EXHIBIT 23.1

INDEPENDENT AUDITORS’ CONSENT

We consent to the incorporation by reference in Registration Statement No. 33-18278 of Mandalay Resort Group on Form S-8 of our report dated June 13, 2003 appearing in this Annual Report on Form 11-K/A of the Mandalay Resort Group Employees’ Profit Sharing and Investment Plan for the year ended December 31, 2002.

DELOITTE & TOUCHE LLP

Las Vegas, Nevada

June 25, 2003