Jun 17, 2001 8:05 PM

Mandalay Resort Group announced that its board of directors has approved a new 15 percent share repurchase program.

The announcement came on the heels of the company's annual shareholders meeting on Friday, during which President and CFO Glenn Schaeffer said an aggressive program of buying back shares would figure prominently in the company's efforts to boost share value.

The company said it will buy back the shares at market prices and warrant conditions.

Mandalay, trading under the symbol MBG on the New York Stock Exchange, closed up 19 cents at the close of trading Friday at $26.21, slightly below its 52-week high of $28.34.