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, Section 17(a) of the Public Utility Holding Company Act of 1935 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^*

MURREN JAMES

(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
X	Officer (give title below)	Other (specify below)
President, CFO & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2004

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	02/23/2004	02/23/2004	M		1,200	A	$13.3125	89,200 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		1,200	D	$43.12	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		1,700	A	$13.3125	89,700 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		1,700	D	$43.11	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		1,500	A	$13.3125	89,500 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		1,500	D	$43.1	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		800	A	$13.3125	88,800 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		800	D	$43.09	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		500	A	$13.3125	88,500 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		500	D	$43.08	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		600	A	$13.3125	88,600 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		600	D	$43.05	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		100	A	$13.3125	88,100 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		100	D	$43.03	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		600	A	$13.3125	88,600 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		600	D	$43	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		300	A	$13.3125	88,300 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		300	D	$42.94	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		1,700	A	$13.3125	89,700 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		1,700	D	$42.92	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		200	A	$13.3125	88,200 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		200	D	$42.91	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		300	A	$13.3125	88,300 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		300	D	$42.87	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		4,900	A	$13.3125	92,900 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		4,900	D	$42.86	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		3,400	A	$13.3125	91,400 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		3,400	D	$42.85	88,000 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	M		3,800	A	$13.3125	91,800 ^{( 1 )}	D
Common Stock $.01 Par Value ND	02/23/2004	02/23/2004	S		3,800	D	$42.84	88,000 ^{( 1 )}	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)
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			1,200	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	1,200	$0	598,800 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			1,700	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	1,700	$0	597,100 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			1,500	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	1,500	$0	595,600 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			800	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	800	$0	594,800 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			500	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	500	$0	594,300 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			600	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	600	$0	593,700 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			100	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	100	$0	593,600 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			600	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	600	$0	593,000 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			300	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	300	$0	592,700 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			1,700	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	1,700	$0	591,000 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			200	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	200	$0	590,800 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			300	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	300	$0	590,500 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			4,900	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	4,900	$0	585,600 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			3,400	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	3,400	$0	582,200 ^{( 2 )}	D
Emp Stk Option (Right to Buy)	$13.3125	02/23/2004	02/23/2004	M			3,800	06/22/1999	06/22/2008	Common Stock $.01 Par Value ND	3,800	$0	578,400 ^{( 2 )}	D

Explanation of Responses:

1. 75,000 of these shares are subject to certain restrictions contained in a Restricted Stock Agreement dated as of June 3, 2002 between MGM MIRAGE and the issuee of the shares. The issuee is eligible for 50% of the shares upon completion of three years of employment with the company from the date of the Agreement and is eligible for 100% of the shares upon completion of four years of employment with the company from the date of the Agreement.

2. Options granted under MGM MIRAGE 1997 Nonqualified Stock Option Plan. Vesting plan calls for options to become exercisable in equal 20% yearly amounts commencing on the first anniversary of the grant date.

	Bryan L. Wright, Attorney-In-Fact	02/25/2004
	** Signature of Reporting Person	Date
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