LAS VEGAS---Feb. 18, 1998--Circus Circus Enterprises Inc. Wednesday unveiled the concept and name of its newest Las Vegas hotel and casino.

"Mandalay Bay," formerly known by the work-in-progress name "Project Paradise," is a $950 million, 3,700-room luxury destination resort set on 60 acres just south of the company's pyramid-shaped Luxor resort. Mandalay Bay will be the third property developed within Circus' Masterplan Mile.

The company also announced Wednesday that the Four Seasons Resort, originally designed as a stand-alone hotel next to Mandalay Bay will now "come inside" the building, occupying approximately 400 rooms on the 35th - 39th floors. Four Seasons will have its own entrance, check-in, five-star dining, pool/spa and convention area. It
will be owned by Circus and managed by Four Seasons.

Mandalay Bay's attractions include a 10-acre tropical lagoon featuring a sand-and-surf beach, a three-quarter-mile lazy river ride and a swim-up shark tank; world-class restaurants created by top-rated chefs behind some of the most acclaimed restaurants in New York, Los Angeles and Miami, as well as an authentic rum distillery dining venue with the hottest entertainment north of South Beach.

The resort will also feature a top-line, 30,000-square-foot spa to rival Grand Wailea's on Maui and multiple entertainment options ranging from a 12,000-seat arena to nightclubs and a showroom.

"We have taken a great deal of time and care to develop a comprehensive resort experience at Mandalay Bay," said Glenn Schaeffer, president of Circus Circus Enterprises. "We feel this destination will go a long way toward growing the market with travellers who've never considered Las Vegas before," he added.

Mandalay Bay and Four Seasons are expected to open in the first quarter of 1999.

Circus Circus Enterprises owns and operates 10 properties in Nevada: Circus Circus, Luxor, Excalibur and Slots-A-Fun in Las Vegas; Circus Circus Reno; the Colorado Belle and the Edgewater in Laughlin; the Gold Strike and Nevada Landing in Jean; and Railroad Pass in Henderson.

The company also operates the Silver City in Las Vegas; owns a 50 percent interest in Silver Legacy in Reno; and owns a 50 percent interest in and operates the Monte Carlo in Las Vegas. The company also owns and operates the Gold Strike, a hotel/casino in Tunica County, Miss., and owns a 50 percent interest in and operates the
Grand Victoria riverboat casino in Elgin, Ill.