SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

YEMENIDJIAN ALEX

(Last)

(First)

(Middle)

3600 LAS VEGAS BLVD. SOUTH

(Street)

LAS VEGAS

89109

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MGM MIRAGE [ MGG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/03/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	M		2,500	A	$40.22	2,500	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	M		4,500	A	$34.15	7,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	M		3,750	A	$30.55	10,750	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	M		1,250	A	$28.5	12,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		2,500	D	$75.7975	9,500	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		4,500	D	$75.7975	5,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		3,750	D	$75.0975	1,250	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		1,250	D	$75.0975	0	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	M		73,400	A	$13	73,400	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		5,400	D	$75.8975	68,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		10,000	D	$75.6975	58,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		10,000	D	$75.4975	48,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		10,000	D	$75.3975	38,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		10,000	D	$75.2975	28,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		10,000	D	$75.1975	18,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		5,000	D	$75.1475	13,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		8,300	D	$74.9975	4,700	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		1,700	D	$74.9945	3,000	D
Common Stock $.01 Par Value ND	02/03/2005	02/03/2005	S		3,000	D	$75.7975	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to buy)	$13	02/03/2005	02/03/2005	M			73,400	12/04/1998	12/04/2005	Common Stock $.01 Par Value ND	73,400	$0	331,060	D
Stock Options (Right to buy)	$28.5	02/03/2005	02/03/2005	M			1,250	05/13/2004	05/13/2013	Common Stock $.01 Par Value ND	1,250	$0	3,750⁽¹⁾	D
Stock Options (Right to buy)	$30.55	02/03/2005	02/03/2005	M			3,750	05/01/2002	05/01/2011	Common Stock $.01 Par Value ND	3,750	$0	1,250⁽²⁾	D
Stock Options (Right to buy)	$34.15	02/03/2005	02/03/2005	M			4,500	08/01/2001	08/01/2010	Common Stock $.01 Par Value ND	4,500	$0	0⁽³⁾	D
Stock Options (Right to buy)	$40.22	02/03/2005	02/03/2005	M			2,500	05/07/2003	05/07/2012	Common Stock $.01 Par Value ND	2,500	$0	2,500⁽²⁾	D

Explanation of Responses:

1. Options granted under MGM MIRAGE 1997 Nonqualified Stock Option Plan. Vesting plan calls for options to become exercisable in equal 25% yearly amounts commencing on the first anniversary of the grant date.

2. Options issued pursuant to the December 2001 MGM MIRAGE Stock Option Surrender/Regrant Program.

3. Represents options regranted to the reporting person pursuant to the Company's 2001 Stock Option Exchange Program.

	Bryan L. Wright, Attorney-In-Fact	02/04/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.