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Michigan Board Approves the Mandalay's Interest Transfer

LAS VEGAS – (PRESS RELEASE) -- MGM MIRAGE (NYSE: MGG) and Mandalay Resort Group (NYSE: MBG - News) today jointly announced that the Michigan Gaming Control Board has unanimously approved the transfer of Mandalay's indirect 53.53% ownership interest in the MotorCity Casino to an affiliate of Marian Ilitch. Mrs. Ilitch, through affiliates, currently owns a 25% interest in the casino. The MotorCity Casino is located in Detroit, Michigan, where a subsidiary of MGM MIRAGE owns and operates the MGM Grand Detroit Casino.

The transaction was entered into in light of applicable Michigan law, which precludes MGM MIRAGE from owning or operating more than one casino in Detroit. The transaction remains subject to customary closing conditions contained in the definitive agreement and will be completed immediately prior to and subject to the closing of MGM MIRAGE's merger with Mandalay, which is expected to occur in the second quarter of 2005.

The transaction was entered into in light of applicable Michigan law, which precludes MGM MIRAGE from owning or operating more than one casino in Detroit. The transaction remains subject to customary closing conditions contained in the definitive agreement and will be completed immediately prior to and subject to the closing of MGM MIRAGE's merger with Mandalay, which is expected to occur in the second quarter of 2005.

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