CityCenter Announces Residential Price Reductions

Closings to Begin in January with The Residences at Mandarin Oriental, Las
Vegas

LAS VEGAS, Oct. 5 /PRNewswire-FirstCall/ -- CityCenter, the groundbreaking
67-acre city-within-a-city on the Las Vegas Strip, has announced that a 30
percent price reduction will be offered at closing to the existing buyers of
CityCenter's three luxury residential offerings: The Residences at Mandarin
Oriental, Las Vegas, Veer Towers and Vdara Condo Hotel.

"We believe that in this economic climate this price reduction is an
appropriate step to take on behalf of our buyers so as to provide them greater
flexibility in closing on their residences," said Bobby Baldwin, president and
CEO of CityCenter.

Tony Dennis, executive vice president, CityCenter Residential Division,
announced that closings are scheduled to begin in January 2010 with buyers of
The Residences at Mandarin Oriental, Las Vegas. Veer Towers closings are
projected to begin in February 2010 and Vdara Condo Hotel closings in March
2010.

"We are currently scheduling one-on-one meetings with our buyers," said
Dennis. "We are committed to making the closing process as efficient and
seamless as possible."

The price reductions will take effect at closing in accordance with and
subject to the terms and conditions of a fully executed addendum to the
purchase and sale agreement.

Each of the residential offerings makes a unique architectural contribution to
the CityCenter community. The Residences at Mandarin Oriental, Las Vegas,
designed by internationally acclaimed Kohn Pedersen Fox Associates, is
destined to become one Las Vegas' most desirable addresses. Residents of
these 227 luxury condominiums will enjoy full access to Mandarin Oriental, Las
Vegas' amenities - including housekeeping, in-room dining, concierge, the Spa
& Fitness Center and other personalized services.

Veer Towers, located in the heart of CityCenter's retail and entertainment
district, is a masterful translation of energy and excitement into physical
form. Helmut Jahn designed the two, 37-story glass residential towers at
opposing five-degree angle inclines. Open floor plans featuring
floor-to-ceiling windows and wall-to-wall windows, together with the towers'
dramatic inclines, provide spectacular, unobstructed views of Las Vegas and
the surrounding CityCenter buildings from each of the 670 residences.

Adding another dimension to urban living, VdaraCondo Hotel is a 57-story,
internationally inspired all-suite condo hotel and spa designed for those who
love the excitement of Las Vegas but prefer to enjoy it in an exclusive,
non-gaming and smoke-free environment. Designed by RV Architecture, LLC, led
by Rafael Vinoly, Vdara's sleek, shimmering structure will afford guests some
of the most breathtaking views the city has to offer. Physically connected to
Bellagio and directly adjacent to ARIA Resort & Casino, Vdara offers access to
all of the entertainment, gaming, shopping, dining and nightlife at CityCenter
while also providing a retreat from it all.

CityCenter will serve as a remarkable demonstration that a community can be
both beautiful and sustainable while providing exceptional entertainment,
hospitality, and meeting and convention experiences. The project has already
received an unprecedented three Leadership in Energy and Environmental Design
Gold Certifications -- for Aria Resort's hotel tower, Aria Resort's convention
center and theater, and Vdara Hotel.

About CityCenter
CityCenter is an unprecedented urban metropolis opening in December 2009 on 67
acres between Bellagio and Monte Carlo resorts on the Las Vegas Strip.
CityCenter is a joint venture between MGM MIRAGE (NYSE: MGM) and Infinity
World Development Corp, a subsidiary of Dubai World. CityCenter will feature
ARIA, a 61-story, 4,004-room gaming resort; luxury non-gaming hotels including
Las Vegas' first Mandarin Oriental and Vdara Hotel; Veer Towers, the
development's only strictly residential buildings; and Crystals, a
500,000-square-foot retail and entertainment district. Vdara, Mandarin
Oriental, Las Vegas and Veer Towers will include approximately 2,400
residences total. Additionally, The Harmon, a 400-room luxury boutique hotel,
is slated to open at CityCenter in late 2010. CityCenter also will feature a
resident Cirque du Soleil production celebrating the timeless musical legacy
of Elvis Presley; and an unparalleled Fine Art Collection with works by
acclaimed artists including Maya Lin, Jenny Holzer, Nancy Rubins, Claes
Oldenburg and Coosje van Bruggen, among others. CityCenter is a design
collaboration between MGM MIRAGE and eight internationally acclaimed
architectural firms including Pelli Clarke Pelli, Kohn Pedersen Fox, Helmut
Jahn, RV Architecture LLC led by Rafael Vinoly, Foster + Partners*, Studio
Daniel Libeskind*, Rockwell Group and Gensler. Charting a new course for
responsible growth in Las Vegas, MGM MIRAGE is pursuing the U.S. Green
Building Council's Leadership in Energy and Environmental Design (LEED(R))
certification at CityCenter. As planned, the 18-million-square-foot,
multi-use project will become one of the world's largest environmentally
sustainable urban communities. For more information about CityCenter, please
visit www.citycenter.com.

* As a consultant to AAI Architects, Inc.

SOURCE CityCenter

Danielle Coan, or Alison Stout of Glodow Nead Communications, +1-415-364-6500,
danielle@glodownead.com