Vegas: MGM Mirage to take over Mandalay Bay

[underpants]

http://story.news.yahoo.com/news?tmpl=story&u=/nm/leisure_mgmmirage_dc

LOS ANGELES/NEW YORK (Reuters) - The board of casino operator Mandalay Resort Group agreed on Tuesday to a $4.8 billion takeover offer from MGM Mirage that would form the largest casino company in the world.

The deal, which is still subject to approval by Mandalay shareholders, is expected to close by the end of the first quarter of 2005, another person close to the deal said.

MGM does not plan to divest any properties in Las Vegas or nationally apart from one in Michigan, which is required by local regulations, the source familiar with the situation said.


The deal comes less than two weeks after Mandalay stunned Wall Street with quarterly results that showed tourists were still flocking to Las Vegas after more than a year of strong improvement.