-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 M4nh8Z3le+KOUfXBhQd97FsAxqRBYicaj9z0noEoZ5VktPJxWfIdGYMv8GJpe54j
 6Na3BUC/tlGgzzVKQ2EuLQ==

<SEC-DOCUMENT>0001104659-03-014720.txt : 20030715
<SEC-HEADER>0001104659-03-014720.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030714173608
ACCESSION NUMBER:		0001104659-03-014720
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030710
FILED AS OF DATE:		20030715

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANDALAY RESORT GROUP
		CENTRAL INDEX KEY:			0000725549
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				880121916
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		3950 LAS VEGAS BLVD S
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119
		BUSINESS PHONE:		7027340410

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CIRCUS CIRCUS ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ENSIGN MICHAEL S
		CENTRAL INDEX KEY:			0000946468

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08570
		FILM NUMBER:		03785949

	BUSINESS ADDRESS:	
		STREET 1:		2880 LAS VEGAS BLVD SOUTH
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89109
		BUSINESS PHONE:		2138917506

	MAIL ADDRESS:	
		STREET 1:		2880 LAS VEGAS BLVD SOUTH
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89109
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>a4.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
  <periodOfReport>2003-07-10</periodOfReport>
  <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000725549</issuerCik>
        <issuerName>MANDALAY RESORT GROUP</issuerName>
        <issuerTradingSymbol>MBG</issuerTradingSymbol>
  </issuer>
  <reportingOwner>
    <reportingOwnerId>
            <rptOwnerCik>0000946468</rptOwnerCik>
            <rptOwnerName>ENSIGN MICHAEL S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
      <isDirector>1</isDirector>
      <isOfficer>1</isOfficer>
      <isTenPercentOwner>0</isTenPercentOwner>
      <isOther>0</isOther>
      <officerTitle>COB, CEO and COO</officerTitle>
    </reportingOwnerRelationship>
  </reportingOwner>
  <nonDerivativeSecurity>
    <securityTitle>
      <value>Common Stock
($.01 2/3 par value)</value>
    </securityTitle>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>M</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>365000</value>
      </transactionShares>
      <transactionValue>
        <value>13.00</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>A</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>2865000</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </nonDerivativeSecurity>
  <nonDerivativeSecurity>
    <securityTitle>
      <value>Common Stock
($.01 2/3 par value)</value>
    </securityTitle>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>S</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>65000</value>
      </transactionShares>
      <transactionValue>
        <value>32.55</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>D</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>2800000</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </nonDerivativeSecurity>
  <nonDerivativeSecurity>
    <securityTitle>
      <value>Common Stock
($.01 2/3 par value)</value>
    </securityTitle>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>S</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>135000</value>
      </transactionShares>
      <transactionValue>
        <value>32.50</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>D</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>2665000</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </nonDerivativeSecurity>
  <nonDerivativeSecurity>
    <securityTitle>
      <value>Common Stock
($.01 2/3 par value)</value>
    </securityTitle>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>S</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>165000</value>
      </transactionShares>
      <transactionValue>
        <value>32.60</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>D</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>2500000</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </nonDerivativeSecurity>
  <derivativeSecurity>
    <securityTitle>
      <value>Option</value>
    </securityTitle>
    <conversionOrExercisePrice>
      <value>13.00</value>
    </conversionOrExercisePrice>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>M</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>266666</value>
      </transactionShares>
      <transactionValue>
        <value>0</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>D</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <exerciseDate>
      <value>2001-02-09</value>
    </exerciseDate>
    <expirationDate>
      <value>2009-02-09</value>
    </expirationDate>
    <underlyingSecurity>
      <underlyingSecurityTitle>
        <value>Common Stock</value>
      </underlyingSecurityTitle>
      <underlyingSecurityShares>
        <value>266666</value>
      </underlyingSecurityShares>
    </underlyingSecurity>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>0</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </derivativeSecurity>
  <derivativeSecurity>
    <securityTitle>
      <value>Option</value>
    </securityTitle>
    <conversionOrExercisePrice>
      <value>13.00</value>
    </conversionOrExercisePrice>
    <transactionDate>
      <value>2003-07-10</value>
    </transactionDate>
    <transactionCoding>
      <transactionFormType>4</transactionFormType>
      <transactionCode>M</transactionCode>
      <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
    <transactionTimeliness>
      <value/>
    </transactionTimeliness>
    <transactionAmounts>
      <transactionShares>
        <value>98334</value>
      </transactionShares>
      <transactionValue>
        <value>0</value>
      </transactionValue>
      <transactionAcquiredDisposedCode>
        <value>D</value>
      </transactionAcquiredDisposedCode>
    </transactionAmounts>
    <exerciseDate>
      <value>2002-02-09</value>
    </exerciseDate>
    <expirationDate>
      <value>2009-02-09</value>
    </expirationDate>
    <underlyingSecurity>
      <underlyingSecurityTitle>
        <value>Common Stock</value>
      </underlyingSecurityTitle>
      <underlyingSecurityShares>
        <value>98334</value>
      </underlyingSecurityShares>
    </underlyingSecurity>
    <postTransactionAmounts>
      <sharesOwnedFollowingTransaction>
        <value>235000</value>
      </sharesOwnedFollowingTransaction>
    </postTransactionAmounts>
    <ownershipNature>
      <directOrIndirectOwnership>
        <value>D</value>
      </directOrIndirectOwnership>
    </ownershipNature>
  </derivativeSecurity>
  <ownerSignature>
    <signatureName>Michael S. Ensign</signatureName>
    <signatureDate>2003-07-14</signatureDate>
  </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----