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Mandalay Stockholders Approve Merger

Mandalay Resort Group today
announced that this morning at its 2004 annual meeting of stockholders the
Agreement and Plan of Merger dated as of June 15, 2004 among MGM MIRAGE,
MGM MIRAGE Acquisition Co. #61 and the company was approved by the
company’s stockholders. The transactions contemplated by the agreement are
still subject to the satisfaction of other customary closing conditions
contained in the agreement, including the receipt of all regulatory and
governmental approvals. Accordingly, there can be no assurance as to when
or if the merger will be consummated. At the meeting, stockholders also elected management’s nominees, William
E. Bannen, Jeffrey D. Benjamin and Rose McKinney-James, to new three-year
terms as members of the company’s board of directors and ratified the
appointment of Deloitte & Touche LLP as the company’s independent auditors
for the year ending January 31, 2005.