Las Vegas-based MGM Mirage Incorporated has announced that its Chairman and Chief Executive Officer, Terry Lanni, is set to retire after over 13 years with the casino operator.
Lanni helped guide MGM Mirage to its current spot as the largest gambling operator on the Las Vegas Strip and the world's second-biggest casino company and stated that he will remain as a member of the company's board. The 65-year-old served as Chairman for more than 13 years and expanded the firm’s operations from one property in Las Vegas to 17 resorts worldwide. He also oversaw the merger between MGM Grand Incorporated and Mirage Resorts in 2000 and its subsequent combination with Mandalay Resort Group in 2005. Before joining MGM, he served as a senior executive at Caesars World for 18 years including 14 years as its President and Chief Operating Officer.
“This is not health related and I am not running for public office anywhere,” said Lanni.
“I am not taking over any other company, gaming or otherwise, and no, I'm not going to be on next season's Dancing With The Stars. I simply believe that change is inevitable and this is the right time for me to do this.'
He stated that he would officially step down on November 30 and has recommended that Jim Murren, Chief Operating Officer for MGM Mirage, succeed him, a move that must be approved by the firm’s Board.
'Frankly, I came very close to making this decision a year ago,' Lanni said.
'The challenges that we are facing as a company I believe are best addressed by a younger person. Jim is the person to lead the company.'
Murren joined MGM Grand in 1998 as Chief Financial Officer after spending 14 years on Wall Street as an equity analyst and Managing Director for Deutsche Bank.