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Company approves stock split

Wednesday, March 9, 2005 | 10:44 a.m.

The board of directors at MGM Mirage have authorized a 2-for-1 stock split following a run-up in the company's shares.

Shareholders will vote on the split at the company's annual meeting May 3.

"The stock split reflects the board's optimism for the future of our company," MGM Mirage Chairman and Chief Executive Terry Lanni said in a statement.

The acquisition of Mandalay Resort Group is "fully financed and on track to close by the end of the month, and we continue to make significant strides in our high return development projects, particularly in Las Vegas and Macau, as we expand our growth platform around the world."

If approved, stockholders of record as of May 4 would receive one additional share for every share owned. The comapany, whose stock nearly doubled last year, had about 143.3 million shares outstanding as of March 7.

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