Mandalay Resort Group
announced today that Mandalay and MGM Mirage have discussed terms for a
potential acquisition of Mandalay by MGM for $71.00 per share in cash. The
terms would offer significantly greater assurances of closing for
Mandalay’s shareholders than did MGM’s previous acquisition proposal.
Such terms will be presented to Mandalay’s Board of Directors at a meeting
expected to be held the afternoon of Tuesday, June 15, 2004. Neither
Mandalay nor its management has entered into any agreement on this matter.
There can be no assurances that a definitive agreement will be reached.
Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay
Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus
Circus—Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and
Nevada Landing in Jean and Railroad Pass in Henderson. The company also
owns and operates Gold Strike, a hotel/casino in Tunica County,
Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and
owns a 50% interest in and operates Monte Carlo in Las Vegas. In addition,
the company owns a 50% interest in and operates Grand Victoria, a
riverboat in Elgin, Illinois, and owns a 53.5% interest in and operates
MotorCity in Detroit, Michigan.