LAS VEGAS, Nov. 13 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
Chairman and CEO Terry Lanni notified the Company today that he is retiring
from his executive positions, effective November 30, but will remain as a
member of the Board of Directors.
Mr. Lanni said, "I have served as Chairman for more than 13 years and have
seen this company grow from owning one resort in Las Vegas to 17 resorts
internationally, with joint ventures around the world. I believe it is now
time to step aside from full-time engagement and turn over the reins to the
new generation. I am recommending to the Board of Directors that Jim Murren
succeed me as chairman and CEO. Jim is fully equipped to lead the company
through these turbulent times in the global economy and take it to new levels
of growth and success."
Terry Lanni, 65, joined MGM Grand, Inc. in June 1995, as President and
Chief Executive Officer and a member of the Board of Directors. In July 1995
he was named to his current position. Mr. Lanni guided MGM MIRAGE through
periods of unprecedented growth, including mergers with Mirage Resorts (2000)
and Mandalay Resort Group (2005). He also led the business through uncertain
economic times, especially in the aftermath of the tragedy of 9-11.
"The Company will always be indebted to Terry for his many years of
leadership and wisdom. We are delighted that he will remain as a member of the
Board and that the Company will have available his wealth of experience and
institutional knowledge," said Kirk Kerkorian, majority shareholder of MGM
MIRAGE.
MGM MIRAGE President and COO Jim Murren said, "I respect Terry's personal
decision and I am honored that he is recommending me to the Board to serve as
his successor. I will continue to devote all of my energies to this great
company. As a direct result of Terry's leadership, we have a remarkable depth
of seasoned management and I am confident of our Company's ability to manage
through the current economy and emerge stronger, more vigorous and
well-positioned to capitalize on future opportunities as the economy rebounds
from its current slowdown."
The MGM MIRAGE Board of Directors will take up the issue of formally
naming Mr. Lanni's successor at an upcoming meeting.
About MGM MIRAGE
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has 50% investments in four other properties in Nevada, New
Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and
non-casino resorts, separately and with partners in Las Vegas, Atlantic City,
the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports
responsible gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received
numerous awards and recognitions for its industry-leading Diversity Initiative
and its community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" Under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's public
filings with the Securities and Exchange Commission.
