WELCOME TO THE FALL ISSUE OF
M LIFESTYLE, THE MAGAZINE OF MGM MIRAGE.

For most of us, autumn signifies that another year is coming to a close. For me, it provides an opportunity to reflect on the events of 2005 that have shaped MGM MIRAGE.

With the merger of Mandalay Resort Group, this past year has been one of great growth. We have also laid the groundwork and made huge progress with Project CityCenter, the 66-acre, mixed-use development slated to open in November 2009.

Th is year has held great challenges as well, specifically Hurricane Katrina and the effects on the Gulf Coast and to our Beau Rivage property. MGM MIRAGE is committed to rebuild Beau Rivage as quickly as possible and to help its surrounding communities return to vibrancy and productivity.

Our Las Vegas properties are continuing to boom. We have great new offerings: JET Nightclub at The Mirage; innovative dining with Joel Robuchon at MGM Grand and STACK at The Mirage; as well as holiday shopping destinations at Via Bellagio and Mandalay Place.

We hope you enjoy your visit with us. As you and your families gather to celebrate during the holiday season, MGM MIRAGE wishes you much joy and happiness.

Sincerely,

J. Terrence Lanni
Chairman and CEO
MGM MIRAGE