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Business Description
Mandalay Resort Group is a hotel-casino operator consisting of 12 wholly owned resorts in Nevada and Mississippi, as well as investments in four joint ventures with operating resorts in Nevada, Illinois and Michigan. The Company's resorts cater to a variety of customers, from value-oriented to high-end. Mandalay's core market is Las Vegas, Nevada. Mandalay's core market is Las Vegas, Nevada. The Company's properties in Las Vegas are Mandalay Bay, Luxor, Excalibur, Circus Circus, Monte Carlo (50% owned) and Slots-A-Fun, which is situated on a 30,000-square-foot parcel that the Company owns on the Las Vegas Strip. Mandalay also has properties in other areas in Nevada, Mississippi, Michigan and Illinois.

Financial Information
For the nine months ended 10/31/04, revenues rose 15% to $2.16 billion. Net income rose 67% to $212.6 million. Results benefited from Las Vegas Strip properties, improved gross margins and the absence of loss on debt, lease rent and preopening expense.