Illinois Gaming Board Grand Victoria Interest Transfer

LAS VEGAS – (PRESS RELEASE) -- MGM Mirage (NYSE: MGG) and Mandalay Resort Group (NYSE: MBG) today jointly announced that the Illinois Gaming Board approved by a 4-0 vote the transfer of Mandalay's 50% ownership interest in the Grand Victoria riverboat casino into an escrow account.

This approval of the escrow transaction by the Illinois Gaming Board represents the last of the regulatory approvals required in order for MGM Mirage to proceed with the closing of its merger with Mandalay. Pursuant to the merger agreement, MGM Mirage and Mandalay anticipate that the closing of MGM Mirage's merger with Mandalay will be completed on April 25, 2005, immediately following the closing of Mandalay's sale of its interest in MotorCity Casino and the establishment of the escrow relating to the Grand Victoria. Transfer of the ownership interest from the escrow to MGM MIRAGE would occur only after the Illinois Gaming Board completes its review and issues a finding of suitability for MGM Mirage to own such interest.

MGM Mirage, headquartered in Las Vegas, Nevada, is one of the world's leading and most respected hotel and gaming companies. The Company owns and operates 11 casino resorts located in Nevada, Mississippi and Michigan, and has investments in three other casino resorts in Nevada, New Jersey and the United Kingdom.