Document:

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                                                                 Exhibit 10(uuu)

         Mandalay Resort Group Supplemental Executive Retirement Plan
                                AMENDMENT NO. 1

          WHEREAS, THE MANDALAY RESORT GROUP, formerly known as Circus Circus
Enterprises, Inc., a Nevada corporation (the "Company') maintains the Circus
Circus Enterprises, Inc. Supplemental Executive Retirement Plan (the "Plan");
and

          WHEREAS, the Company desires to amend the Plan in order to change
formally the name of the Plan to reflect the name of the Company, to modify
certain provisions so as to clarify and/or amend the circumstances in which a
participant may forfeit his or her benefits otherwise payable under the Plan,
and to modify the manner in which a participant's compensation is taken into
account for purposes of determining the amount of benefits provided under the
Plan; and

          WHEREAS, pursuant to the provisions of Sections 9.1 and 9.2 of the
Plan, the Company is authorized to amend the Plan.

          NOW, THEREFORE, the Plan is hereby amended, as follows:

          1.  The Plan shall be referred to for all purposes as the Mandalay
Resort Group Supplemental Executive Retirement Plan.

          2.  Effective as of June 18, 1998, Section 2.8 of the Plan is restated
in its entirety to read:

          "2.8   Compensation. Salary and bonus received by a Participant from
     the Company for a calendar year (or for such other period of 12 months as
     may be taken into account in determining Final Compensation) for his or her
     service as an employee, with bonus being no more than one hundred percent
     (100%) of salary for Tier II and III Participants and one hundred fifty
     percent (150%) of salary for Tier I Participants. In any year in which a
     Change of Control occurs, Compensation shall be annualized and used in the
     calculation of Final Compensation."
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          3.   Effective as of June 18, 1998, Section 2.15 of the Plan is
restated in its entirety to read:

          "2.15   Final Compensation. Final Compensation for any Participant
     shall be the highest total annual Compensation received by the Participant
     during any one of the following periods: Each of the Participant's last
     five (5) full calendar years with respect to which the Participant is
     credited with a Year of Service under the Plan (or such fewer number of
     full calendar years if the Participant has not been employed throughout
     five (5) full calendar years) and the 12 month period ending on the date of
     the Participant's termination of employment with the Company."

          4.   Effective as of June 18, 1998, Section 2.25 of the Plan is
restated in its entirety to read:

          "2.25   Years of Service. A Year of Service for vesting and Benefit
     accrual purposes shall mean twelve full months of service with the Company.
     An Eligible Employee shall be credited with a Year of Service for every
     twelve full months of employment with the Company. In determining Years of
     Service for these purposes, all Years of Service shall be taken into
     account except, with respect to those Participants whose participation in
     the Plan commenced as of the date of the adoption of the Plan, Years of
     Service attributable to periods prior to January 1, 1998 shall be taken
     into account only up to a maximum of ten (10) Years of Service, and, with
     respect to those Participants whose participation in the Plan commenced or
     commences as of any date later than the date of the adoption of the Plan,
     Years of Service attributable to periods prior to such date of initial
     participation shall be taken into account only up to a maximum of ten (10)
     Years of Service. In determining Years of Service, partial years may be
     taken into account and aggregated in such manner as the Administrative
     Committee determines is appropriate. The Administrative Committee, in its
     sold an absolute discretion, may include prior service with predecessor or
     acquired entities in determining Years of Service under the Plan and may
     make such other provisions for determining Years of Service for
     Participants on a case by case basis, as it determines, at its discretion,
     to be necessary or appropriate."

          5.   Effective as of June 18, 1998, Section 5.2 of the Plan is
clarified by the modification of the heading thereto to read, in its entirety,
as "Forfeitures" and by the addition of the following paragraph at the end of
Section 5.2 as paragraph 5.2(d), to read:

          "(d) Notwithstanding anything set forth to the contrary in the
     preceding paragraphs of this Section 5.2, the Committee has the authority
     under this
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     paragraph 5.2(d) and under the general provisions for the administrative
     discretion of the Committee, as set forth in Section 8.3, to require the
     forfeiture of benefits otherwise payable under the terms of the Plan to any
     Participant who is determined by the Committee to have been discharged for
     cause or who may have engaged in any act or acts of disloyalty to the
     Company, which acts include, but are not limited to, fraud, embezzlement,
     theft, commission of a felony or any other act of dishonesty in the course
     of his or her employment, and any such act (whether committed during or
     following such Participant's employment with the Company) shall be treated
     for purposes of the Plan in the same manner as any act that would otherwise
     constitute a violation of Section 5.2(a)."

          6.   In all other respects the Plan is hereby ratified and confirmed.<PAGE>

                                                                 Exhibit 10(www)

                  FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT
                  -------------------------------------------

     FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT (this "Amendment")
dated as of January 2, 2001 between Bank of America, N.A., a national banking
association, MBG Trust a Delaware business trust and Mandalay Resort Group, a
Nevada corporation.

     WHEREAS, the parties have entered into a Stock. Purchase Agreement (the
"Agreement"), dated as of September 8, 2000; and

     WHEREAS, the parties wish to amend the Agreement subject to the terms and
conditions of this Amendment;

     NOW THEREFORE, in consideration of the foregoing and of the mutual
agreements herein contained and for other good and valuable consideration
receipt of which is hereby acknowledged, the parties hereto agree as follows:

     1.     Amendment. The parties agree that the reference to "January 5, 2001"
in Section 2.2(d) of the Agreement shall be replaced with "March 30, 2001".

     2.     Governing Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York (without giving effect to
choice of law principles).

     3.     Miscellaneous. This Amendment constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto. No amendment,
modification or waiver in respect of this Amendment will be effective unless in
writing (including a writing evidenced by a facsimile transmission) and executed
by each of the parties. This Amendment may be executed and delivered in
counterparts (including by facsimile transmission), each of which will be deemed
an original. The headings used in this Amendment are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Amendment.

     4.      Agreement Continuation. The Agreement, as modified herein, shall
continue in full force and effect. All references to the Agreement in the
Agreement or any document related thereto shall for all purposes constitute
references to tho Agreement as amended hereby.
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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers on the date and year first above
written.

MANDALAY RESORT GROUP

By:          GLENN W. SCHAEFFER
    -----------------------------
      Name:  Glenn W. Schaeffer
      Title: President and Chief  Financial Officer

MBG TRUST

By: WILMINGTON TRUST COMPANY,
    not in its individual capacity by solely
    as Trustee

By:       MARY KAY PUPILLO
    -----------------------------------------------
    Name:  Mary Kay Pupillo
    Title: Senior Financial Services Officer

BANK OF AMERICA, N.A.

By:        WILLIAM C. CACCAMISE
    -------------------------------------------
    Name:  William C. Caccamise
    Title: Authorized Signatory<PAGE>

                                                   Exhibit 10(xxx)

                                                   EXECUTION COPY

                 SECOND AMENDMENT TO STOCK PURCHASE AGREEMENT
                 --------------------------------------------

     SECOND AMENDMENT, dated as of March 21, 2001 (this "Amendment"), to the
                                                         ---------
Stock Purchase Agreement, dated as of September 8, 2000, as amended by the First
Amendment to Stock Purchase Agreement, dated as of January 2, 2001 (as so
amended, the "Stock Purchase Agreement"), among Bank of America, N.A., a
              ------------------------
national banking association, as Share Seller ("Share Seller"), MBG Trust, a
                                                ------------
Delaware business trust (the "Trust"), and Mandalay Resort Group, a Nevada
corporation ("Share Purchaser").
              ---------------

                              W I T N E S S E T H
                              - - - - - - - - - -

     WHEREAS, the parties have entered into the Stock Purchase Agreement; and

     WHEREAS, the parties desire to provide for the further modification of the
Stock Purchase Agreement as set forth herein.

     NOW THEREFORE, in consideration of their mutual covenants herein contained,
the parties hereto, intending to be legally bound, hereby mutually covenant and
agree as follows:

     1 .    Amendment. The Stock Purchase Agreement shall be amended as follows:

          (a)     Definitions. In Section 1. 1 of the Stock Purchase Agreement,
(i) in the definition of "Maximum Deliverable Shares", the number "ten million"
                          --------------------------
shall be replaced with "12,500,000", (ii) in the definition of "Maximum Initial
                                                                ---------------
Amount", the number "$100 million" shall be replaced with "$125 million", (iii)
------
in the definition of "Maximum Initial Shares", the number "7.0%" shall be
                      ----------------------
replaced with "8.0%" and (iv) in the definition of "Maturity Date", the phrase
                                                    -------------
"the date that is one year following the Trade Date" shall be replaced with
"March 29, 2002".

          (b)     Trade Date. In Section 2.2(d) of the Stock Purchase Agreement,
the reference to "March 30, 2001" shall be replaced with "April 30, 2001".

     2.     Optional Prepayment. Unless the parties otherwise agree and Share
            -------------------
Purchaser makes the payment specified in Section 3(b) of this Amendment, Share
Purchaser shall effect an Optional Prepayment with respect to an Optional
Prepayment Amount of at least $25,000,000 and reduce any related Settlement
Balance to zero by September 17, 2001.

     3.     Fees. (a) Share Purchaser agrees to pay Share Seller $187,500 within
            ----
one Business Day of the execution of this Amendment, such payment to be made by
wire transfer of immediately available funds to an account designated by Share
Seller.

          (b)     If the parties agree that Share Purchaser shall not be
required to effect an Optional Prepayment pursuant to Section 2 of this
Amendment, Share Purchaser shall pay to Share Seller an additional $187,500
within one Business Day of the date of such agreement to
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extend (or such other date as the parties may agree). Such payment shall be made
by wire transfer of immediately available funds to an account designated by
Share Seller.

     4.     Adjustments. The Calculation Agent shall make appropriate
            -----------
adjustments, if any, to interest and other calculations under the Stock Purchase
Agreement as a result of this Amendment. Notwithstanding anything to the
contrary in the Stock Purchase Agreement, the Trade Date shall not be deemed to
have occurred prior to the date hereof as a result of the Aggregate Forward
Amount exceeding $ 100 million or the number of Initial Shares exceeding 7.0% of
the outstanding Shares.

     5.     Effect of the Amendment. Except as amended hereby, the Stock
            ------------------------
Purchase Agreement is ratified and confined and continues in full force and
effect. All references to the Stock Purchase Agreement in the Stock Purchase
Agreement or any document related thereto shall for all purposes constitute
references to the Stock Purchase Agreement as amended hereby. For the avoidance
of doubt, the provisions of Section 9.10 of the Stock Purchase Agreement apply
to this Amendment as if such provisions were stated in full herein.

     6.     Miscellaneous. This Amendment constitutes the entire agreement and
            --------------
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto. No amendment,
modification or waiver in respect of this Amendment will be effective unless in
writing (including a writing evidenced by a facsimile transmission) and executed
by each of the parties. This Amendment may be executed and delivered in
counterparts (including by facsimile transmission), each of which will be deemed
an original. The headings used in this Amendment are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Amendment. Capitalized terms used but not
defined herein shall have the meaning set forth in the Stock Purchase Agreement.

     7.     Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
            -------------
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO
CHOICE OF LAW PRINCIPLES).

                                       2

<PAGE>

IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first
above written.

MANDALAY RESORT GROUP, as Share Purchaser

By:         GLENN SCHAEFFER
     --------------------------------------------------
     Name:  Glenn Schaeffer
     Title: President, Chief Financial Officer
            and Treasurer

MBG TRUST, as the Trust

By: WILMINGTON TRUST COMPANY
    not in its individual capacity but solely
    as Trustee

By:        JEANNE M. OLLER
    ------------------------------------------------------
    Name:  Jeanne M. Oller
    Title: Administrative Account Manager

BANK OF AMERICA, N.A., as Share Seller

By:        WILLIAM C. CACCAMISE
    ----------------------------------------------
    Name:  William C. Caccamise
    Title: Authorized Signatory

                                       3

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