The property, which is scheduled to break ground next month, is being developed by Anthony A. Marnell III. MGM MIRAGE is investing $160 million into the 80 acre mixed-use development, which will be created multiple phases. The first phase of the M Resort will utilize have the available land and be an Italian contemporary designed 400 room resort, spa and casino, with 100,000 square feet of gaming space. There will also be 70,000 square feet of event space. The development integrates a customized collection of amenities including an outdoor canyon pool and entertainment venue, oversized guest rooms, panoramic suites, a top-of-the-tower ultra lounge and a state-of-the-art convention center. It’s expected to cost $700 million, excluding land and debut in mind-2009.

"MGM MIRAGE is pleased to be a part of this unique resort and real estate development," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "We share in Anthony's vision and are very impressed with the experienced management team he has assembled. The M Resort is destined to become the premier project on the South Strip."

"To have the dedication and commitment of one of the world's most respected gaming resort companies with us is a huge validation of the location, design and master plan of The M Resort," said Anthony A. Marnell III. "The financial strength, quality, creativity and experience that this relationship creates will be unmatched on the South Strip."

MGM MIRAGE also announced this week it has cut deals with a pair of landowners to purchase several parcels of land located on the Las Vegas Strip, which, combined with existing holdings, will give the company a new, 78-acre site for future development. The newly acquired real estate was purchased in two separate transactions from two separate landowners.

The company is purchasing a 26-acre parcel located at the southwest corner of Las Vegas Boulevard North and Sahara Avenue from Gordon Gaming Corporation for approximately $444 million, and has separately agreed to purchase several parcels, totaling approximately eight acres, from Concord Wilshire Acquisitions for a price of approximately $131 million. Both transactions reflect a purchase price of approximately $17 million per acre. Both transactions are expected to close in May.

Both purchases include critical Strip frontage property, creating entirely new development opportunities for the company's holdings near Sahara Avenue and the Strip.  MGM MIRAGE is now the largest landholder on the Las Vegas Strip, controlling 865 acres of Strip property, encompassing an incomparable 16,000 linear feet, just more than 3 miles, of Strip-front property.

"These new additions to the MGM MIRAGE real estate portfolio create many new possibilities which we believe will ultimately lead to a much greater return from under-utilized holdings adjacent to this new acreage," said Jim Murren, MGM MIRAGE President and CFO. "We have received significant interest by third parties wishing to partner with MGM MIRAGE on Las Vegas development. We believe this property is ideally suited to exploring the opportunity to master plan with partners a major integrated resort destination."

Mr. Murren also reiterated the company's commitment to Circus Circus and its operations.

"We are proud of our Circus Circus operation there and are excited about this opportunity to, over time, generate additional traffic to that portion of the Strip."

Al Hummel, CEO of Gordon Gaming noted, "We are very pleased to sell our property to a fine organization like MGM, knowing that any ultimate development will be fully in keeping with the Bennett family legacy. We would like to especially thank Northern Trust for overseeing this transaction on behalf of the Bennett family.

"Also we would like to acknowledge and thank our advisors who assisted with the transaction. SG Americas Securities, LLC acted as Exclusive Financial Advisor and Joint Transaction Advisor, along \with CB Richard Ellis' Global Gaming Group (Las Vegas). Gordon Gaming was represented primarily by Latham & Watkins, LLP (Orange County and San Diego) and Brownstein Hyatt Farber Schreck, P.C. (Las Vegas)," Mr. Hummel said.

MGM MIRAGE holdings on the North Strip include 44 acres located north of Circus Circus Drive, along Industrial Road, where the Circus Circus Manor and KOA Circusland RV Park are currently located. These new acquisitions give the company a contiguous 78-acre parcel, adjacent to the 24-acre Circus Circus Las Vegas site, on which to plan future development.

Long-term master planning for the land will now begin, with expectations the company will identify one or more development partners with whom it will seek to further its reputation as the premier developer in the industry.

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