MANDALAY RESORT GROUP
EX-10.14
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<DESCRIPTION>EX-10.14
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.14  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>SEVENTEENTH AMENDMENT<BR>  TO THE<BR>  MANDALAY RESORT GROUP<BR>  EMPLOYEES' PROFIT SHARING AND INVESTMENT PLAN    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Seventeenth Amendment to the Mandalay Resort Group Employees' Profit Sharing and Investment Plan is made and entered into this 31<SUP>ST</SUP> day of
December, 2002, but is effective as of January&nbsp;1, 2002, except as otherwise provided herein, by Mandalay Resort Group (referred to hereinafter as the "Company"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>W I T N E S S E T H:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Company and the other Employers have previously adopted the Mandalay Resort Group Employees' Profit
Sharing and Investment Plan, which has been amended from time to time (as amended, the "Plan"); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, pursuant to the terms of the Plan, the Company is authorized and empowered to further amend the Plan; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Company deems it advisable and in the best interests of the Participants to amend the Plan to comply with recent changes in
applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE</B></FONT><FONT SIZE=2>, the Plan is hereby amended as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>I.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of July&nbsp;1, 2002, paragraph&nbsp;(m) of Article&nbsp;VI of the Plan is amended to read as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Catch-up Contributions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Participant who is eligible to make elective deferrals under the
Plan during the Plan Year and has attained the age of 50 before the close of the Plan Year shall be eligible to make "catch-up" contributions in accordance with, and subject to the
limitations of, Section&nbsp;414(v)&nbsp;of the Code. A "catch-up" contribution hereunder may be expressed as a fixed dollar amount per payroll period, or as a fixed percentage of pay.
Such "catch-up" contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of Sections 402(g) and 415 of the Code. The
Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Section&nbsp;401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable,
by reason of the making of such "catch-up" contributions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, this Seventeenth Amendment has been executed as of the date first written above. </FONT></P>

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<TD WIDTH="46%"><FONT SIZE=2><B>ATTEST:</B></FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2><B>MANDALAY RESORT GROUP</B></FONT></TD>
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(CORPORATE SEAL)</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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<TD WIDTH="46%"><BR><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>YVETTE E. LANDAU</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><I>Secretary</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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By:</FONT></TD>
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<TD WIDTH="46%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GLENN SCHAEFFER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><I>President</I></FONT></TD>
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&nbsp;</B></FONT></TD>
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"COMPANY"</B></FONT></TD>
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<FONT SIZE=2><A HREF="#toc_le1244_1">SEVENTEENTH AMENDMENT TO THE MANDALAY RESORT GROUP EMPLOYEES' PROFIT SHARING AND INVESTMENT PLAN</A></FONT><BR>
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