text: On June 16, 2004, the Company announced that it had entered into a definitive 
  merger agreement with Mandalay Resort Group (“Mandalay”), a publicly traded 
  company, under which the Company will acquire Mandalay for $71.00 in cash for 
  each share of common stock of Mandalay. Mandalay owns and operates eleven 
  properties in Nevada, including Mandalay Bay, Luxor, Excalibur, Circus Circus, 
  and Slots-A-Fun in Las Vegas, Circus Circus-Reno in Reno, Colorado Belle and 
  Edgewater in Laughlin, Gold Strike and Nevada Landing in Jean, and Railroad Pass 
  in Henderson. Mandalay also owns and operates Gold Strike, a hotel/casino in 
  Tunica County, Mississippi. In addition, Mandalay owns a 50% interest in Silver 
  Legacy in Reno, a 50% interest in Monte Carlo in Las Vegas, a 50% interest in 
  Grand Victoria, a riverboat in Elgin, Illinois, and a 53.5% interest in MotorCity in 
  Detroit, Michigan. The total consideration is approximately $8.1 billion, including 
  equity value of approximately $4.8 billion, convertible debentures with a 
  redemption value of approximately $574 million, the assumption or repayment of 
  other outstanding Mandalay debt with a fair value of approximately $2.6 billion as 
  of December 31, 2004, and $100 million of estimated transaction costs. The 
  transaction is structured as a merger of one of the Company’s wholly-owned 
  subsidiaries with and into Mandalay. The transaction will be accounted for as a 
  purchase and is anticipated to close during the first quarter of 2005. 