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Mandalay Increases Capital Spending3 May 2002LAS VEGAS – As reported by the Memphis Business Journal: "Mandalay Resort Group says its capital expenditures for the year ending Jan. 31, 2003, will be $250 million-$300 million, compared with $156.7 million spent last year. "…In fiscal 2002, $61.6 million of capital spending was related to the new Mandalay Bay convention center, which will take up most of next year's spending to complete. "In fiscal 2002 the company also spent $8.4 million to complete the renovation of rooms at Luxor, and $13 million to acquire land adjacent to its temporary facility in Detroit. "In its annual report, filed Wednesday with the Securities and Exchange Commission, Mandalay also says it bought back 5.2 million shares of common stock for $125.9 million in fiscal 2002…" |