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<PAGE> Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference in this Form S-8 registration statement of our report dated February 22, 2000 included in or incorporated by reference in the Annual Report of Mandalay Resort Group on Form 10-K for the year ended January 31, 2000 and to all references to our Firm included in this registration statement. ARTHUR ANDERSEN LLP Las Vegas, Nevada October 3, 2000
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