8-K/A

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K/A
Amendment #1

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 5, 2003
MANDALAY RESORT GROUP (Exact Name of Registrant as specified in its charter)
Nevada (State or other jurisdiction of incorporation)	1-8570 (Commission File Number)	88-0121916 (IRS Employer Identification No.)
3950 Las Vegas Boulevard South, Las Vegas, Nevada 89119 (Address of Principal Executive Offices)
Registrant's telephone number, including area code (702) 632-6700

(Former Name or Former Address, if Changed Since Last Report)

INFORMATION INCLUDED IN THIS REPORT

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

        Exhibits

4.1*	Second Amendment Agreement, dated February 5, 2003, to the Revolving Loan Agreement and Term Loan Agreement, both dated August 22, 2001, by and among Mandalay Resort Group, the banks named therein and Bank of America, N.A. as administrative agent.
99.1*	Consolidated Financial Statements and related Independent Auditors' Report.
99.2	Independent Auditors' Report of KPMG LLP with respect to their audits of Detroit Entertainment L.L.C.

*

This exhibit was included in the original filing.

Signatures

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MANDALAY RESORT GROUP
Dated: February 11, 2003	By:	/s/  GLENN SCHAEFFER Glenn Schaeffer President, Chief Financial Officer and Treasurer

Index to Exhibits

No.	Description
4.1*	Second Amendment Agreement, dated February 5, 2003, to the Revolving Loan Agreement and Term Loan Agreement, both dated August 22, 2001, by and among Mandalay Resort Group, the banks named therein and Bank of America, N.A. as administrative agent.
99.1*	Consolidated Financial Statements and related Independent Auditors' Report.
99.2	Independent Auditors' Report of KPMG LLP with respect to their audits of Detroit Entertainment L.L.C.

*

This exhibit was included in the original filing.

EX-99.2

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.2

Independent Auditors' Report

The Members
Detroit Entertainment L.L.C.:

        We have audited the balance sheets of Detroit Entertainment L.L.C., as of March 31, 2000, July 31, 2000, October 31, 2000, January 31, 2001, April 30, 2001, July 31, 2001, October 31, 2001 and January 31, 2002 and the related statements of operations, members' equity, and cash flows for the year ended December 31, 1999, for the three month period ended March 31, 2000, for the four month period ended July 31, 2000, and for the three month periods ended October 31, 2000, January 31, 2001, April 30, 2001, July 31, 2001, October 31, 2001 and January 31, 2002 (not presented separately herein). These financial statements are the responsibility of Detroit Entertainment L.L.C.'s management. Our responsibility is to express an opinion on these financial statements based on our audits.

        We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Detroit Entertainment L.L.C. as of March 31, 2000, July 31, 2000, October 31, 2000, January 31, 2001, April 30, 2001, July 31, 2001, October 31, 2001 and January 31, 2002, and the results of its operations and cash flows for the year ended December 31, 1999, for the three month period ended March 31, 2000, for the four month period ended July 31, 2000, and for the three month periods ended October 31, 2000, January 31, 2001, April 30, 2001, July 31, 2001, October 31, 2001 and January 31, 2002 in conformity with accounting principles generally accepted in the United States of America.

/s/  KPMG LLP

February 22, 2002

QuickLinks

Independent Auditors' Report