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Analysts: Ruling Paves Way for New Detroit Casinos

11 July 2002

LOS ANGELES, California – As reported by Reuters: "A court ruling supporting the bidding process by which three Detroit casinos won their licenses paves the way for the trio to move forward with plans to replace their current temporary facilities with permanent ones, analysts said on Wednesday.

"U.S. District court Judge Robert Holmes Bell ruled on Tuesday that the city of Detroit need not put its three casino licenses out for rebidding.

"…Analysts said the latest ruling -- which may still be appealed -- will provide an added degree of security for the three casinos as they move forward with plans to build new, permanent facilities.

"The three are MGM Grand Detroit, owned by MGM Mirage (NYSE:MGG); MotorCity, 53.5 percent owned by Mandalay Resort Group (NYSE:MBG) and Greektown.

"`In our view, the resolution of this suit should be good news for the three Detroit casinos ... as they now should be able to move ahead with plans for permanent casinos in what has proven to be a very lucrative gaming market,' wrote Bear Stearns analyst Jason Ader in a research note…"

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