he Mandalay merger will create a powerful  combination of assets and people positioned  to compete far more strongly than either  company individually. T 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. WISELY