EX-99.1 2 a05-6825_1ex99d1.htm EX-99.1

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

CONTACTS:

 

Glenn Schaeffer

702-632-6710

 

Les Martin

702-632-6820

 

MICHIGAN GAMING CONTROL BOARD APPROVES THE

TRANSFER OF MANDALAY’S INTEREST IN THE MOTORCITY CASINO

 

 

Las Vegas, Nevada, April 13, 2005 — MGM MIRAGE (NYSE: MGG) and Mandalay Resort Group (NYSE: MBG) today jointly announced that the Michigan Gaming Control Board has unanimously approved the transfer of Mandalay’s indirect 53.53% ownership interest in the MotorCity Casino to an affiliate of Marian Ilitch.  Mrs. Ilitch, through affiliates, currently owns a 25% interest in the casino.  The MotorCity Casino is located in Detroit, Michigan, where a subsidiary of MGM MIRAGE owns and operates the MGM Grand Detroit Casino.

 

The transaction was entered into in light of applicable Michigan law, which precludes MGM MIRAGE from owning or operating more than one casino in Detroit.  The transaction remains subject to customary closing conditions contained in the definitive agreement and will be completed immediately prior to and subject to the closing of MGM MIRAGE’s merger with Mandalay, which is expected to occur in the second quarter of 2005.

 

About MGM MIRAGE

 

MGM MIRAGE (NYSE: MGG), headquartered in Las Vegas, Nevada, is one of the world’s leading and most respected hotel and gaming companies.  The Company owns and operates 11 casino resorts located in Nevada, Mississippi and Michigan, and has investments in three other casino resorts in Nevada, New Jersey and the United Kingdom.  For more information about MGM MIRAGE, please visit the company’s website at http://www.mgmmirage.com.

 

About Mandalay Resort Group

 

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, Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and owns a 50% interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns a 53.5% interest in and operates MotorCity in Detroit, Michigan.

 

Forward-Looking Statements

 

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about future financial and operating results and MGM MIRAGE’s anticipated acquisition of Mandalay Resort Group.  These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements.  The pertinent risk factors for each company can be found in its Form 10-K on file with the SEC.

 


 

Contacts:

 

For MGM MIRAGE

 

For Mandalay Resort Group

Investors:

 

Jim Murren

 

Glenn Schaeffer

 

 

President, CFO and Treasurer

 

President and CFO

 

 

702-693-8877

 

702-632-6710

 

 

 

 

 

Media:

 

Alan Feldman

 

Joele Frank

 

 

Senior Vice President, Public Affairs

 

Joele Frank, Wilkinson, Krimmer, Katcher

 

 

702-891-7147

 

212-355-4449

 

 

 

 

 

 

 

 

 

 

 

 

George Sard/Stephanie Pillersdorf

 

 

 

 

Citigate Sard Verbinnen

 

 

 

 

212-687-8080