MGM Mirage on Wednesday announced a 2-for-1 stock split.

The split, which the company's board of directors approved, is subject to shareholders approving an increase in the number of authorized shares of MGM Mirage common stock.

The company will seek shareholder approval at its annual meeting May 3.

If approved, stockholders of record at the close of business on May 4 would be entitled to receive one additional share of MGM Mirage common stock for every share owned.

The company expects the settlement date for the stock split to be 10 business days following the record date.

As of Monday, MGM Mirage had approximately 143.3 million shares outstanding, excluding 33.2 million treasury shares.

MGM Mirage is hoping to complete its $7.9 billion buyout of the Mandalay Resort Group by the end of the month.

Closing the transaction, which also includes the purchase of outstanding Mandalay stock at $71 a share, hinges on the company selling one of two Detroit casinos and moving Mandalay's Illinois riverboat into a trust.

"The stock split reflects the board's optimism for the future of our company," Terry Lanni, chairman and chief executive officer of MGM Mirage, said in a statement. "We are very pleased with our 2004 performance and have strong expectations for the coming years."

Shares of MGM Mirage closed at $72.45, down $1.32, or 1.79 percent.

Also Wednesday, MGM Mirage announced it had been named by Fortune Magazine as one of "America's Most Admired Companies" in its annual survey of companies with large U.S. operations.

MGM Mirage was rated the "Most Admired" casino resort company in the Hotels/Casinos/Resorts category. Overall, MGM Mirage ranked second in the Hotels/Casinos/Resorts category after Marriott International, a noncasino hotel resort company.