Circus Circus Enterprises changes its name to Mandalay Resort Group

19.06.1999, Lesen Sie hier den Bericht über «Circus Circus Enterprises changes its name to Mandalay Resort Group».

Circus Circus Enterprises Inc. announced Wednesday at its annual meeting that shareholders have approved plans to change the company's name to Mandalay Resort Group. The new name was taken from the Mandalay Bay resort, which opened on the Las Vegas Strip in March.

The company will begin trading next Monday under the new corporate name and the stock symbol MBG on the New York Stock Exchange. Circus Circus President Glenn Schaeffer says the company is pleased that shareholders agree "the time has come for Circus to project a new corporate image."

The company owns and operates 11 properties in Nevada, including five on the Strip. It also has a hotel-casino in Mississippi and owns a half interest in a riverboat casino in Illinois. Circus Circus also plans to develop a $65 million timeshare resort near the Oriental-themed Mandalay Bay, company spokeswoman Sarah Ralston said.

With more than 12,000 Strip hotel rooms and the space to add 8,000 rooms next to its South Seas- themed Mandalay Bay, Schaeffer told Mandalay Resort shareholders that the company is in the midst of a building spree that will elevate it to the dominant position on the Las Vegas Strip.

"We control an asset none of our competitors can reproduce," he said of the company's so-called Miracle Mile, which stretches along the west side of Las Vegas Boulevard South from Tropicana Avenue to Russell Road. "We have captured the brand on the Las Vegas Strip for fun and sun and cool."

Shares of Circus Circus closed Thursday up nearly 6 percent, or $1.25, at $22.183/4.

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