Exhibit 99
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| PRESS RELEASE | | FOR IMMEDIATE RELEASE |
MGM MIRAGE’S BOARD OF DIRECTORS APPROVES NEW
TWENTY MILLION SHARE REPURCHASE PROGRAM
Las Vegas, Nevada, May 14, 2008— MGM MIRAGE (NYSE: MGM) today announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to purchase up to twenty million shares of Company common stock. The purchases can be made from time to time through open market purchases, privately negotiated third party transactions or other transactions including but not limited to tender offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million shares in the current quarter to date, thereby leaving 1.36 million shares outstanding under the previous share repurchase program approved in December 2007.
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MGM MIRAGE (NYSE: MGM), one of the world’s leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People’s Republic of China and Abu Dhabi, U.A.E. 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.
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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 |
MGM MIRAGE• 3600 LAS VEGAS BLVD SOUTH• LAS VEGAS, NV 89109• PH: 702.693.7120• FX: 702.693.8626• WWW.MGMMIRAGE.COM
