15% in the quarter, while baccarat volume increased 17% in the 2009 quarter. The overall table games hold percentage was slightly higher in 2009 than the prior year quarter and near the mid-point of the Company’s normal 18% to 22% range in both periods.

Rooms revenue decreased 29%. Las Vegas Strip REVPAR decreased 31% with average room rates down 29%. Occupancy and room rates continued to be negatively impacted by weakness in convention bookings and business travel, which put downward pressure on rates throughout the Company’s customer segments. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended June 30,	2009			2008
Occupancy %		94	%		97	%
Average Daily Rate (ADR)	$	111		$	156
Revenue per Available Room (REVPAR)	$	104		$	151

“While we expect the business and convention market to remain challenging in the near term, we are seeing signs of improvement in future bookings and believe we are increasing our market share by offering a superior product and proven best-in-class customer service,” said Mr. Murren.

Food and beverage revenue decreased 13%. The Company’s catering, restaurants and nightclubs continued to be impacted by the reduction in convention business and decreased occupancy. Entertainment revenues were flat at the Company’s Las Vegas Strip resorts driven by a strong event calendar.

Corporate expense increased to $43 million compared to $27 million in the 2008 second quarter. Approximately $13 million of this increase was due to legal and advisory costs related to the Company’s activities to improve its financial position.

Income from unconsolidated affiliates decreased to $4 million for the quarter compared to income of $17 million in the 2008 second quarter. The current year results included a $12 million impairment charge, or $0.02 per diluted share net of tax, related to the write-off of development costs related to the Company’s postponed joint venture project on the North Las Vegas Strip.

Property EBITDA was down 29% on a comparable basis to the prior year quarter with a margin of 25% compared to a 30% margin in the second quarter of 2008. The following table lists the items that impacted comparability of Property EBITDA (expense/(income)):

Three months ended June 30,	2009		2008
	(In thousands)
Joint venture impairment charge	$	12,314	$	—
Preopening and start-up expenses		9,410		6,910
Monte Carlo fire business interruption (recorded as a reduction of general and administrative expenses)		—		(9,146	)
Property transactions net:
Monte Carlo fire property damage income		—		(9,639	)
Other property transactions		320		6,780

Operating income for the second quarter decreased 59% to $131 million and was also impacted by the items above. Excluding these items along with corporate property transactions, operating income decreased 50% compared to the 2008 second quarter with a margin of 10% compared to a 17% margin in the prior year.

2MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

“Our second quarter results showed improvement over the first quarter of 2009 in several areas, with Property EBITDA on a comparable basis increasing from $347 million to $379 million with a higher margin — 25% versus 24%,” said Dan D’Arrigo, MGM MIRAGE Executive Vice President and Chief Financial Officer. “Results at our Las Vegas Strip resorts have increased sequentially and we expect even greater improvement as room rates rebound.”

Non-operating expense increased due to higher net interest expense resulting from increased interest rates on the Company’s senior credit facility and recent senior notes issuances, partially offset by higher capitalized interest related to CityCenter. In addition, other non-operating expense includes the convertible note impairment charge of $176 million and losses on the retirement of long-term debt of $58 million in the 2009 second quarter.

Financial Position

The $2.65 billion of debt and equity issuances, completed in the second quarter, significantly improved the Company’s financial position. Also, in conjunction with these transactions the Company secured a long-term amendment to its senior credit facility. The amendment to the senior credit facility permanently waived prior non-compliance with financial covenants and amended the financial covenants to provide for minimum EBITDA and maximum annual capital expenditure tests, replacing the previous leverage and interest coverage tests.

A portion of the net proceeds from the issuance of the senior secured notes and common stock were used to permanently repay approximately $826 million under the senior credit facility. The Company also redeemed all of its 7.25% senior debentures due 2017 for $127 million, and repurchased $885 million of its senior notes due 2009 through a public tender offer.

At June 30, 2009, the Company had approximately $4.1 billion of borrowings outstanding under its senior credit facility with available borrowings of $1.5 billion; total long-term debt was $12.3 billion, down $1.1 billion from December 31, 2008. The Company’s cash balance was $411 million at June 30, 2009.

During the second quarter of 2009 the Company made capital investments of approximately $33 million. In addition, the Company funded $294 million for its portion of the remaining equity contributions to CityCenter which included $224 million in the form of an irrevocable letter of credit, of which $88 million remained to be drawn as of June 30, 2009.

“Our ability to access the capital markets in the second quarter is a testament to our operating strength as well as the incredible demonstration of support our stakeholders have in our Company, our properties and our employees,” said Mr. D’Arrigo. “We will continue to evaluate additional strategies to further enhance our financial position.”

MGM MIRAGE will hold a conference call to discuss its second quarter results at 11:00 a.m. Eastern Daylight Time today. The call can be accessed live at www.companyboardroom.com or www.mgmmirage.com, or by calling 1-800-526-8531 (domestic) or 1-706-758-3659 (international). Until August 10, 2009, a complete replay of the conference call can be accessed by dialing 1-706-645-9291, access code 18140021. A complete replay of the call will also be made available at www.mgmmirage.com. Supplemental detailed earnings information will also be available on the Company’s website.

3MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

1

REVPAR is hotel Revenue per Available Room.

2

“EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization. “Property EBITDA” is EBITDA before corporate expense and stock compensation expense. EBITDA information is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Management uses Property EBITDA as the primary measure of the Company’s operating resorts’ performance, including the evaluation of operating personnel. EBITDA should not be construed as an alternative to operating income, as an indicator of the Company’s operating performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. Also, other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. Reconciliations of consolidated EBITDA to net income and of operating income to Property EBITDA are included in the financial schedules accompanying this release.

* * *

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 throughout the world. 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 Web site athttp://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
(702) 693-8895	(702) 650-6947

4MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
Revenues:
Casino	$	625,570		$	742,183		$	1,290,297		$	1,532,647
Rooms		350,295			523,530			705,339			1,042,271
Food and beverage		357,859			431,563			696,256			833,955
Entertainment		123,373			138,030			241,430			272,868
Retail		54,311			68,818			102,260			132,855
Other		143,802			155,984			281,175			303,957
		1,655,210			2,060,108			3,316,757			4,118,553
Less: Promotional allowances		(161,055	)		(164,389	)		(323,807	)		(339,201	)
		1,494,155			1,895,719			2,992,950			3,779,352
Expenses:
Casino		349,831			400,979			725,348			817,542
Rooms		106,147			139,736			216,974			276,533
Food and beverage		199,032			246,799			393,359			483,071
Entertainment		88,622			98,286			176,364			193,950
Retail		34,455			42,495			66,076			85,659
Other		85,495			96,196			169,301			188,760
General and administrative		273,567			323,811			534,364			644,185
Corporate expense		43,006			26,621			67,367			59,071
Preopening and start-up expenses		9,410			6,957			17,481			12,121
Restructuring costs		50			—			493			329
Property transactions, net		3,248			(118	)		(191,877	)		2,658
Depreciation and amortization		174,368			197,218			351,226			391,557
		1,367,231			1,578,980			2,526,476			3,155,436
Income from unconsolidated affiliates		4,175			17,045			19,724			51,156
Operating income		131,099			333,784			486,198			675,072
Non-operating income (expense):
Interest income		6,296			3,680			10,678			7,146
Interest expense, net		(201,287	)		(145,304	)		(372,923	)		(295,093	)
Non-operating items from unconsolidated affiliates		(12,314	)		(7,288	)		(23,445	)		(17,179	)
Other, net		(234,181	)		(1,564	)		(235,519	)		(1,334	)
		(441,486	)		(150,476	)		(621,209	)		(306,460	)
Income (loss) before income taxes		(310,387	)		183,308			(135,011	)		368,612
Benefit (provision) for income taxes		97,812			(70,207	)		27,635			(137,165	)
Net income (loss)	$	(212,575	)	$	113,101		$	(107,376	)	$	231,447
Per share of common stock:
Basic:
Net income (loss) per share	$	(0.60	)	$	0.41		$	(0.34	)	$	0.82
Weighted average shares outstanding		352,457			277,468			314,718			283,205
Diluted:
Net income (loss) per share	$	(0.60	)	$	0.40		$	(0.34	)	$	0.79
Weighted average shares outstanding		352,457			284,615			314,718			291,508

5

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — NET REVENUES
(In thousands)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2009		2008		2009		2008
Las Vegas Strip	$	1,190,542	$	1,551,148	$	2,378,536	$	3,099,205
Other Nevada		33,238		38,821		61,775		75,671
MGM Grand Detroit		128,097		145,428		264,612		290,208
Mississippi		120,359		139,401		244,204		273,623
Other		21,919		20,921		43,823		40,645
	$	1,494,155	$	1,895,719	$	2,992,950	$	3,779,352

MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA — PROPERTY EBITDA
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,		June 30,
	2009			2008			2009		2008
Las Vegas Strip	$	291,958		$	482,744		$	580,674	$	962,240
Other Nevada		3,219			(735	)		1,702		(1,420	)
MGM Grand Detroit		33,617			38,524			74,169		72,936
Mississippi		28,719			28,616			60,133		55,986
Other		4,047			4,170			8,911		8,749
Unconsolidated resorts		(4,442	)		10,634			3,395		40,001
	$	357,118		$	563,953		$	728,984	$	1,138,492

MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(In thousands)
(Unaudited)

Three Months Ended June 30, 2009

	Preopening				Property
	and start-up		Restructuring		transactions,
	expenses		costs		net		Total
Las Vegas Strip	$	562	$	50	$	157	$	769
Other Nevada		—		—		6		6
MGM Grand Detroit		—		—		—		—
Mississippi		—		—		157		157
Unconsolidated resorts		8,848		—		—		8,848
		9,410		50		320		9,780
Corporate and other		—		—		2,928		2,928
	$	9,410	$	50	$	3,248	$	12,708

Three Months Ended June 30, 2008

	Preopening					Property
	and start-up			Restructuring		transactions,
	expenses			costs		net			Total
Las Vegas Strip	$	394		$	—	$	(3,628	)	$	(3,234	)
Other Nevada		—			—		2,187			2,187
MGM Grand Detroit		(59	)		—		—			(59	)
Mississippi		—			—		(3	)		(3	)
Unconsolidated resorts		6,575			—		—			6,575
		6,910			—		(1,444	)		5,466
Corporate and other		47			—		1,326			1,373
	$	6,957		$	—	$	(118	)	$	6,839

6

MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued)
(In thousands)
(Unaudited)

Six Months Ended June 30, 2009

	Preopening				Property
	and start-up		Restructuring		transactions,
	expenses		costs		net			Total
Las Vegas Strip	$	752	$	493	$	(5,270	)	$	(4,025	)
Other Nevada		—		—		6			6
MGM Grand Detroit		—		—		—			—
Mississippi		—		—		157			157
Unconsolidated resorts		16,729		—		—			16,729
		17,481		493		(5,107	)		12,867
Corporate and other		—		—		(186,770	)		(186,770	)
	$	17,481	$	493	$	(191,877	)	$	(173,903	)

Six Months Ended June 30, 2008

	Preopening				Property
	and start-up		Restructuring		transactions,
	expenses		costs		net			Total
Las Vegas Strip	$	620	$	329	$	(839	)	$	110
Other Nevada		—		—		2,187			2,187
MGM Grand Detroit		135		—		8			143
Mississippi		—		—		2			2
Unconsolidated resorts		11,319		—		—			11,319
		12,074		329		1,358			13,761
Corporate and other		47		—		1,300			1,347
	$	12,121	$	329	$	2,658		$	15,108

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO NET INCOME (LOSS)
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2009			2008			2009			2008
EBITDA	$	305,467		$	531,002		$	837,424		$	1,066,629
Depreciation and amortization		(174,368	)		(197,218	)		(351,226	)		(391,557	)
Operating income		131,099			333,784			486,198			675,072
Non-operating income (expense):
Interest expense, net		(201,287	)		(145,304	)		(372,923	)		(295,093	)
Other		(240,199	)		(5,172	)		(248,286	)		(11,367	)
		(441,486	)		(150,476	)		(621,209	)		(306,460	)
Income (loss) before income taxes		(310,387	)		183,308			(135,011	)		368,612
Benefit (provision) for income taxes		97,812			(70,207	)		27,635			(137,165	)
Net income (loss)	$	(212,575	)	$	113,101		$	(107,376	)	$	231,447

7

MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA
(In thousands)
(Unaudited)

Three Months Ended June 30, 2009

				Depreciation
	Operating			and
	income (loss)			amortization		EBITDA
Las Vegas Strip	$	163,858		$	128,100	$	291,958
Other Nevada		1,696			1,523		3,219
MGM Grand Detroit		22,928			10,689		33,617
Mississippi		12,556			16,163		28,719
Other		1,581			2,466		4,047
Unconsolidated resorts		(4,442	)		—		(4,442	)
		198,177			158,941		357,118
Stock compensation							(9,023	)
Corporate and other							(42,628	)
						$	305,467

Three Months Ended June 30, 2008

				Depreciation
	Operating			and
	income (loss)			amortization		EBITDA
Las Vegas Strip	$	334,457		$	148,287	$	482,744
Other Nevada		(2,220	)		1,485		(735	)
MGM Grand Detroit		24,227			14,297		38,524
Mississippi		13,148			15,468		28,616
Other		2,091			2,079		4,170
Unconsolidated resorts		10,634			—		10,634
		382,337			181,616		563,953
Stock compensation							(9,592	)
Corporate and other							(23,359	)
						$	531,002

Six Months Ended June 30, 2009

				Depreciation
	Operating			and
	income (loss)			amortization		EBITDA
Las Vegas Strip	$	323,841		$	256,833	$	580,674
Other Nevada		(1,369	)		3,071		1,702
MGM Grand Detroit		52,769			21,400		74,169
Mississippi		27,182			32,951		60,133
Other		3,852			5,059		8,911
Unconsolidated resorts		3,395			—		3,395
		409,670			319,314		728,984
Stock compensation							(17,757	)
Corporate and other							126,197
						$	837,424

Six Months Ended June 30, 2008

				Depreciation
	Operating			and
	income (loss)			amortization		EBITDA
Las Vegas Strip	$	667,754		$	294,486	$	962,240
Other Nevada		(4,406	)		2,986		(1,420	)
MGM Grand Detroit		44,288			28,648		72,936
Mississippi		24,961			31,025		55,986
Other		4,672			4,077		8,749
Unconsolidated resorts		40,001			—		40,001
		777,270			361,222		1,138,492
Stock compensation							(20,795	)
Corporate and other							(51,068	)
						$	1,066,629

8

MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

	June 30,			December 31,
	2009			2008
ASSETS
Current assets:
Cash and cash equivalents	$	411,356		$	295,644
Accounts receivable, net		287,862			303,416
Inventories		100,401			111,505
Income tax receivable		134,367			64,685
Deferred income taxes		58,476			63,153
Prepaid expenses and other		82,858			155,652
Assets held for sale		—			538,975
Total current assets		1,075,320			1,533,030
Property and equipment, net		15,924,679			16,289,154
Other assets:
Investments in and advances to unconsolidated affiliates		4,600,375			4,642,865
Goodwill		86,353			86,353
Other intangible assets, net		345,699			347,209
Deposits and other assets, net		377,499			376,105
Total other assets		5,409,926			5,452,532
	$	22,409,925		$	23,274,716
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	117,254		$	142,693
Construction payable		22,096			45,103
Current portion of long-term debt		—			1,047,614
Accrued interest on long-term debt		193,230			187,597
Other accrued liabilities		899,381			1,549,296
Liabilities related to assets held for sale		—			30,273
Total current liabilities		1,231,961			3,002,576
Deferred income taxes		3,581,454			3,441,198
Long-term debt		12,364,839			12,416,552
Other long-term obligations		186,741			440,029
Stockholders’ equity:
Common stock, $.01 par value: authorized 600,000,000 shares, issued 441,007,329 and 369,283,995 shares and outstanding 441,007,329 and 276,506,968 shares		4,410			3,693
Capital in excess of par value		3,487,329			4,018,410
Treasury stock, at cost: 0 and 92,777,027 shares		—			(3,355,963	)
Retained earnings		1,554,838			3,365,122
Accumulated other comprehensive loss		(1,647	)		(56,901	)
Total stockholders’ equity		5,044,930			3,974,361
	$	22,409,925		$	23,274,716

9