FORM 4UNITED 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*
JAMES PHYLLIS
(Last)(First)(Middle)
3600 LAS VEGAS BLVD. SOUTH
(Street)
LAS VEGASNV89109
(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
MGM MIRAGE [MGM]		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
SENIOR VP & SENIOR COUNSEL
3. Date of Earliest Transaction (Month/Day/Year)
08/07/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock $.01 Par Value ND 08/07/200808/07/2008M  6,800 A$ 12.74 6,800 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  800 D$ 33.414 6,000 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  100 D$ 33.46 5,900 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  306 D$ 33.47 5,594 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  94 D$ 33.48 5,500 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  200 D$ 33.5 5,300 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  300 D$ 33.504 5,000 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  1,000 D$ 33.574 4,000 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.62 3,500 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  1,000 D$ 33.636 2,500 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.684 2,000 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.764 1,500 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.78 1,000 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.798 500 D  
Common Stock $.01 Par Value ND 08/07/200808/07/2008S  500 D$ 33.816 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 Security3. 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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		11. Nature of Indirect Beneficial Ownership
(Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Emp Stk Option (Right to Buy) $ 12.74 08/07/200808/07/2008M   6,800 02/27/200402/27/2013 Common Stock $.01 Par Value ND 6,800 $ 0 4,200 (1) D  
Emp Stk Option (Right to Buy) $ 34.05       05/03/200605/03/2012 Common Stock $.01 Par Value ND 48,500   48,500 (2) D  
Emp Stock Appreciation Rights $ 60.25       03/03/200903/03/2015 Common Stock $.01 Par Value ND 27,500   27,500 (3) D  
Explanation of Responses:
1. Options granted under MGM MIRAGE Employee Stock Option Plan. Vesting plan calls for options to become exercisable in equal 20% yearly amounts over a period of five years commencing on 2/27/04.
2. Options granted under MGM MIRAGE 2005 Omnibus Incentive Plan. Vesting plan calls for options to become exercisable in equal 20% yearly amounts commencing on the first anniversary of the grant date.
3. SARs granted under MGM MIRAGE 2005 Omnibus Incentive Plan. Vesting plan calls for SARs to become exercisable in equal 20% yearly amounts commencing on the first anniversary of the grant date.
Troy McHenry, Attorney-In-Fact08/08/2008
** Signature of Reporting PersonDate
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.



 
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