CITYCENTER HOLDINGS LLC CHANGES SCOPE OF CITYCENTER

LAS VEGAS — CityCenter Holdings LLC, a joint venture between MGM MIRAGE and Infinity World Development Group, has revealed changes to the scope of CityCenter in Las Vegas. The changes include postponing the opening of The Harmon Hotel & Spa until 2010 and the cancellation of The Harmon residential condominium component. When complete, The Harmon Hotel & Spa will offer 400 rooms and suites. The residential component would have offered 200 residential units, of which 88 are under contract to be sold. Purchasers will be entitled to receive refunds of deposits and given the opportunity to purchase units at the Residences at Mandarin Oriental Las Vegas, Vdara and Veer Towers. With the cancellation of The Harmon residential component, as well as other additional cost savings, the company now anticipates total cost savings of $600 million instead of its previously stated savings of $400 million. Additionally by postponing The Harmon Hotel, CityCenter will defer approximately $200 million in construction costs to complete the interior fit out of The Harmon. All other components of CityCenter remain on schedule for a December 2009 grand opening.