Document:

<PAGE>

                                                                    EXHIBIT 4(e)

                                    JP Morgan
                                Swap Transaction

Date:    14 June 2000

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between:

                    MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                       AND

                              MANDALAY RESORT GROUP

on the Trade Date and identified by the Morgan Deal Number specified below (the
"Swap Transaction"). This letter agreement constitutes a "Confirmation" as
referred to in the agreement specified below.

The definitions and provisions contained in the 1991 ISDA Definitions as
supplemented by the 1998 ISDA Supplement (as published by the International
Swaps and Derivatives Association, Inc.), are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and
provisions and this Confirmation, this Confirmation will govern.

References to this Confirmation to "Transaction" shall be deemed to be
references to "Swap Transaction" for the purposes of interpreting the Swap
Definitions, and references in the Swap Definitions to "Swap Transaction" shall
be deemed to be references to "Transaction" for the purposes of interpreting
this Confirmation.

This Confirmation represents an amendment and restatement of any prior documents
or other confirming communications between the parties with respect to the Swap
Transaction.

1. If MORGAN GUARANTY TRUST COMPANY OF NEW YORK ("Morgan") and the MANDALAY
RESORT GROUP (the "Counterparty") are parties to a Master Agreement, Interest
Rate and Currency Exchange Agreement or other similar Agreement (a "Swap
Agreement"), this Confirmation supplements, forms a part of, and is subject to
such Swap Agreement. In the event that Morgan and the Counterparty are parties
to more than one Swap Agreement, this Confirmation supplements, forms a part of,
and is subject to the Swap Agreement most recently executed between the parties.

If Morgan and the Counterparty are not yet parties to a Swap Agreement, the
parties agree that this Transaction will be documented under a master agreement
to be entered into on the basis of the printed form of Master Agreement
(Multicurrency-Cross Border) published by the International Swaps and
Derivatives Association, Inc., together with such changes as shall be agreed
between the parties (the "Master Agreement"). Upon execution and delivery by the
parties of the Master Agreement, this Confirmation shall supplement, form a part
of, and be subject to such Master Agreement. Until the parties execute and
deliver a Master Agreement, this Confirmation shall supplement, form a part of,
and be subject to the printed form of Master Agreement published by ISDA, as if
the parties had executed that agreement (but without any Schedule thereto) on
the Trade Date of this Transaction.

<PAGE>

                                                                       JP MORGAN

2. The terms of the particular Swap Transaction to which this Confirmation
relates are as follows:

<TABLE>

<S>                                                  <C>
Morgan Deal Number:                                  222298

Trade Date:                                          8 June 2000

Effective Date:                                      15 January 1998

Termination Date:                                    15 January 2003

FIXED AMOUNTS:

Fixed Rate Payer:                                    Counterparty

Notional Amount:                                     50,000,000 USD

Fixed Rate Payer Payment Dates:                      Each 15 April, 15 July, 15
                                                     October, 15 January
                                                     starting with 15 April 1998
                                                     up to, and including 15
                                                     July 2000, subject to
                                                     adjustment in accordance
                                                     with the Modified Following
                                                     Business Day Convention and
                                                     there will be an adjustment
                                                     to the Calculation Period.

Fixed Rate:                                          5.575000 percent

Fixed Rate Day Count Fraction:                       Actual/360

FIXED AMOUNTS:

Fixed Rate Payer:                                    Counterparty

Notional Amount:                                     50,000,000 USD

Fixed Rate Payer Payment Dates:                      Each 15 October, 15
                                                     January, 15 April, 15 July
                                                     starting 15 October 2000 up
                                                     to, and including the
                                                     Termination Date, subject
                                                     to adjustment in accordance
                                                     with the Modified Following
                                                     Business Day Convention and
                                                     there will be an adjustment
                                                     to the Calculation Period.

Fixed Rate:                                          6.890000 percent

Fixed Rate Day Count Fraction:                       Actual/360

</TABLE>

<PAGE>

                                    JP MORGAN
<TABLE>

<S>                                                  <C>
FLOATING AMOUNTS:

Floating Rate Payer:                                 Morgan

Notional Amount:                                     50,000,000.00 USD

Floating Rate Payer Payment Dates:                   Each 15 April, 15 July 15
                                                     October, 15 January
                                                     starting with 15 April 1998
                                                     up to and including, the
                                                     Termination Date, subject
                                                     to adjustment in accordance
                                                     with the Modified Following
                                                     Business Day Convention and
                                                     there will be an adjustment
                                                     in the Calculation Period.

Floating Rate for Initial Calculation Period:        5.593750 percent
                                                     (Excluding Spread where
                                                     applicable)

Floating Rate Option:                                USD-LIBOR-BBA

Designated Maturity:                                 3 Month

Spread:                                              None

Floating Rate Day Count Fraction:                    Actual/360

Reset Dates:                                         The first day of each
                                                     Calculation Period.

Compounding:                                         Inapplicable

Payment Business Day Locations for
Counterparty:                                        London, New York

Payment Business Day Locations for Morgan:           London, New York

Payments will be:                                    Net

</TABLE>

i.   The cross default provision of section 5(a)(vi) of the Agreement shall
     apply to both parties with regard to any obligation in respect of borrowed
     money and commitments to lend in an aggregate amount of not less than the
     threshold amount which for Morgan shall be 3 percent of the total
     stockholders equity of Morgan and which for the counterparty shall be an
     amount reflective of its credit as agreed to by the parties.

ii.  The credit event upon merger provisions of section 5(b)(iv) of the
     Agreement shall not apply to Morgan.

<PAGE>

                                                                       JP MORGAN

3. Account Details

<TABLE>

<S>                                                  <C>
PAYMENTS TO MORGAN:

Account for payments in USD:

Favour:                                              MORGAN GUARANTY TRUST COMPANY OF
                                                     NEW YORK
ABA/Bank No.:                                        021 000 238
Account No.:                                         999 97 979
Reference:                                           Interest Rate Swap No.222298

PAYMENTS TO COUNTERPARTY:

Account for payments in USD:

Favour:                                              MANDALAY RESORT GROUP
ABA/Bank No.:
Account No.:
Reference:

</TABLE>

4. Offices

(a)      The Office of Morgan for the Swap Transaction is NEW YORK; and
(b)      The office of the Counterparty for the Swap Transaction is: LAS VEGAS

All enquiries regarding this Confirmation should be sent to:

Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York 10260-0060

Attention:        Charleen Collins
Telephone:        1-212-648-3510
Facsimile:        1-212-648-5117

Please quote Morgan Deal Number indicated above.

JP MORGAN SECURITIES INCORPORATED is acting solely as agent for Morgan and will
have no obligations under this Swap Transaction.

<PAGE>
                                                                       JP MORGAN

Each party represents that (i) it is entering into the transaction evidenced
hereby as principal (and not as agent or in any other capacity); (ii) the other
party is not acting as a fiduciary for it; (iii) it is not relying upon any
representations except those expressly set forth in the Agreement or this
Confirmation; (iv) it has consulted with its own legal, regulatory, tax,
business, investment, financial, and accounting advisors to the extent it has
deemed necessary, and it has made its own investment, hedging, and trading
decisions based upon its own judgment and upon any advice from such advisors as
it has deemed necessary and not upon any view expressed by the other party; and
(v) it is entering into this transaction with a full understanding of the terms,
conditions and risks thereof and it is capable of and willing to assume those
risks.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us or by
sending to us a letter, telex of facsimile substantially similar to this letter,
which letter, telex or facsimile sets forth the material terms of the Swap
Transaction to which this Confirmation relates and indicates agreement to those
terms. When referring to this Confirmation, please indicate: Morgan Deal Number
222298.

                                      Yours sincerely,

                                      JP MORGAN SECURITIES INCORPORATED, as
                                      Agent for and signing on behalf of:

                                      MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                      By:      RAJAN KUNDRA
                                         --------------------------------------
                                         Name:  Rajan Kundra
                                         Title: Vice President

Confirmed as of the date first above written:

MANDALAY RESORT GROUP

By:        GLENN SCHAEFFER
   ---------------------------------------
Name:  Glenn Schaeffer
Title: President & Chief Financial Officer

Your Ref No..........................<PAGE>

                                                                    EXHIBIT 4(f)

                                    JP Morgan
                                Swap Transaction
                              Revised Confirmation

Date:    29 June 2000

The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between:

                    MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                       and

                              MANDALAY RESORT GROUP

on the Trade Date and identified by the Morgan Deal Number specified below (the
"Swap Transaction"). This letter agreement constitutes a "Confirmation" as
referred to in the agreement specified below.

The definitions and provisions contained in the 1991 ISDA Definitions as
supplemented by the 1998 ISDA Supplement (as published by the International
Swaps and Derivatives Association, Inc.), are incorporated into this
Confirmation. In the event of any inconsistency between those definitions and
provisions and this Confirmation, this Confirmation will govern.

References to this Confirmation to "Transaction" shall be deemed to be
references to "Swap Transaction" for the purposes of interpreting the Swap
Definitions, and references in the Swap Definitions to "Swap Transaction" shall
be deemed to be references to "Transaction" for the purposes of interpreting
this Confirmation.

This Confirmation represents an amendment and restatement of any prior documents
or other confirming communications between the parties with respect to the Swap
Transaction.

1. If MORGAN GUARANTY TRUST COMPANY OF NEW YORK ("Morgan") and the MANDALAY
RESORT GROUP (the "Counterparty") are parties to a Master Agreement, Interest
Rate and Currency Exchange Agreement or other similar Agreement (a "Swap
Agreement"), this Confirmation supplements, forms a part of, and is subject to
such Swap Agreement. In the event that Morgan and the Counterparty are parties
to more than one Swap Agreement, this Confirmation supplements, forms a part of,
and is subject to the Swap Agreement most recently executed between the parties.

If Morgan and the Counterparty are not yet parties to a Swap Agreement, the
parties agree that this Transaction will be documented under a master agreement
to be entered into on the basis of the printed form of Master Agreement
(Multicurrency-Cross Border) published by the International Swaps and
Derivatives Association, Inc., together with such changes as shall be agreed
between the parties (the "Master Agreement"). Upon execution and delivery by the
parties of the Master Agreement, this Confirmation shall supplement, form a part
of, and be subject to such Master Agreement. Until the parties execute and
deliver a Master Agreement, this Confirmation shall supplement, form a part of,
and be subject to the printed form of Master Agreement published by ISDA, as if
the parties had executed that agreement (but without any Schedule thereto) on
the Trade Date of this Transaction.

<PAGE>

                                                                       JP MORGAN

2. The terms of the particular Swap Transaction to which this Confirmation
relates are as follows:

<TABLE>

<S>                                         <C>
Morgan Deal Number:                         213149

Trade Date:                                 8 June 2000

Effective Date:                             21 October 1997

Termination Date:                           21 January 2003

FIXED AMOUNTS:

Fixed Rate Payer:                           Counterparty

Notional Amount:                            100,000,000.00 USD

Fixed Rate Payer Payment Dates:             Each 21 January, 21 April, 21 July, 21 October starting with
                                            21 January 1998 up to, and including 21 July 2000,
                                            subject to adjustment in accordance with the Modified
                                            Following Business Day Convention and there will be
                                            an adjustment to the Calculation Period.

Fixed Rate:                                 6.100000 percent

Fixed Rate Day Count Fraction:              Actual/360

FIXED AMOUNTS:

Fixed Rate Payer:                           Counterparty

Notional Amount:                            100,000,000.00 USD

Fixed Rate Payer Payment Dates:             Each 21  October, 21 January, 21 April, 21 July starting 21
                                            October 2000 up to, and including the Termination
                                            Date, subject to adjustment in accordance with the
                                            Modified Following Business Day Convention and there
                                            will be an adjustment to the Calculation Period.

Fixed Rate:                                 6.890000 percent

Fixed Rate Day Count Fraction:              Actual/360

</TABLE>

<PAGE>

                                                                       JP MORGAN

FLOATING AMOUNTS:

<TABLE>

<S>                                                  <C>
Floating Rate Payer:                                 Morgan

Notional Amount:                                     100,000,000.00 USD

Floating Rate Payer Payment Dates:                   Each 21 January, 21 April, 21 July, 21 October starting with
                                                     21 January 1998 up to and including, the Termination
                                                     Date, subject to adjustment in accordance with the
                                                     Modified Following Business Day Convention and there
                                                     will be an adjustment in the Calculation Period.

Floating Rate for Initial Calculation Period:        5.781250 percent (Excluding Spread where applicable)

Floating Rate Option:                                USD-LIBOR-BBA

Designated Maturity:                                 3 Month

Spread:                                              None

Floating Rate Day Count Fraction:                    Actual/360

Reset Dates:                                         The first day of each Calculation Period.

Compounding:                                         Inapplicable

Payment Business Day Locations for
Counterparty:                                        London, New York

Payment Business Day Locations for Morgan:           London, New York

Payments will be:                                    Net

</TABLE>

i.       The cross default provision of section 5(a)(vi) of the Agreement shall
         apply to both parties with regard to any obligation in respect of
         borrowed money and commitments to lend in an aggregate amount of not
         less than the threshold amount which for Morgan shall be 3 percent of
         the total stockholders equity of Morgan and which for the counterparty
         shall be an amount reflective of its credit as agreed to by the
         parties.

ii.       The credit event upon merger provisions of section 5(b)(iv) of the
         Agreement shall not apply to Morgan.

<PAGE>

                                                                       JP MORGAN

3. Account Details

PAYMENTS TO MORGAN:

Account for payments in USD:

Favour:                                     MORGAN GUARANTY TRUST COMPANY OF
                                            NEW YORK
ABA/Bank No.:                               021 000 238
Account No.:                                999 97 979
Reference:                                  Interest Rate Swap No.213149

PAYMENTS TO COUNTERPARTY:

Account for payments in USD:                To be advised

Favour:                                     MANDALAY RESORT GROUP
ABA/Bank No.:
Account No.:
Reference:

4. Offices

(a)      The Office of Morgan for the Swap Transaction is NEW YORK; and
(b)      The office of the Counterparty for the Swap Transaction is LAS VEGAS

All enquiries regarding this Confirmation should be sent to:

Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York 10260-0060

Attention:        Charleen Collins
Telephone:        1-212-648-3510
Facsimile:        1-212-648-5117

Please quote Morgan Deal Number indicated above.

JP MORGAN SECURITIES INCORPORATED is acting solely as agent for Morgan and will
have no obligations under this Swap Transaction.

<PAGE>

                                                                       JP MORGAN

Each party represents that (i) it is entering into the transaction evidenced
hereby as principal (and not as agent or in any other capacity); (ii) the other
party is not acting as a fiduciary for it; (iii) it is not relying upon any
representations except those expressly set forth in the Agreement or this
Confirmation; (iv) it has consulted with its own legal, regulatory, tax,
business, investment, financial, and accounting advisors to the extent it has
deemed necessary, and it has made its own investment, hedging, and trading
decisions based upon its own judgment and upon any advice from such advisors as
it has deemed necessary and not upon any view expressed by the other party; and
(v) it is entering into this transaction with a full understanding of the terms,
conditions and risks thereof and it is capable of and willing to assume those
risks.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us or by
sending to us a letter, telex of facsimile substantially similar to this letter,
which letter, telex or facsimile sets forth the material terms of the Swap
Transaction to which this Confirmation relates and indicates agreement to those
terms. When referring to this Confirmation, please indicate: Morgan Deal Number
213149.

                                        Yours sincerely,

                                        JP MORGAN SECURITIES INCORPORATED, as
                                        Agent for and signing on behalf of:

                                        MORGAN GUARANTY TRUST COMPANY OF
                                        NEW YORK

                                        By:      RAJAN KUNDRA
                                              ----------------------------------
                                        Name:    Rajan Kundra
                                        Title:   Vice President

Confirmed as of the date first above written:

MANDALAY RESORT GROUP

By:        GLENN SCHAEFFER
      ----------------------------------------
Name:      Glenn Schaeffer
Title:     President & Chief Financial Officer

Your Ref No..........................

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