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Mandalay Earnings Exceed Expectations

LAS VEGAS – (Press Release) -- Mandalay Resort Group (NYSE: MBG) today said that its earnings in the first quarter ending April 30 are currently expected to exceed $1.10 per diluted share. Last year the company earned $.69 per diluted share in the same quarter.

"Our company has continued to achieve strong momentum in revenue per available room on the Las Vegas Strip, at a double-digit clip similar to recent quarters," said Glenn Schaeffer, Mandalay's president.

"The biggest gainers are Mandalay Bay and Luxor, where THEhotel (at Mandalay Bay) and Mandalay Place, the shopping experience and pedestrian bridge connecting those properties, have added considerable traffic." THEhotel, which opened in December, has turned in an average room rate of $240 in the first two months of the quarter, at an occupancy rate above 80%. Meanwhile, slot machine revenues at Mandalay Bay grew by almost 30% in the first two months of the quarter, also on the strength of THEhotel. Schaeffer noted that Mandalay Bay, Luxor and Excalibur were all on track for their record results for any quarter, and results at Mandalay Bay itself could surpass the prior year's first quarter by more than 50%.

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