The company also announced that it has obtained the requisite consent of its lenders to an amendment of the covenants under the company's revolving credit and term loan facilities. This amendment modifies the definition of Adjusted EBITDA with respect to the company's 53.5% ownership in MotorCity Casino in Detroit, Michigan. As previously defined under the credit facilities, Adjusted EBITDA included only the cash distributions actually received from MotorCity Casino. Under the amended definition, Adjusted EBITDA will include the company's 53.5% share of Adjusted EBITDA of MotorCity Casino, whether or not distributed. The amendment also provides for a more liberal test for total debt coverage during the fiscal year ending January 31, 2004. During the fourth quarter, the company purchased 4.4 million shares of its common stock at a cost of $125.2 million, utilizing its revolving credit facility to fund these purchases. The total amount currently outstanding under the company's $1.1 billion revolving credit and term loan facilities is $700 million.
Furthermore, the company noted that its outside auditors, Deloitte & Touche LLP, have completed their audits of the company's consolidated balance sheets as of January 31, 2002 and 2001, and the related consolidated statements of income, stockholders' equity and cash flows for the years ended January 2002, 2001 and 2000. The financial statements previously filed for those periods were not restated as a result of these audits and the audit report of Deloitte & Touche LLP expresses an unqualified opinion (which includes an explanatory paragraph with respect to the company's adoption of Statement of Financial Accounting Standards No. 133 Accounting for Derivative Instruments and Hedging Activities).
The bank amendment and audited financial statements referred to above have been included as an exhibit to the company's Form 8-K filed today.
This press release contains "forward-looking statements" within the meaning of the federal securities law, including statements concerning the company's anticipated earnings for the fourth quarter. The forward-looking statements in this press release involve risks and uncertainties which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could affect the company's future financial results is included under the caption "Factors that May Affect Our Future Results" in Item 1 of the company's annual report on Form 10-K for the year ended January 31, 2002.
Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino in Tunica County, Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and owns a 50% interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns a 53.5% interest in and operates MotorCity in Detroit, Michigan.
