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Mandalay Resort Group lowers quarterly expectations

Mandalay Resort Group said that softer-than-expected results on the Las Vegas Strip over the holidays, and a…

Mandalay Resort Group said that softer-than-expected results on the Las Vegas Strip over the holidays, and a low win percentage on table games at Mandalay Bay, would cause earnings per share to be closer to $.10 than to prevalent analysts’ estimates near $.20 for the fourth quarter ending January 31, 2003. The company further noted that demand in the first part of January at its Las Vegas Strip resorts has been slow, apart from Mandalay Bay. The company also indicated that it will continue to repurchase shares under its current buyback authorization, depending on market conditions.



Separately, the company’s Convention Center at Mandalay Bay opened on time and on budget yesterday, and for the coming year, has booked 56 shows, in line with prior expectations.



Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino in Tunica County, Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and owns a 50% interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns 53.5% interest in and operates MotorCity Casino in Detroit, Michigan.

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