BancBoston Robertson Stephens Raises Estimates, Reiterates Buy Rating on MGG.

SAN FRANCISCO--(BUSINESS WIRE)--Sept. 30, 1999--

BancBoston Robertson Stephens Senior Gaming and Lodging Analyst Harry C. Curtis today raised estimates and reiterated his Buy rating MGM Grand, Inc. (NYSE:MGM). MGM Grand owns and operates the MGM Grand, its 5,005-room flagship property in Las Vegas and New York-New York, a 2,000-room property also in Las Vegas.

"We are raising estimates and reiterating our Buy rating on MGM," said Curtis. "We believe business trends are strong across the board, but particularly strong at the company's Detroit casino, which opened in late July."

"We are increasing our 1999 earnings-per-share estimate from $1.97 to $2.15, versus consensus of $1.96," said Curtis. "We are maintaining our 2000 earnings-per-share estimate of $2.50, already well ahead of consensus of $2.25. However, given our positive view of the depth of the Detroit market, we believe there could be upside to our 2000 estimate."

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