OUTLOOK

For the quarter ending June 30, 2005, the Company expects net
revenues of approximately $40.0 million. The Company's actual results could differ materially
from those anticipated in the forward-looking statements as a result
of these risks and uncertainties, including, without limitation, the
financial strength of the interactive entertainment industry,
dependence on new product introductions and the ability to maintain
the scheduling of such introductions, the upcoming console platform
transition and other technological changes, dependence on major
platform manufacturers and other risks more fully described under
"Item 1. The complete list of nominees is:

Best Game

Animal Crossing: Wild World (Nintendo EAD / Nintendo)
- Katsuya Eguchi , Hisashi Nogami, Takashi Tezuka, Kazumi Totaka

God of War (Sony Computer Entertainment America )
- David Jaffe, Shannon Studstill

Guitar Hero (Harmonix Music Systems / RedOctane )
- Rob Kay, Greg LoPiccolo, Alex Rigopulos

Shadow of the Colossus (Sony Computer Entertainment Inc.

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com

Midway Games Inc. (the "Company") based
on currently available information that involve risks and
uncertainties. As a result, CMP is the premier provider of access,
insight and actionable programs designed to connect sellers and buyers in each
of these industries in ways that yield superior return on investment.

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The recently executed publishing
agreements with Warner Bros. We are actively
devoting resources to achieving the size and scale necessary to
generate consistent and significant profits in the next console cycle. The conference call number is (212) 676-5394; please call
five minutes in advance to ensure that you are connected prior to the
presentation.C., GDC Mobile, GDC Asia, Game Developer magazine,
Gamasutra.

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Innovators David Jaffe Tim Schafer and Fumito Ueda Dominate List of Nominees for 6th Annual Game Developers Choice Awards

gamechoiceawards.cmpgame.

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The Company also updated its guidance for
the year ending December 31 , 2005 and provided revenue and earnings
guidance for the quarter ending June 30, 2005.8 million,
compared with 2004 first quarter net revenues of $20.27 per share. The agreement gives Midway the rights to use NBA teams
as well as current and retired NBA players in our games.investor .9%
Royalties and Other 1,867 13.2%
---------------- ----------------
Total Net Revenue $13,815 100."
The ceremony will take place Wednesday, March 22 at 6:30p.com. For more
information on the IGDA, please visit info@igda. CMP
Media is a subsidiary of United Business Media
(http://www.

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(NYSE:MWY ) today announced results of operations for the three month
period ended March 31, 2005.2 million .0 million or $0. Zucker,
president and chief executive officer. Interested parties may also access the live call on the
Internet at www.

This press release contains "forward-looking statements " within
the meaning of the federal securities laws concerning future business
conditions and the outlook for Midway Games Inc. "Voting
on the final recipients will be extremely competitive, and who can spot
excellence and creative achievement better than the creators themselves?"
Nominations were free of charge and open to all IGDA members, ensuring
that the nominees reflect the international development community's opinions.

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m.19) $ (0.9% 1,431 7.com), a global provider of news distribution
and specialist information services with a market capitalization of more than
$3 billion.

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0
million for the year ending December 31, 2005, an increase from the
Company's prior expectation of a net loss of approximately $38. Following its completion, a
replay of the call will be available for twelve months on the Internet
via www.
Net Revenue by Platform
(in thousands)

Three-Months Ended
March 31,
Platform 2005 2004
-------- ---------------- ------------ ----
Sony PlayStation 2 $ 6,391 46.3% $10,809 53. / Microsoft Game Studios )
- Drew Karpyshyn, Brian Kindregan, Luke Kristjanson, Mike Laidlaw, Peter
Thomas, Mac Walters

Psychonauts (Double Fine Productions / Majesco Entertainment Company)
- Tim Schafer, Erik Wolpaw

New Studio

ArenaNet (Guild Wars)
- Mike O 'Brien, Jeff Strain, Patrick Wyatt

Double Fine Productions (Psychonauts)
- Caroline Esmurdoc, Tim Schafer

New Crayon Games (Bonnie's Bookstore)
- Phil Steinmeyer

TellTale Games (Bone: Out From Boneville)
- David Bogan, Kevin Bruner, Dan Connors, Troy Molander

Wideload Games (Stubbs the Zombie in Rebel Without a Pulse)
- Alexander Seropian

About the International Game Developers Association (IGDA)
The International Game Developers Association is a non-profit membership
organization that advocates globally on issues related to digital game
creation.

Computer and Video games are electronic games played using a video screen such as monitor or a TV.

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For the year ending December 31, 2005, Midway continues to expect
net revenues of approximately $225.com)
A core provider of essential information to the professional game
industry, the CMP Game Group offers market-defining content, and drives
community through the Game Developers Conference, GDC Europe, the Serious
Games Summit D.

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Please log on fifteen minutes in advance to ensure that you are
connected prior to the call's initiation.7%
Microsoft Xbox 2,654 19.1%
Nintendo Game Boy Advance 297 2.)
- Koji Hasegawa, Hironobu Nakano, Masanori Kajita, Fumito Ueda

We Love Katamari (Namco Limited / Namco Hometek)
- Keita Takahashi, Takeshi Ugajin

Writing

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Most importantly,
we made further progress during the quarter toward increasing the
strength of our product pipeline.com.1% 184 0.)
- Kenji Kaido , Yasuhide Kobayashi, Fumito Ueda

The Movies (Lionhead Studios / Activision)
- Gary Carr, Peter Molyneux, Mark Webley

Audio

Call of Duty 2 (Infinity Ward / Activision )
- Mark Ganus

Electroplankton (Nintendo)
- Toshio Iwai, Koichi Kyuma, Yuichi Ozaki

God of War (Sony Computer Entertainment America)
- Dave Murrant

Guitar Hero (Harmonix Music Systems / RedOctane)
- Eric Brosius, Kasson Crooker

Project Gotham Racing 3 (Bizarre Creations / Microsoft Game Studios)
- Nick Bygrave, Guy Whitmore, Nick Wiswell

Character Design

City of Villains (Cryptic Studios / NCsoft Corporation )
- Ocala Bellows Kulig, Ryan Butts, Jay Doherty, Jeremy Mattson

God of War (Sony Computer Entertainment America)
- David Jaffe, Terry Smith, Charlie Wen

Oddworld: Stranger's Wrath (Oddworld Inhabitants / Electronic Arts)
- Lorne Lanning, Rich McKain, Iain Morton, Raymond Swanland

Psychonauts (Double Fine Productions / Majesco Entertainment Company )
- Scott Campbell

Shadow of the Colossus (Sony Computer Entertainment Inc.org.

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Business Editors/Video Game Writers

CHICAGO----Midway Games Inc. The
2005 first quarter net loss was $15.0 million with a net loss of
approximately $25. "Guitar Hero," "Project Gotham Racing 3" and "Psychonauts"
follow close behind with three nods.m.

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Zucker.
The ceremony, produced and hosted by the Game Developers Conference (GDC)
and presented by the International Game Developers Association (IGDA), is the
only peer-based, open nomination awards program in the industry where honors
are bestowed to developers by developers.

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1 million. The 2005 first quarter loss
applicable to common stock was $16.com; and

Midway opened a new sales and marketing office in Munich,
Germany to increase the Company's direct-to-retailer
distribution capabilities in Europe and leverage the Company's
growing line of products with international sales potential ,
particularly its PC products.5% 852 4. 'God of War' Leads With Six Nominations , 'Shadow of the Colossus' Garners
Five; 'Guitar Hero,' 'Project Gotham Racing 3' and 'Psychonauts ' Tie With
Three Nods Each

SAN FRANCISCO, Sony Computer Entertainment's "God
of War" and "Shadow of the Colossus" lead the list of nominated games for the
6th annual Game Developers Choice Awards, receiving six and five nominations,
respectively.
"Every year, thousands of nominations are submitted by developers from
around the world," Jason Della Rocca, executive director, IGDA, said.

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Midway Reports 2005 Q1 Net Revenues of $13.8 Million; Q1 EPS of -$0.19

Consistent
with this strategy, we anticipate significantly increasing our
spending and investment in product development which may include
substantial headcount increases and further acquisitions of
development studios. Recipients will be announced during
the GDC, slated for March 20-24, 2006 in San Jose, Calif.

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Interactive Entertainment for animated
film and Cartoon Network properties add high profile licensed content
to our portfolio and provide a solid foundation from which to build
our new family-friendly line of games," commented David F. The Company also expects to
release both Unreal Championship 2 and Area 51 in Europe during the
second quarter of 2005 . We expect some of this spending and investment to
adversely impact our 2005 results," added Mr.

These games can be played on computers and video game consoles such as those made by Nintendo, Sony , Sega, Nokia, and Microsoft.

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9 million, compared with a 2004
first quarter net loss of $14. Midway released Unreal Championship 2 in
North America on April 18, 2005 for Xbox and released Area 51 for
PlayStation 2 and Xbox on April 25, 2005.0 million, representing an
approximate 40% increase over 2004 revenue levels.midway.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three-Months Ended
March 31,
------------------- ------
2005 2004
------------ ------------
Net Revenues $ 13,815 $ 20,131

Cost of sales:
Product costs and distribution 5 ,066 9,175
Royalties and product development 3,530 6,325
------------ ------------
Total cost of sales 8,596 15,500
------------ - -----------
Gross profit 5,219 4,631

Research and development expense 8,966 5,069
Selling and marketing expense 7,280 9,078
Administrative expense 4,180 4,309
------------ ------------
Operating loss (15,207) (13,825)
Interest income 628 98
Interest expense (353) (178 )
Other income and (expense), net (633) 62
------------ ------------
Loss before income taxes (15,565) (13,843)
Provision for income taxes 328 328
------------ ------------
Net Loss (15,893) (14,171)
Preferred stock dividends:
Distributed 63 503
Imputed 2 310
------------ ------------
Loss applicable to common stock $ (15,958) $ (14,984)
============ ============

Basic and diluted loss per share of common
stock $ (0.2% 6,855 34.

About the CMP Game Group (http://www.com, the Independent Games Festival, the Game Developers Choice
Awards, and GDCTV.com )
Through its market-leading portfolio of trusted information brands in the
technology, healthcare and lifestyles industries, CMP Media has earned the
confidence of more professionals and enthusiasts in these fields than any
other media company.

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19 per share,
compared with a 2004 first quarter loss applicable to common stock of
$15.
Interactive Entertainment to develop videogames based on Happy
Feet, an animated comedy adventure film written and directed
by George Miller and scheduled for release in November 2006.
Furthermore, in the next console cycle , we intend to produce the vast
majority of our products using internal studio resources. is hosting a conference call and simultaneous
webcast open to the general public at 4:45 p.0%
================ ================

The 6th annual Game Developer Choice Awards are supported by Platinum
Sponsor Motorola and Gold Sponsor AGEIA. In addition to the voted award
categories, honors will be presented for the Lifetime Achievement, First
Penguin , Community Contribution, Maverick and Innovation awards.

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Interactive Entertainment, licensing Cartoon Network
properties for videogames based on four of the network's
top-rated programs. The multi-territory agreements include
games for consoles, handheld devices and the PC platform;

Midway also signed a publishing agreement with Warner Bros. EDT today, Monday , May
9, 2005.

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"The first quarter revenue is in line with our guidance and the
reported net loss was better than what we projected. The Company now expects a net loss of approximately $47 .fulldisclosure. Midway videogames are available
for play on major videogame platforms including the PlayStation(R)2
computer entertainment system, Xbox(TM) video game system from
Microsoft, and Nintendo GameCube(TM) and Game Boy(R) Advance.27)
============ ============
Average number of shares outstanding 85,642 55,830
============ ============


MIDWAY GAMES INC.)
- Atsuko Fukuyama, Hitoshi Niwa, Shunpei Suzuki, Fumito Ueda

Game Design

Animal Crossing: Wild World (Nintendo EAD / Nintendo)
- Katsuya Eguchi, Hisashi Nogami , Takashi Tezuka, Kazumi Totaka

God of War (Sony Computer Entertainment America)
- David Jaffe

Nintendogs (Nintendo EAD / Nintendo)
- Tsutomu Kaneshige, Hideki Konno , Shigeru Miyamoto, Kiyoshi Mizuki

Psychonauts (Double Fine Productions / Majesco Entertainment Company)
- Erik Robson, Tim Schafer

Shadow of the Colossus (Sony Computer Entertainment Inc.)
- Jinji Horagai, Takuya Seki, Hajime Sugiyama, Masanobu Tanaka

Visual Arts

God of War (Sony Computer Entertainment America)
- Steve Caterson, Terry Smith, Charlie Wen

Project Gotham Racing 3 (Bizarre Creations / Microsoft Game Studios)
- Gren Atherton , Julie McGurren, Peter Roe, Kiki Wolfkill

Resident Evil 4 (Capcom Production Studio 4 / Capcom Entertainment)
- Yusuke Hashimoto, Yoshiaki Hirabayashi, Yusuke Kan, Masaki Yamanaka

Shadow of the Colossus (Sony Computer Entertainment Inc. The 3rd Reich (Irrational Games / Vivendi Universal
Games)
- Ken Levine

God of War (Sony Computer Entertainment America )
- David Jaffe, Marianne Krawcyzk, Alex Stein

Indigo Prophecy (Quantic Dream / Atari )
- David Cage

Jade Empire (BioWare Corp. The IGDA's mission is to strengthen the international game
development community and effect change to benefit that community.cmp.

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CONFERENCE CALL

Midway Games Inc. is a leading developer and publisher of
interactive entertainment software .

MIDWAY GAMES INC.
Consolidated Balance Sheets
(In thousands)

March 31, December 31,
2005 2004
------------ ------------
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 93,350 $ 118,313
Receivables, net 7,014 15,724
Inventories 5,952 6,893
Capitalized product development costs 42,227 27,850
Prepaid expenses and other current assets 8,296 6 ,570
------------ ------------
Total current assets 156,839 175,350

Capitalized product development costs 1,461 809
Property and equipment, net 19,639 15,470
Goodwill 39,576 39,533
Other assets 11,646 11,155
----- ------- ------------
Total assets $ 229,161 $ 242,317
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 8,213 $ 6 ,673
Accrued compensation and related benefits 6,295 5,183
Accrued royalties 4,144 3,493
Accrued selling and marketing 1,700 3,525
Current portion of long-term debt 3,333 3,333
Other accrued liabilities 11,004 11,249
------------ ------------
Total current liabilities 34,689 33,456

Long-term debt 9,444 10,278
Deferred income taxes 7,101 6,773
Other noncurrent liabilities 1,375 340

Redeemable convertible preferred stock,
Series D, redeemable at $4,460 4,455 4,453
Stockholders' equity:
Common stock 879 879
Additional paid-in capital 392 ,313 392,177
Accumulated deficit (206,505) (190,612)
Accumulated translation adjustment (1,235) (1,420)
Deferred compensation (3,727) (4,379)
Treasury stock (9,628) (9,628 )
------------ ------------
Total stockholders ' equity 172,097 187,017
-------- ---- ------------
Total liabilities and stockholder's
equity $ 229,161 $ 242,317
------------ ------ ------

MIDWAY GAMES INC.
"Recognizing and showcasing individual achievement in the creation of
games is a core principle of the GDC," Jamil Moledina, director, Game
Developers Conference, said.

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Other first quarter operating and financial items include:

Midway released Mortal Kombat: Deception for GameCube and one
budget videogame, NARC, for PlayStation 2 and Xbox, in North
America;

Midway signed publishing agreements with Warner Bros. at the San
Jose Civic Auditorium.
The IGDA membership will vote on the finalists .

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0 million or $0.
The multi-territory agreement includes games for consoles,
handheld devices and the PC platform;

Midway signed a new non-exclusive licensing agreement with the
NBA to continue to develop and publish sequels to our
highly-successful NBA Ballers title on an every-other-year
basis.
"We are very excited about our product pipeline and the growth we
expect to achieve in this area in 2005 and 2006.0
million. Business - Risk Factors " in the Company's Annual Report on
Form 10-K for the year ended December 31, 2004, and in the more recent
filings made by the Company with the Securities and Exchange
Commission.1%
Nintendo Gamecube 2,606 18. "For that reason, we are proud to produce and
host the Choice Awards.)
- Junichi Hosono, Fumito Ueda

Technology

Battlefield 2: Modern Combat (Digital Illusions / Electronic Arts)
- Fred Gill, Mans Vestin

Guitar Hero (Harmonix Music Systems / RedOctane)
- Eran Egozy, Eric Malafeew, Phil Winston

Nintendogs (Nintendo EAD / Nintendo)
- Tsutomu Kaneshige

Project Gotham Racing 3 (Bizarre Creations / Microsoft Game Studios)
- Edmund Clay, Roger Perkins, Phil Teschner, Ian Wilson

Shadow of the Colossus (Sony Computer Entertainment Inc.com.

About CMP Media (http://www.

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FIRST QUARTER RESULTS

Net revenues for the 2005 first quarter were $13.cmpgame.

They involve one or more people playing against a computer or each other.

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The
NBA will also work closely with Midway to heavily promote NBA
Ballers sequels with marketing and global branding through the
league's various assets including NBA TV and NBA. The Company expects
major releases for the second half of the year to include: LA Rush,
Mortal Kombat Shaolin Monks, The Suffering: Ties That Bind, Gauntlet:
Seven Sorrows, Ed,Edd 'n Eddy: The Mis-Edventures and Blitz: The
League.0% $20,131 100.
For more information about the Game Developers Choice Awards, check out
http://www. For more information, please visit http://www.

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