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MGM Mirage CEO To Retire

By Chuckmonster on Thursday, 13th November 2008 3:27pm
  » filed under MGM Mirage  comments: 6

   

Here's some hot juicy news for the gaming biz geeks... MGM Mirage CEO Terry Lanni is retiring.... in two weeks! Jim Murren will probably take the wheel. Here's the release



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Comments & Discussion:

Kirk Kerkorian should become the new CEO...at 91.

91 is the new 72 no?

It makes perfect sense for Terry Lanni to pick now to retire.

The credit markets have gone to pot. MGM Mirage is saddled with tons of debt due to the City Center albatross. The general economy is crap and as a result Vegas tourism is off by large amounts. The house of cards that Lanni built is about to come tumbling down.

Why not get all the retirement golden parachutes he can while he still can. Get out while the getting is good. Lay off hundreds of workers, so the money is there for the CEO to grab on his way out the door.

not so sure i agree with your reasoning. it's probably good for Murren to take over when the business is at the bottom of the arc. also, i'm pretty confident that his stock options are way under the strike price right now, and forcing a golden parachute charge to mgm's bottom line at this juncture wouldn't be a big hit with investors.

giving two weeks notice for stepping down is supremely fishy. my guess is that this has probably been in the works for some time but they delayed the announcement until after citycenter financing was wrapped up and to keep investors from having a long period of transitional uncertainty to freak out about.

I heard that Wall Street Journal had uncovered that he didn't have the Master's Degree in Business from USC that he claimed he did. Apparently USC says he only has a BA and the Journal published the story. I can't see it being that big of a deal, certainly not enough to retire over, but the timing is suspect.

Does this mean that the themes will finally be coming back to MGM properties?



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