MGM MIRAGE AND SUBSIDIARIES
                		 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                  			(in thousands)
                                  			 (Unaudited)


                        		Three Months Ended             		Nine Months Ended
                   		September 30,  September 30,  		September 30,  September 30,
                       		 2002           	2001          		 2002           	2001
     Revenues:
      Casino           		$554,066      $551,698     		$1,656,137     $1,676,131
      Rooms             		203,632       194,491        		634,447        655,605
      Food and
       beverage         		184,969       174,559        		567,378        557,627
      Entertainment,
       retail and
       other            		168,730       165,775        		510,289        502,725
      Income from
       unconsolidated
       affiliate          		6,720         8,909        			 25,093         30,269
                      		1,118,117     1,095,432      		3,393,344      3,422,357
      Less:
       promotional
       allowances       		106,809       102,543        		319,675        309,020
                      		1,011,308       992,889      		3,073,669      3,113,337
     Expenses:
      Casino            		273,698       287,339        		826,890        857,208
      Rooms              		56,997        59,727        		169,476        181,507
      Food and
       beverage         		107,673       105,021        		312,011        318,088
      Entertainment,
       retail and
       other            		111,146       120,538        		324,851        339,091
      Provision for
       doubtful
       accounts          		(2,349)       27,008         		20,736         58,745
      General and
       administrative   		157,848       156,755        		453,302        453,760
      Corporate expense  	10,620         8,408          		32,185         29,607
      Preopening
       expenses           		5,723         1,091         			12,352          3,071
      Restructuring
       costs (credit)    		    --        19,896        			(10,421)        19,896
      Write-downs and
       impairments       		12,578        47,384         		12,578         47,384
      Depreciation and
       amortization      		96,029        98,697        		296,967        292,034
                        		829,963       931,864      		2,450,927      2,600,391

     Operating Income   	181,345        61,025        		622,742        512,946

     Non-Operating
      Income (Expense):
      Interest income     	1,121         1,408         			3,584          5,188
      Interest expense,
       net              		(71,498)      (84,185)     		 (213,212)      (274,197)
      Interest expense
       from
       unconsolidated
       affiliate             		(8)         (482)          			(596)        (1,992)
      Other, net        		 (2,749)       (1,440)        		(8,283)        (2,911)
                        		(73,134)      (84,699)      		(218,507)      (273,912)

     Income (Loss)
      Before Income
      Taxes and
      Extraordinary
      Item              		108,211       (23,674)       		404,235        239,034
      Benefit
       (Provision) for
        income taxes    		(38,323)        9,321       		(150,516)       (92,129)

     Income (Loss)
      Before
      Extraordinary
      Item               		69,888       (14,353)       		253,719        146,905

     Extraordinary Item:
      Loss on Early
       Extinguishment
       of Debt, net        		(328)           --           			(328)          (778)

     Net Income (Loss)  	$69,560      $(14,353)      		$253,391       $146,127

     Per Share Of
      Common Stock:
      Basic:
      Income (Loss)
       Before
       Extraordinary
       Item               		$0.44       $(0.09)         			$1.60          $0.92
      Extraordinary
       Item, net          		   --            --           			  --             --
      Net Income (Loss)
       Per Share         		$0.44       $(0.09)         			 $1.60          $0.92

      Weighted Average
       Shares
       Outstanding
       (000's)          		158,497       159,198        		158,626        159,255

      Diluted:
      Income (Loss)
       Before
       Extraordinary
       Item               		$0.43       $(0.09)          		$1.58          $0.91
      Extraordinary
       Item, net        		     --            --        			     --             --
      Net Income (Loss)
       Per Share          		$0.43       $(0.09)          		$1.58          $0.91

      Weighted Average
       Shares
       Outstanding
       (000's)         		160,575       159,198        		160,881        161,424



                          		 	MGM MIRAGE AND SUBSIDIARIES
                               			       SUPPLEMENTAL DATA
                                  				 (Unaudited)


                         		Three Months Ended           		Nine Months Ended
                    		September 30,  September 30, 		September 30,  September 30,
                        		2002           	2001          		2002           	2001

     Net Income (Loss)  	$69,560     	$(14,353)      		$253,391       $146,127
     Preopening expenses,
      net                 		3,720           709          			8,029          1,996
     Restructuring costs
      (credit), net      		    --        12,932         			(6,774)        12,932
     Write-downs and
      impairments, net    	8,176        30,800          		8,176         30,800
     Management agreement
      termination fee, net  	 --            --         			(7,419)            --
     Extraordinary item,
      net      		                 328            --            			328            778
     Income Before
      Preopening,
      Restructuring,
      Write-downs and
      impairments,
      Management
      agreement
      termination fee
      and Extraordinary
      item             		 $81,784       $30,088       		$255,731       $192,633


     Per Share Of Common Stock:
      Basic:
      Net Income (Loss)   	$0.44        $(0.09)         		$1.60          $0.92
      Preopening expenses,
       net                 		0.03          0.01           			0.05           0.02
      Restructuring costs
       (credit), net   		      --          0.08          			(0.04)          0.08
      Write-downs and
       impairments, net    	0.05          0.19           			0.05           0.19
      Management agreement
       termination fee, net	  --            --         			 (0.05)            --
      Extraordinary item,
       net            		       --            --             		--             --
      Income Before
       Preopening,
       Restructuring,
       Write-downs and
       impairments,
       Management
       agreement
       termination fee
       and Extraordinary
       item              		$0.52         $0.19         			 $1.61          $1.21

      Weighted Average
       Shares Outstanding
       (000's)          		158,497       159,198        		158,626        159,255

      Diluted:
      Net Income (Loss)  	 $0.43        $(0.09)         		$1.58          $0.91
      Preopening expenses,
       net              		   0.03          0.01           		0.05           0.01
      Restructuring costs
       (credit), net   		      --          0.08          			(0.04)          0.08
      Write-downs and
       impairments, net  	  0.05          0.19           			0.05           0.19
      Management agreement
       termination fee, net	  --            --          			(0.05)            --
      Extraordinary item,
       net              		     --            --             			--             --
      Income Before
       Preopening,
       Restructuring,
       Write-downs and
       impairments,
       Management
       agreement
       termination fee
       and Extraordinary
       item            		   $0.51         $0.19          		$1.59          $1.19

      Weighted Average
       Shares Outstanding
       (000's)          160,575       159,198        160,881        161,424



                           		MGM MIRAGE AND SUBSIDIARIES
                  		SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
                                 			 (in thousands)


                        	 	Three Months Ended           		Nine Months Ended
                    		September 30,  September 30, 		September 30,  September 30,
                        		2002           2001          			2002            2001
     NET REVENUES:
      Bellagio     		 $   245,819   $   233,390    		$   738,704    $   734,096
      MGM Grand Las
       Vegas            		176,703       171,334        		543,246        558,314
      The Mirage        		144,107       144,842        		433,556        478,286
      Treasure Island    	86,159        86,274        		262,667        276,940
      New York-New York  	55,901        53,141        		161,834        161,952
      Primm Valley
       Resorts           		55,533        54,702       			 161,208        159,756
      Golden Nugget
       Las Vegas        		40,728        40,081        		130,577        133,209
      Golden Nugget
       Laughlin          		10,821        11,463         		34,831         35,722
      MGM Grand Detroit  	93,392        87,351        		295,934        264,040
      Beau Rivage       		 77,028        83,312        		223,835        227,168
      Income from
       Unconsolidated
       Affiliate          		6,720         8,909         			25,093         30,269
      Boardwalk          		 8,203         8,356         			24,368         26,669
      MGM Grand
       Australia         		10,194         8,635         		25,724         23,428
      MGM Grand South
       Africa      		          --         1,099        		 12,092          3,488
                    		$ 1,011,308    $  992,889    		$ 3,073,669    $ 3,113,337

     EBITDA:
      Bellagio      		$    91,305    $   62,334    		$   268,319    $   232,166
      MGM Grand
       Las Vegas         		53,470        30,779        		162,233        138,879
      The Mirage         		43,083        26,855        		120,185        129,068
      Treasure Island    	21,617        18,541         		75,018         77,086
      New York-New York  	21,679        18,000         		65,135         65,276
      Primm Valley
       Resorts            		8,331        11,245         			29,252         34,137
      Golden Nugget Las
       Vegas              		2,337         3,981         			18,591         25,108
      Golden Nugget
       Laughlin             		905            82          			4,104          2,909
      MGM Grand Detroit  	35,132        33,201        		123,311        103,928
      Beau Rivage        		16,445        16,866         		49,294         48,561
      Income from
       Unconsolidated
       Affiliate          		6,720         8,909         			25,093         30,269
      Boardwalk           		1,009           859          			3,488          4,232
      MGM Grand
       Australia          		4,262         3,766         			10,299          9,877
      MGM Grand South
       Africa          		      --         1,083         			12,081          3,442
                   		 $   306,295   $   236,501   		 $   966,403    $   904,938



                           			MGM MIRAGE AND SUBSIDIARIES
                       		SUPPLEMENTAL STATISTICAL INFORMATION


                        		Three Months Ended            		Nine Months Ended
                   		September 30,  September 30,  		September 30,  September 30,
                      		 2002           2001           		2002           2001
     ROOM STATISTICS:
      Bellagio
       Occupancy %  		      93.8%         90.0%          		95.2%          95.0%
       Average Daily Rate
        (ADR)              		$169          $159           			$177           $179
       Revenue per
        Available Room
        (REVPAR)          		$159          $143           			$169           $170

      MGM Grand Las Vegas
       Occupancy %      	  92.8%         90.0%          		92.3%          94.5%
       Average Daily Rate
        (ADR)              		$104          $105          			 $110           $114
       Revenue per
        Available Room
        (REVPAR)            	$96           $94           			$102           $108

      The Mirage
       Occupancy %        	95.2%         91.7%          		96.0%          95.7%
       Average Daily Rate
        (ADR)              		$110          $109           			$118           $123
       Revenue per
        Available Room
        (REVPAR)          		 $104          $100           		$114           $118

      Treasure Island
       Occupancy %       	 93.3%         92.5%          		95.7%          95.6%
       Average Daily Rate
        (ADR)               		$90           $88            			$93            $99
       Revenue per
        Available Room
        (REVPAR)            	$84           $81           			 $89            $95

      New York-New York
       Occupancy %        	97.0%         92.2%          		96.0%          96.2%
       Average Daily Rate
        (ADR)               		$87           $80           			 $91            $87
       Revenue per
        Available Room
        (REVPAR)           	 $84           $73            			$87            $84

      Primm Valley Resorts
       Occupancy %        	61.7%         62.0%          		63.4%          60.2%
       Average Daily Rate
        (ADR)               		$38           $38            			$37            $38
       Revenue per
        Available Room
        (REVPAR)           	 $23           $24          			$23            $23

      Golden Nugget
       Las Vegas
       Occupancy %        	94.5%         92.0%          		95.5%          96.4%
       Average Daily Rate
        (ADR)               		$56           $59            			$59            $62
       Revenue per
        Available Room
        (REVPAR)           	 $53           $54            			$56            $60

      Golden Nugget
       Laughlin
       Occupancy %        	84.9%         92.3%          		87.1%          94.0%
       Average Daily
        Rate (ADR)          	$38           $34            			$39            $33
       Revenue per
        Available Room
         (REVPAR)           	$32           $32            			$34            $31

      Beau Rivage
       Occupancy %        	90.6%         95.2%          		93.1%          95.5%
       Average Daily Rate
        (ADR)               		$95           $85            			$89            $81
       Revenue per
        Available Room
        (REVPAR)            	$86           $81            			$83            $78

      Boardwalk
       Occupancy %        	73.2%         81.4%          		73.5%          87.7%
       Average Daily Rate
        (ADR)               		$57           $59            			$62            $65
       Revenue per
        Available Room
        (REVPAR)           	 $42           $48           			 $46            $57

      MGM Grand Australia
       Occupancy %        	88.3%         91.0%          		76.5%          75.0%
       Average Daily Rate
        (ADR)              		 $75           $62            			$68            $59
       Revenue per
        Available Room
        (REVPAR)            	$67           $56           			$52            $44



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

                                      			ASSETS
                                                  	September 30, 		December 31,
                                                     	 2002          			2001

     CURRENT ASSETS:
       Cash and cash equivalents                $    139,199   		$    208,971
       Accounts receivable, net                      114,767        	144,374
       Inventories                                    	84,183         	78,037
       Income tax receivable                           	5,556         		12,077
       Deferred income taxes                          92,489        		148,845
       Prepaid expenses and other                     84,467         	69,623
         Total current assets                        520,661        		661,927

     PROPERTY AND EQUIPMENT, NET    8,786,931      	8,891,645

     OTHER ASSETS:
       Investment in unconsolidated affiliates       709,206        	632,949
       Goodwill, net                                 	104,522        	103,059
       Deposits and other assets, net                313,317        	07,863
         Total other assets                        	1,127,045        	943,871
                                                		$ 10,434,637   	$ 10,497,443


                      		 LIABILITIES AND STOCKHOLDERS' EQUITY

     CURRENT LIABILITIES:
       Accounts payable                         	$     62,915   	$     75,787
       Current portion of long-term debt               6,734        	168,079
       Accrued interest on long-term debt             56,375         	78,938
       Other accrued liabilities                     	      611,749        	565,106
         Total current liabilities                   	     737,773        	887,910

     DEFERRED INCOME TAXES                        1,761,915              1,746,272
     LONG-TERM DEBT                                 	       5,069,243              5,295,313
     OTHER LONG-TERM OBLIGATIONS            107,493                  57,248
     STOCKHOLDERS' EQUITY:
       Common stock ($.01 par value: authorized
        300,000,000 shares, issued 166,364,271
        and 163,685,876 shares and outstanding
        158,938,971 and 157,396,176 shares)            1,664                   	1,637
       Capital in excess of par value              	 2,124,763           	2,049,841
       Deferred compensation                         (28,370)            	--
       Treasury stock, at cost (7,425,300 and
        6,289,700 shares)                           	(180,055)      	(129,399)
       Retained earnings                             	851,162        	597,771
       Other comprehensive loss                      (10,951)       	(9,150)
         Total stockholders' equity                	2,758,213      	2,510,700
                                                		$ 10,434,637   	$ 10,497,443