MGM MIRAGE In Partnership to Develop New Community In Jean, Nevada

American Nevada Corp. and Diamond Resorts team with MGM to create a 166-acre development 25 miles so

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. October 14, 2008

LAS VEGAS, NV, February 13, 2007. MGM MIRAGE (NYSE:MGM) announced that it has entered into a partnership agreement with Jeanco Realty Development, LLC to form a 50/50 joint venture whose purpose is to master plan a mixed-use development on approximately 166-acres of land currently owned by MGM MIRAGE in Jean, Nevada. The agreement values the Jean assets, which currently generate approximately $6 million of annual cash flow, at $150 million.

Jeanco Realty Development, LLC is a joint venture of American Nevada Holdings, LLC, a subsidiary of American Nevada Corporation, and Diamond Resorts, LLC, a subsidiary of the Cloobeck Companies.

Located along Interstate 15, the mostly undeveloped site is well-situated for multi-purpose use, being just 25 miles south of Las Vegas and in close proximity to the proposed Ivanpah Valley Airport.

"As part of our continuing commitment to Southern Nevada, we envision the creation of a community featuring residential, commercial and retail elements in addition to a new hotel casino," said Terry Lanni, MGM MIRAGE Chairman and CEO. "We're very enthusiastic at the prospect of working with our new partners on this new development which we anticipate will have a positive impact on our community overall."

MGM MIRAGE currently operates Nevada Landing Casino and the Gold Strike Hotel and Casino in Jean. Both properties became part of the MGM MIRAGE portfolio during the Mandalay Resort Group merger in April 2005.

"We are delighted that we have this opportunity with MGM and Diamond to use our four decades of mixed-use and community development experience to help provide Southern Nevada with a more positive and enriching environment in Jean," said Brian Greenspun, Chairman of the Greenspun Companies. "We have always believed in the future of Southern Nevada and this is another ANC commitment to play our part in making the dream of Las Vegas better."

"MGM MIRAGE, American Nevada Holdings and the Cloobeck Companies all have long track records of responsible development in the Las Vegas area, and combined represent a significant opportunity for Southern Nevada," said Stephen J. Cloobeck, Chairman and Chief Executive Officer of the Cloobeck Companies. "We are focused on addressing important core issues as we approach the planning process, including affordable workforce housing, sustainability and traffic infrastructure, and look forward to working together to transform what is essentially an empty canvas into a model community." This new partnership is subject to state gaming approvals and is anticipated to close later this year.

As an initial step in this new undertaking, MGM MIRAGE will immediately move toward consolidating assets in Jean, closing the 302-room Nevada Landing property by April 18, 2007, and focusing its efforts in the market at the nearby Gold Strike.

"This move will expedite our efforts in Jean," added Mr. Lanni. "In addition to making better utilization of the land, it will allow us to more properly match capacity with demand and concentrate ongoing improvement efforts in the market on a single entity, rather than splitting focus between two competing properties."

Nevada Landing currently has approximately 300 employees. It is anticipated that all employees will be afforded the ability to transfer to either new positions at the Gold Strike property, as that property increases operations, or to other MGM MIRAGE properties in Southern Nevada. MGM MIRAGE Human Resource professionals will implement programs to assist Nevada Landing employees with their transition to new positions. Employees will be able to take part in interview training, job fairs and other beneficial guidance provided by MGM during the coming weeks.

As part of the refocusing of assets in Jean, Gold Strike will receive more than 100 additional gaming machines to supplement its existing casino operations. Gold Strike is also currently in the midst of a renovation of the property's more than 800 guest rooms. Additional enhancements at Gold Strike are expected to follow.