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Mandalay Postpones Stockholders Meeting

Mandalay Resort Group today
announced that it has postponed its annual meeting of stockholders in
order to include for consideration at the annual meeting the Merger
Agreement among Mandalay, MGM Mirage and a subsidiary of MGM Mirage. The
annual meeting was originally scheduled to be held on Tuesday, July 6,
2004. Mandalay will set a new record date and provide additional
information with respect to the annual meeting in a revised proxy
statement to be filed with the Securities and Exchange Commission and
distributed to stockholders.
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.