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Mandalay to Build All-Suites Tower on Strip

The new tower will specifically target attendees to the Company's Mandalay Bay Convention Center, which will open in January 2003. "This project will further enhance the power of our Mandalay Mile as the most integrated resort complex in the world. It is yet another asset that will drive our long term performance by further segmenting our room offerings and driving REVPAR gains," said Glenn Schaeffer, president of the Mandalay Resort Group. The Mandalay Mile includes the Mandalay Resort & Casino, Luxor, and Excalibur.

Specific features of the tower include:

-1,122 suites

-Average suite size of 750 square feet

-24 hospitality suites

-A top-tier spa and fitness center

-A full-service business center

-Restaurant and lounge

-Complete access to all restaurants, shops and clubs at Mandalay Resort & Casino

According to management, the new suites will support the strong demand and advance bookings at the new Convention Center, and is part of the Company's plan to maximize the operating leverage that comes with controlling 18,585 total rooms on the Las Vegas Strip.

"The Convention Center will be one of our principal growth engines, driving future results for the company. Among other positive effects, it fills a gap in our portfolio of non-gaming amenities and enhances, to an extent, our visibility as it relates to financial performance on the Strip. It is this type of consistency, over time, that is the singular focus of our management team," added Schaeffer.

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