Press Release: Mandalay Resort Group
August 7, 2001
LAS VEGAS, NV -- Mandalay Resort Group (NYSE: MBG) yesterday announced that its earnings per share in the second
quarter are expected to be between $.40 and $.42, compared against $.50 on the same basis last year. Overall, operating
cash flow for the quarter ended July 31, 2001 was down approximately 8% from the prior year.
The company's operating cash flow on the Las Vegas Strip trailed results of a year ago, particularly as July 4
fell midweek this year and that month contained one less weekend. In addition, utility costs rose more than $5
million versus the same quarter last year. On the positive side, revenues per available room climbed slightly across
the company's five properties on the Las Vegas Strip in the quarter, with a 10% uptick at Mandalay Bay. Meanwhile,
results in Laughlin, Reno, Jean and Tunica were below last year's second quarter, and the company's MotorCity Casino
in Detroit (53.5% owned) and Grand Victoria in Elgin (50% owned) generated increases in operating cash flow in
the quarter.
Mandalay will release its results for the second quarter, and conduct a conference call via telephone and Webcast
on August 23, at 1:30 p.m. Pacific Time. The call will be broadcast live via the internet at www.streetfusion.com.
A recording of the conference call will be available on the company's website at www.mandalayresortgroup.com
from 3:30 p.m. Pacific Time on August 23, 2001 through 3:30 p.m. Pacific Time on August 30, 2001. Those parties
interested in listening to the investor conference call via telephone should dial (212) 346-0166. A telephone replay
of the conference call will be available beginning at 3:30 p.m. Pacific Time on August 23, 2001, and ending at
3:30 p.m. Pacific Time on August 30, 2001. To access the rebroadcast, please dial (800) 633-8284 for domestic calls,
or (858) 812-6440 for international calls and enter code 19476339.
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 a 53.5% interest in and operates MotorCity in Detroit, Michigan.
SOURCE: Mandalay Resort Group