LATH041 - MGM MIRAGE Earnings/.

MGM MIRAGE AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30, June 30, June 30,

2000 1999 2000 1999

Revenues:

Casino $379,230 $182,606 $683,865 $320,659

Rooms 114,921 67,426 182,254 122,265

Food and beverage 89,030 40,032 140,156 74,479

Entertainment, retail

and other 91,686 54,668 144,717 95,090

Income from unconsolidated

affiliate 2,740 -- 2,740 6,084

677,607 344,732 1,153,732 618,577

Less: promotional

allowances 50,436 25,672 83,689 48,150

627,171 319,060 1,070,043 570,427

Expenses:

Casino 176,565 82,947 319,923 155,582

Rooms 33,257 21,227 52,753 35,945

Food and beverage 56,644 25,277 84,190 46,267

Entertainment, retail

and other 55,333 29,385 83,800 54,656

Provision for doubtful

accounts and discounts 18,936 12,888 33,862 24,283

General and administrative 87,568 49,436 152,031 83,056

Preopening expenses and

other 1,190 14,107 2,199 22,917

Restructuring costs 18,040 -- 23,519 --

Write-Downs and

Impairments 102,225 -- 102,225 --

Depreciation and

amortization 58,519 29,069 98,390 49,961

608,277 264,336 952,892 472,667

Operating Profit 18,894 54,724 117,151 97,760

Corporate Expense 7,690 4,533 13,507 9,627

Operating Income 11,204 50,191 103,644 88,133

Non-Operating Income (Expense):

Interest income 6,962 370 7,725 697

Interest expense, net (47,371) (11,965) (69,460) (20,151)

Interest expense from

unconsolidated affiliate (273) -- (273) (1,058)

Other, net (350) (332) (512) (533)

(41,032) (11,927) (62,520) (21,045)

Pre-tax Income (Loss) Before

Extraordinary Item and

Cumulative Effect of

Change in Accounting

Principle (29,828) 38,264 41,124 67,088

Benefit (Provision)

for income taxes 11,567 (14,158) (15,080) (24,491)

Income (Loss) Before

Extraordinary Item and

Cumulative Effect of

Change in Accounting

Principle (18,261) 24,106 26,044 42,597

Extraordinary Item:

Loss on Early

Extinguishment of

Debt, net (733) --…