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MGM MIRAGE Completes Mandalay Acquisition

MGM MIRAGE today announced
that it has completed its $7.9 billion acquisition of Mandalay Resort
Group . “This is an historic moment not just for our company, but for the
industry,” said Terry Lanni, Chairman and CEO of MGM MIRAGE. “The
combination of MGM MIRAGE and Mandalay Resort Group creates the world’s
leading gaming, entertainment and leisure company. “There will be unrivaled opportunities in our dynamic new organization.
Our dream combination of people and assets creates the best opportunity to
serve an ever more diversified customer base. In representing all segments
of the resort and gaming industry, we are better able to meet those needs
and strategically realize revenue growth. As we do so, we will reach new
milestones in our industry-leading diversity initiatives while at the same
time continue to make a positive impact in the communities we serve,” Mr.
Lanni said.

Immediately prior to the completion of the acquisition, Mandalay closed on
the previously announced sale of its 53.5% interest in the MotorCity
Casino in Detroit, Michigan for approximately $525 million and placed into
escrow Mandalay’s 50% interest in the Grand Victoria riverboat casino in
Elgin, Illinois.

MGM MIRAGE now owns and operates 24 hotel and casino properties in Nevada,
Mississippi and Michigan and has investments in three other properties in
Nevada, New Jersey and the United Kingdom. The company has more than
70,000 employees and pro forma revenues of more than $7 billion.

Jim Murren, MGM MIRAGE’s President, CFO and Treasurer said, “Our excellent
financial position allowed us to complete this transaction while we
maintain maximum flexibility for future growth. We believe that the
combination of these two companies will produce material revenue and cost
enhancement opportunities that result in an immediately accretive
transaction for our shareholders and provide an unparalleled platform to
expand our business.”