It wasn't much of a gamble.

Shareholders of Mandalay Resorts ( MBG) have approved rival gaming company MGM Mirage's ( MGG) takeover offer.

In June, Mandalay's board accepted MGM Mirage's sweetened offer of $71 dollars a share, which represented a rich premium. The cash offer totals $4.8 billion. Including assumed debt, the deal is worth $7.9 billion.

The deal still needs regulatory approval.

Mandalay, which disclosed the approval Friday, reported a record first-quarter profit of $67.1 million last week.

Mandalay shares were flat at $70.18. Mirage's rose $2.50, or 4%, to $65.40, just shy of their 52-week high.