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

                                                        Three Months Ended
                                                      March 31,     March 31,
                                                        2002          2001
    Revenues:
        Casino                                      $  567,389    $  574,748
        Rooms                                          209,019       235,013
        Food and beverage                              187,675       191,561
        Entertainment, retail and other                155,449       163,548
        Income from unconsolidated affiliate             9,225        11,551
                                                     1,128,757     1,176,421
        Less: promotional allowances                   107,617       107,649
                                                     1,021,140     1,068,772
    Expenses:
        Casino                                         282,541       295,185
        Rooms                                           55,674        60,804
        Food and beverage                               98,197       103,733
        Entertainment, retail and other                100,977       105,283
        Provision for doubtful accounts                 12,058        14,649
        General and administrative                     147,580       145,508
        Preopening expenses and other                    2,239           875
        Depreciation and amortization                  103,373        95,943
                                                       802,639       821,980

    Operating Profit                                   218,501       246,792

    Corporate Expense                                   10,635        10,824
    Operating Income                                   207,866       235,968

    Non-Operating Income (Expense):
        Interest income                                  1,240         2,032
        Interest expense, net                          (72,597)      (97,536)
        Interest expense from unconsolidated affiliate    (277)         (817)
        Other, net                                      (2,623)       (1,145)
                                                       (74,257)      (97,466)

    Income Before Income Taxes and Extraordinary Item  133,609       138,502
        Provision for income taxes                     (51,653)      (53,830)

    Income Before Extraordinary Item                    81,956        84,672

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

    Net Income                                        $ 81,956      $ 83,894

    Income Before Preopening and other and
     Extraordinary Item                               $ 83,411      $ 85,241



                               MGM MIRAGE AND SUBSIDIARIES
                                PER SHARE OF COMMON STOCK
                                       (Unaudited)

                                                         Three Months Ended
                                                       March 31,     March 31,
                                                         2002          2001
    Per Share Of Common Stock:
        Basic:
        Income Before Extraordinary Item                 $0.52         $0.54
        Extraordinary Item, net                             --         (0.01)
        Net Income Per Share                             $0.52         $0.53

        Weighted Average Shares Outstanding (000's)    158,011       159,219

        Diluted:
        Income Before Extraordinary Item                 $0.51         $0.53
        Extraordinary Item, net                             --         (0.01)
        Net Income Per Share                             $0.51         $0.52

        Weighted Average Shares Outstanding (000's)    160,152       161,320



                                MGM MIRAGE AND SUBSIDIARIES
                        SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
                                        (Unaudited)

                                                         Three Months Ended
                                                       March 31,     March 31,
                                                         2002          2001
    Per Share Of Common Stock:
        Basic:
        Income Before Preopening and other and
          Extraordinary Item                             $0.53         $0.54
        Preopening expenses and other, net               (0.01)           --
        Extraordinary Item, net                             --         (0.01)
        Net Income Per Share                             $0.52         $0.53

        Weighted Average Shares Outstanding (000's)    158,011       159,219

        Diluted:
        Income Before Preopening and other and
          Extraordinary Item                             $0.52         $0.53
        Preopening expenses and other, net               (0.01)           --
        Extraordinary Item, net                             --         (0.01)
        Net Income Per Share                             $0.51         $0.52

        Weighted Average Shares Outstanding (000's)    160,152       161,320


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

                                                        Three Months Ended
                                                      March 31,     March 31,
                                                        2002          2001
    NET REVENUES:
        Bellagio                                    $  244,448    $  260,240
        MGM Grand Las Vegas                            184,987       188,748
        The Mirage                                     144,906       169,550
        Treasure Island                                 86,601        97,366
        New York-New York                               50,322        54,418
        Primm Valley Resorts                            51,599        51,233
        Golden Nugget Las Vegas                         45,019        48,448
        Golden Nugget Laughlin                          12,381        12,467
        MGM Grand Detroit                              103,619        88,645
        Beau Rivage                                     71,902        68,813
        Income from Unconsolidated Affiliate             9,225        11,551
        Boardwalk                                        8,113         9,115
        MGM Grand Australia                              7,340         7,145
        MGM Grand South Africa                             678         1,033
                                                    $1,021,140    $1,068,772

    EBITDA:
        Bellagio                                    $   86,645    $   93,515
        MGM Grand Las Vegas                             55,361        47,996
        The Mirage                                      40,004        54,558
        Treasure Island                                 25,596        31,005
        New York-New York                               19,619        23,456
        Primm Valley Resorts                            10,576        11,395
        Golden Nugget Las Vegas                          8,602        11,868
        Golden Nugget Laughlin                           1,918         1,496
        MGM Grand Detroit                               46,126        36,597
        Beau Rivage                                     15,544        14,489
        Income from Unconsolidated Affiliate             9,225        11,551
        Boardwalk                                        1,240         1,700
        MGM Grand Australia                              2,988         2,969
        MGM Grand South Africa                             669         1,015
                                                    $  324,113    $  343,610



                               MGM MIRAGE AND SUBSIDIARIES
                          SUPPLEMENTAL STATISTICAL INFORMATION

                                                         Three Months Ended
                                                       March 31,     March 31,
                                                         2002          2001
    ROOM STATISTICS:
        Bellagio
           Occupancy %                                    95.0%         96.7%
           Average Daily Rate (ADR)                       $177          $195
           Revenue per Available Room (REVPAR)            $168          $189

        MGM Grand Las Vegas
           Occupancy %                                    90.2%         94.9%
           Average Daily Rate (ADR)                       $113          $122
           Revenue per Available Room (REVPAR)            $101          $116

        The Mirage
           Occupancy %                                    94.4%         97.1%
           Average Daily Rate (ADR)                       $122          $133
           Revenue per Available Room (REVPAR)            $115          $129

        Treasure Island
           Occupancy %                                    95.6%         95.2%
           Average Daily Rate (ADR)                        $92          $109
           Revenue per Available Room (REVPAR)             $88          $103

        New York-New York
           Occupancy %                                    95.0%         98.3%
           Average Daily Rate (ADR)                        $90           $93
           Revenue per Available Room (REVPAR)             $85           $91

        Primm Valley Resorts
           Occupancy %                                    65.6%         59.3%
           Average Daily Rate (ADR)                        $36           $39
           Revenue per Available Room (REVPAR)             $23           $23

        Golden Nugget Las Vegas
           Occupancy %                                    94.4%         98.4%
           Average Daily Rate (ADR)                        $61           $65
           Revenue per Available Room (REVPAR)             $58           $64

        Golden Nugget Laughlin
           Occupancy %                                    91.1%         96.1%
           Average Daily Rate (ADR)                        $35           $28
           Revenue per Available Room (REVPAR)             $32           $27

        Beau Rivage
           Occupancy %                                    92.5%         94.1%
           Average Daily Rate (ADR)                        $77           $72
           Revenue per Available Room (REVPAR)             $71           $68

        Boardwalk
           Occupancy %                                    75.5%         89.8%
           Average Daily Rate (ADR)                        $67           $70
           Revenue per Available Room (REVPAR)             $50           $63

        MGM Grand Australia
           Occupancy %                                    64.6%         55.0%
           Average Daily Rate (ADR)                        $58           $56
           Revenue per Available Room (REVPAR)             $37           $31



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

                                         ASSETS
                                                       March 31,  December 31,
                                                         2002         2001

    CURRENT ASSETS:
        Cash and cash equivalents                   $   212,273   $   208,971
        Accounts receivable, net                        136,864       144,374
        Inventories                                      83,144        78,037
        Income tax receivable                                --        12,077
        Deferred income taxes                           138,543       148,845
        Prepaid expenses and other                       67,181        69,623
              Total current assets                      638,005       661,927

    PROPERTY AND EQUIPMENT, NET                       8,843,206     8,891,645

    OTHER ASSETS:
        Investment in unconsolidated affiliates         671,661       632,949
        Goodwill, net                                   104,083       103,059
        Deposits and other assets, net                  210,029       207,863
              Total other assets                        985,773       943,871
                                                    $10,466,984   $10,497,443

                            LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
        Accounts payable                            $    71,662   $    75,787
        Income taxes payable                              5,315            --
        Current portion of long-term debt                10,926       168,079
        Accrued interest on long-term debt               53,830        78,938
        Other accrued liabilities                       573,367       565,106
              Total current liabilities                 715,100       887,910

    DEFERRED INCOME TAXES                             1,753,911     1,746,272
    LONG-TERM DEBT                                    5,299,726     5,295,313
    OTHER LONG-TERM OBLIGATIONS                          69,199        57,248
    STOCKHOLDERS' EQUITY:
        Common stock ($.01 par value: authorized
         300,000,000 shares, issued 165,263,520 and
         163,685,876 shares and outstanding
         158,973,820 and 157,396,176 shares)              1,653         1,637
        Capital in excess of par value                2,084,500     2,049,841
        Treasury stock, at cost
         (6,289,700 and 6,289,700 shares)              (129,399)     (129,399)
        Retained earnings                               679,727       597,771
        Other comprehensive loss                         (7,433)       (9,150)
              Total stockholders' equity              2,629,048     2,510,700
                                                    $10,466,984   $10,497,443