text: T 
  **he Mandalay merger will create a powerful**
  **combination of assets and people positioned**
  **to compete far more strongly than either**
  
  **company individually.**
  
  **With ever-increasing competition from tribal**
  **gaming in California as well as the continuing growth**
  **of gaming across the country and abroad, we are**
  **positioned to grow through improved performance at**
  **existing properties and development of strategic real**
  **estate obtained in the merger.**
  
  **MGM MIRAGE and Mandalay combined will**
  **create an unmatched collection of the world’s most**
  **famous resorts in the gaming, entertainment and travel**
  **markets. Customers will benefit from choices in all**
  **market segments. Lastly, of significance in determin-**
  **ing the value of this transaction for shareholders, the**
  **merger with Mandalay will be immediately accretive.**
  
  **Extraordinary choices for our customers, unrivaled**
  **opportunities for our employees and outstanding returns**
  **for our shareholders all add up to make the merger with**
  **Mandalay a defining moment in company history.**