[LETTERHEAD OF MGM GRAND, INC.]

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FOR IMMEDIATE RELEASE                       CONTACT: ALEX YEMENIDJIAN
- ---------------------                                PRESIDENT, COO & CFO
                                                     (702) 891-3300

                    MGM GRAND ANNOUNCES ARRANGEMENTS FOR UP
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                          TO $2 BILLION IN FINANCING
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LAS VEGAS, NEVADA, JULY 23, 1997 - MGM Grand, Inc. (NYSE:MGG) today announced 
that it has amended, increased and extended its bank facility, and has filed a 
"shelf" registration statement with the Securities and Exchange Commission for 
the potential statement with the Securities and Exchange Commission for the 
potential issuance of debt and equity securities.


The Company's credit facility has been increased to $1.25 billion. In addition, 
the Company has the right to increase the facility to $1.5 billion, and is 
allowed to incur additional pari passu debt financing up to $500 million, and 
unlimited subordinated debt, subject to satisfying certain financial covenants. 
In total, the Company will have the ability to borrow up to $2 billion plus 
unlimited subordinated debt.


MGM Grand enjoys investment grade ratings from both Moody's and Standard and 
Poor's. Although the credit facility can become unsecured at the Company's 
option upon the unsecured facility receiving equivalent ratings, the company 
initially intends to maintain the facility secured. The expanded credit facility
matures in December 2002, with the opportunity to extend the maturity for 
successive one year periods. Currently, the Company can borrow from the facility
at a rate of approximately 6.25%.


The financing, along with free cash flow from operations, may be used to 
complete the City of Entertainment Master Plan at MGM Grand Las Vegas, to fund 
MGM Grand's currently planned projects in other jurisdictions and for general 
corporate purposes, including additional development opportunities and potential
acquisitions.


The bank syndication was led by BA securities, Inc. and the group consists of 26
banks, with Bank of America National Trust and Savings Association as 
Administrative Agent, and Societe Generale, The Bank of Nova Scotia, Bank of 
Scotland, Bankers Trust Company, CIBC Inc., Commerzbank AG-Los Angeles Branch, 
The Long Term Credit Bank of Japan Ltd.-Los Angeles Agency, PNC Bank, National 
Association and Wells Fargo Bank, N.A. as Managing Agents, and Fleet Bank, N.A. 
as Co-Agent.

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Upon the shelf registration becoming effective, the Company will be able to 
issue up to $600 million of debt and equity securities on terms and conditions 
to be determined at the time of sale. Such securities will be offered only by 
means of a prospectus which will set forth in detail the terms of the securities
to be sold.

J. Terrence Lanni, the Company's Chairman and Chief Executive Officer said, "The
$2 billion financing package, when combined with our strong cash flow from 
existing operations, will give us the resources and flexibility to roll out our
previously announced expansion projects and take advantage of other 
opportunities."

Alex Yemenidjian, the Company's President, Chief Operating Officer and Chief 
Financial Officer said, "Our strong operations and balance sheet have made these
new financing arrangements possible. This is an important step in positioning 
MGM Grand as the premier name in gaming entertainment."


MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered in 
Las Vegas, Nevada. The Company owns and operates the MGM Grand Hotel/Casino in 
Las Vegas, the MGM Grand Hotel/Casino in Darwin, Australia, and a 50% interest 
in the New York-New York Hotel/Casino in Las Vegas.


A registration statement relating to the securities covered by the "shelf" 
registration statement has been filed with the Securities and Exchange 
Commission but has not yet become effective. These securities may not be sold 
nor may offers to buy to be accepted prior to the time the registration 
statement becomes effective. This press release does not constitute an offer to 
sell or the solicitation of any offer to buy, nor shall there be any sale of the
securities covered by the "shelf" registration statement in any State wherein 
such offer, solicitation or sale would be unlawful prior to registration or 
qualification under the securities laws of such State.


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