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Mandalay Resort Group

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BUSINESS
June 18, 1999
Shareholders of Circus Circus Enterprises Inc. approved changing the company's name to Mandalay Resort Group. The company will begin trading on the New York Stock Exchange Monday under a new symbol, MBG. Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/bizstaff.
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BUSINESS
January 10, 2009 | From Times Wire Reports
MGM Mirage said it would write down the value of Mandalay Resort Group by $1.2 billion because cash flows at the casino company acquired in 2005 have weakened and buyers are paying less for gaming assets. The goodwill and trademark expense will be taken in the fourth quarter, MGM said in a regulatory filing. The Las Vegas-based company, controlled by billionaire Kirk Kerkorian and the Strip's largest casino operator, paid $7.67 billion for Mandalay.
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BUSINESS
July 28, 2004 | From Bloomberg News
MGM Mirage Inc. said the Federal Trade Commission asked for more information about the company's planned $4.8-billion purchase of Mandalay Resort Group. The request extends the duration of the federal agency's antitrust review, the companies, both based in Las Vegas, said. The combined operation would be the world's second-largest casino resort company. MGM Mirage still expects the Mandalay purchase to be completed in the first quarter. MGM Mirage shares rose 24 cents to $44.34.
BUSINESS
March 24, 2005
* The video games unit of Vivendi Universal acquired game developer Radical Entertainment. Terms of the deal were not disclosed. * ChoicePoint Inc., which sells consumer data and recently acknowledged a major security breach, raised its top executive's bonus to $1.8 million last year from $1.5 million in 2003, according to a regulatory filing. The compensation of Chairman and Chief Executive Derek Smith also included a salary of $1.04 million, compared with $1 million for 2003.
BUSINESS
March 5, 2004 | From Bloomberg News
Mandalay Resort Group, owner of the Luxor and Mandalay Bay casinos, said fourth-quarter net income rose more than fivefold to $22.8 million after it attracted more gamblers in Las Vegas with a new hotel and convention center. Net income climbed to 35 cents a share from $4.2 million, or 6 cents a share, a year earlier. Revenue rose 11% to $604 million, the Las Vegas-based company said. Mandalay shares rose 62 cents to $52.76 on the NYSE. Results were released after the close of regular U.S.
BUSINESS
September 3, 2004 | From Bloomberg News
Mandalay Resort Group, owner of the Luxor and Mandalay Bay casinos, said fiscal second-quarter profit rose 38% as gambling revenue increased at its Las Vegas resorts. Net income increased to $58.2 million, or 85 cents a share, from $42.3 million, or 67 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended July 31 rose 11% to $713.8 million. Shares of Mandalay, which is being acquired by larger rival MGM Mirage Inc., rose 13 cents to $67.
BUSINESS
August 25, 2000
* Mandalay Resort Group, the biggest hotel owner on the Las Vegas Strip, said profit in its second quarter jumped 61% to $38.1 million, or 48 cents a share, including the expense of opening its new Shark Reef tourist attraction at the Mandalay Bay casino in Las Vegas. Excluding that charge, the company earned 50 cents a share, exceeding analysts' estimates by 3 cents. Revenue rose 25% to $647.4 million.
BUSINESS
February 17, 2005 | From Associated Press
The Federal Trade Commission gave the OK for MGM Mirage Inc. to buy Mandalay Resort Group, creating one of the largest gambling companies in the world and giving the casino operator control of 12 resorts on the famed Las Vegas Strip. The commission voted 5 to 0 to close its investigation and put no conditions on the transaction. MGM Mirage still needs the approval of Nevada and other state regulators, which executives expect will come soon. In June, MGM Mirage agreed to purchase Mandalay for $4.
BUSINESS
January 10, 2009 | From Times Wire Reports
MGM Mirage said it would write down the value of Mandalay Resort Group by $1.2 billion because cash flows at the casino company acquired in 2005 have weakened and buyers are paying less for gaming assets. The goodwill and trademark expense will be taken in the fourth quarter, MGM said in a regulatory filing. The Las Vegas-based company, controlled by billionaire Kirk Kerkorian and the Strip's largest casino operator, paid $7.67 billion for Mandalay.
BUSINESS
December 15, 2001 | Bloomberg News
Mandalay Resort Group said its fiscal fourth-quarter loss will exceed analysts' estimates, citing a drop-off in New Year's bookings. The company, whose Las Vegas properties include the Mandalay Bay, Luxor, Excalibur and Circus Circus hotel-casinos, will have a "double digit" loss for the three months ending Jan. 31, it said in a regulatory filing Analysts were expecting a loss of 7 cents. Mandalay said the Sept. 11 terrorist attacks disrupted booking for New Year's weekend.
BUSINESS
March 4, 2005 | From Bloomberg News
Mandalay Resort Group, the casino owner being acquired by MGM Mirage, said fiscal fourth-quarter profit fell 28% because gamblers' winnings and labor costs rose. Net income fell for the first time in seven quarters, slipping to $16.4 million, or 23 cents a share, from $22.8 million, or 35 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended Jan. 31 rose 6.9% to $645.6 million, the smallest gain in five quarters, as heavy rains kept travelers away.
BUSINESS
February 17, 2005 | From Associated Press
The Federal Trade Commission gave the OK for MGM Mirage Inc. to buy Mandalay Resort Group, creating one of the largest gambling companies in the world and giving the casino operator control of 12 resorts on the famed Las Vegas Strip. The commission voted 5 to 0 to close its investigation and put no conditions on the transaction. MGM Mirage still needs the approval of Nevada and other state regulators, which executives expect will come soon. In June, MGM Mirage agreed to purchase Mandalay for $4.
BUSINESS
September 3, 2004 | From Bloomberg News
Mandalay Resort Group, owner of the Luxor and Mandalay Bay casinos, said fiscal second-quarter profit rose 38% as gambling revenue increased at its Las Vegas resorts. Net income increased to $58.2 million, or 85 cents a share, from $42.3 million, or 67 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended July 31 rose 11% to $713.8 million. Shares of Mandalay, which is being acquired by larger rival MGM Mirage Inc., rose 13 cents to $67.
BUSINESS
July 28, 2004 | From Bloomberg News
MGM Mirage Inc. said the Federal Trade Commission asked for more information about the company's planned $4.8-billion purchase of Mandalay Resort Group. The request extends the duration of the federal agency's antitrust review, the companies, both based in Las Vegas, said. The combined operation would be the world's second-largest casino resort company. MGM Mirage still expects the Mandalay purchase to be completed in the first quarter. MGM Mirage shares rose 24 cents to $44.34.
BUSINESS
July 16, 2004 | Jerry Hirsch, Times Staff Writer
Boxing matches are a staple of the Las Vegas scene. Now two heavyweight casino companies are set to square off for dominance of the U.S. gambling industry. In one corner is Harrah's Entertainment Inc., which confirmed Thursday that it had agreed to pay $5.2 billion for Caesars Entertainment Inc. in a buyout that would create the world's largest gambling enterprise. The deal would consist of $1.8 billion in cash and $3.4 billion in stock, plus the assumption of $4.2 billion in debt.
BUSINESS
June 17, 2004 | From Bloomberg News
MGM Mirage plans to sell a casino in Detroit to try to win regulatory approval for its $4.8-billion purchase of Mandalay Resort Group, which would create the world's largest casino resort company. Mandalay accepted the offer of $71 a share Tuesday from MGM Mirage, which also would assume $2.5 billion in Mandalay debt, the companies said. MGM Mirage owns the MGM Grand casino in Detroit and would sell Mandalay's 54% stake in the MotorCity casino. Shares of Mandalay fell 8 cents to $67.80.
BUSINESS
March 4, 2005 | From Bloomberg News
Mandalay Resort Group, the casino owner being acquired by MGM Mirage, said fiscal fourth-quarter profit fell 28% because gamblers' winnings and labor costs rose. Net income fell for the first time in seven quarters, slipping to $16.4 million, or 23 cents a share, from $22.8 million, or 35 cents, a year earlier, the Las Vegas-based company said. Revenue in the quarter ended Jan. 31 rose 6.9% to $645.6 million, the smallest gain in five quarters, as heavy rains kept travelers away.
BUSINESS
June 10, 2004 | From Associated Press
MGM Mirage's offer to buy Mandalay Resort Group, including its prized properties on the coveted Las Vegas Strip, remains at $68 a share for the entire company despite analysts' speculation the price could rise dramatically. "The $68 bid was made after intensive talks, diligent research and fruitful discussions," said a person close to the negotiations. "The $68 offer on the table is very clear and in black and white."
BUSINESS
June 5, 2004 | Annette Haddad, Times Staff Writer
Casino operator MGM Mirage launched a surprise $4.65-billion bid for rival Mandalay Resort Group late Friday -- a deal that would put the lion's share of hotel rooms on the Las Vegas Strip under the control of billionaire financier Kirk Kerkorian. MGM offered to purchase Mandalay for $68 a share in a cash transaction and assume about $2.8 billion in debt. Both companies' properties dominate the Strip, where Mandalay alone has about 15,000 hotel rooms.
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