EX-12.2 5 p72551exv12w2.htm EXHIBIT 12.2 exv12w2
 

Exhibit 12.2
MANDALAY RESORT GROUP
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
    Year Ended January 31,  
    2001     2002     2003     2004     2005  
                            (In thousands)          
Income before income tax and extraordinary loss
   $ 194,392     $ 93,006     $ 195,334     $ 232,318     $ 359,516  
Minority interest
     16,746       29,352       40,650       57,353       61,220  
Fixed charges:
                                        
Interest expense
     219,940       221,352       207,114       193,236       188,442  
Proportionate share joint venture interest
     9,888       7,501       7,172       8,089       8,245  
Rentals representing an interest factor (1/3 of operating rental expense)
     14,407       11,357       17,042       7,212       469  
 
                              
Earnings as defined
     455,373       362,568       467,312       498,208       617,892  
 
                              
 
                                        
Fixed charges (including capitalized items):
                                        
Interest expense
     219,940       221,352       207,114       193,236       188,442  
Proportionate share joint venture interest
     9,888       7,501       7,172       8,089       8,245  
Capitalized interest
     1,645       1,039       13,203       7,624       1,031  
Rentals representing an interest factor
     14,407       11,357       17,042       7,212       469  
 
                              
Fixed charges as defined
     245,880       241,249       244,531       216,161       198,187  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges
     1.85x       1.50x       1.91x       2.30x       3.12x