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LAS VEGAS- Mandalay Resort Group stockholders on Friday approved the company’s $7.9-billion merger with MGM Mirage. Completion of the transaction is expected during the first three months of 2005.The deal was signed by Mandalay in June after MGM upped its cash-per-share offer to $71, a 30% premium to Mandalay’s closing share price the day before MGM made its initial offer of $68 per share. The deal includes $4.8 billion in equity, $600 million in convertible debentures and $2.5 billion in outstanding Mandalay debtThe acquisition will give the combined company more than two dozen properties throughout Nevada, Mississippi, Illinois, Michigan and New Jersey. Moreover, it will give MGM a stranglehold on the Las Vegas Strip and the fifth largest convention center in the US. 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, MS. The company owns a 50% interest in several other casinos: Silver Legacy in Reno, Monte Carlo in Las Vegas, Grand Victoria in Elgin, IL, and MotorCity in Detroit, MI.MGM Mirage owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia, and has investments in two other casino resorts in Nevada and New Jersey. Its portfolio of brands include: Bellagio, MGM Grand Las Vegas, The Mirage, Treasure Island, New York – New York, Boardwalk Hotel and Casino and 50% of Monte Carlo–all located on the Las Vegas Strip. At the California-Nevada border, it owns Whiskey Pete’s, Buffalo Bill’s, Primm Valley Resort and two championship golf courses. As well, it owns the Shadow Creek golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast; MGM Grand Detroit Casino in Detroit, MI; a 50% share of Borgata in Atlantic City. Internationally, MGM owns a 25% interest in Triangle Casino in Bristol, UK. Bank of America Corporation, Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and Societe Generale Group acted as financial advisors and Morgan Stanley provided a fairness opinion to MGM MIRAGE. Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro, LLP and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to MGM MIRAGE. Merrill Lynch & Co., Inc. served as financial advisor and Cravath, Swaine & Moore LLP served as legal counsel to Mandalay Resort Group.

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