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MGMMirage Boss Talks Downturn
MGMMirage CEO Terry Lanni was interviewed by PBS' Nightly Business Report yesterday. Sitting in front of a green screen projection of live Strip traffic with Mandalay Bay and The Sign above his shoulders, Lanni discussed how the economic downturn is affecting Las Vegas visitation numbers and future MGM Mirage projects. He seemed to put as much of a smile on the rotten economy as possible, by noting that international visitation is up due to the declining dollar, while domestic visitation is down. The average 'spend' per visitor is also down.
When asked if the economy will affect future casino projects, Lanni stated that CityCenter is on track for a 'late 2009' opening, but all other future projects are on hold. He didn't say which ones were on hold, but we can assume he meant the Kerzner/MGMM joint venture at Sahara Blvd and the Strip.
He also made an odd, smarmy joke that the politicians who are involved in the financial sector bailout take the $720B they're allocating and head on over to the roulette table at one of MGM Mirage's fabulous Las Vegas casinos and 'double their money.' Reading between the lines of his snicker was, in bold-face type The house always wins.
Hope that shoe was seasoned by a member of MGMM's stable of celebrity chefs before it was tasted.
Unlike the effervescent Steve Wynn and peculiar Sheldon Adelson, Terry Lanni's conversational style is infinitely more 'accountant' than visionary. He seemed to have a set group of talking points aimed at soothing investor fears that folks like us have put the kibosh on our Vegas plans.
He's also got a funny looking head.
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Comments & Discussion:
Dude looks like he was drawn by Mike Mignola. (geek check!)
He looks constipated and confused...maybe he's confused about being constipated.....and has a really big forehead.
The big forehead allows for a greater volume of confusion about being constipated.
No wonder this dufus took all the personality out of MGM Mirage properties, he just wanted them to match his own!
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