LAS VEGAS, May 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today announced that its Board of Directors has approved a new stock
repurchase program authorizing the Company to purchase up to twenty million
shares of Company common stock. The purchases can be made from time to time
through open market purchases, privately negotiated third party
transactions or other transactions including but not limited to tender
offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million
shares in the current quarter to date, thereby leaving 1.36 million shares
outstanding under the previous share repurchase program approved in
December 2007.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in four other properties
in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major
casino and non-casino resorts, separately and with partners in Las Vegas,
Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE has received numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy
programs. For more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in the
company's public filings with the Securities and Exchange Commission.
SOURCE MGM MIRAGE
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Related links:
http://www.mgmmirage.com
CONTACT:
Investment Community, DANIEL J. D'ARRIGO,
Executive Vice President and Chief Financial Officer,
+1-702-693-8895; or News Media, ALAN M. FELDMAN, Senior Vice
President, Public Affairs, +1-702-650-6947, both of MGM MIRAGE
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