LAS VEGAS - October 31, 2006 -- The University of Nevada, Las Vegas (UNLV) and the Invent the Future campaign leadership today announced the largest corporate scholarship endowment ever received in the institution's 49-year history. With a $1 million gift from MGM MIRAGE, the university will establish the MGM MIRAGE Academic Excellence Scholarship Endowment. The funds will be used to underwrite scholarships for National Merit(R) scholars at UNLV.
"The MGM MIRAGE Academic Excellence Scholarship program will support UNLV's efforts to attract the best and brightest students from Nevada and throughout the United States," said UNLV President Dr. David B. Ashley. "The perpetuity of this endowment will allow us to continue attracting these talented students in the future."
Established in 1955, the National Merit(R) Scholarship Program is an academic competition that honors individual students who demonstrate exceptional academic ability and potential for success in rigorous college studies. Less than one percent of the nation's high school seniors are selected to become National Merit(R) scholars.
"At MGM MIRAGE, we believe education has the potential to uplift the lives of individuals and provide a foundation for a community's growth and development," said MGM MIRAGE Chairman and CEO Terry Lanni. "This gift reinforces our commitment to higher education in Nevada and helps enhance the academic reputation of UNLV."
According to Lanni, MGM MIRAGE will consider providing additional annual gifts of $1 million to the UNLV endowment fund for the next four years.
"We hope that the MGM MIRAGE Academic Excellence Scholarship will become one of the most prestigious awards offered to attract our nation's most promising young scholars to UNLV," noted Stephen Rosenbaum, dean of UNLV's Honors College. "We know that merit-based scholarships are one of the elements academically-talented students look for when selecting their university of choice."
The MGM MIRAGE Academic Excellence Scholarship Endowment will be counted as part of the Invent the Future campaign - - the university's first comprehensive effort to raise $500 million to fund initiatives at UNLV. The campaign has raised more than $332 million in gifts and pledges since 2002. In addition to establishing student scholarships, funds will help attract and retain top faculty, enhance academic research and expand partnerships throughout the university community.
About MGM MIRAGE:
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 23 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau, a hotel-casino resort currently under construction in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at www.mgmmirage.com.
