Las Vegas – MGM Mirage announced Wednesday that it has entered into a definitive agreement to acquire the Mandalay Resort Group. Pending approval by shareholders and regulators, this will create the largest casino company in the world as well as one of the world’s largest hotel/convention center conglomerates.
Following the acquisition, MGM Mirage will own and operate 28 properties throughout Nevada, Mississippi, Illinois, Michigan and New Jersey. The company’s Las Vegas holdings alone will include Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, Excalibur, New York-New York and Treasure Island—giving the company a combined total of over 1.1 million square feet of exhibit space and the capability to host exhibitions of practically every size and kind.
Under the agreement, MGM will purchase Mandalay for $71.00 per share in cash (approx. $4.8 billion) plus the assumption of approximately $2.5 billion in debt and $600 million in convertible debt. The deal is expected to close in first quarter of 2005.
Reach Alan Feldman, Senior Vice President, Public Affairs, MGM Mirage at (702) 891-7147.