Casino News

MGM Mirage chief to retire

2008-11-14 11:59:19

Terrence Lanni, the 65-year-old chief executive of gaming giant MGM Mirage, has announced that he will step down from his current role at the end of the month.

BusinessWeek reports that the chairman, who joined MGM Grand in 1995, will remain on the company's board despite his retirement.

With Mr Lanni at its helm, MGM Grand became one of the world's largest casino operators, merging with Mirage Resorts in 2000 to form MGM Mirage and taking over the Mandalay Resort Group five years later.

It currently runs more than ten casinos in Las Vegas and over two dozen around the world, with sites in Detroit, Atlantic City and Macau.

Majority share holder Kirk Kerkorian has risen into the top 50 of the world's richest people, according to Forbes magazine, with the help of firm.

Mr Lanni's replacement has yet to be named, but he has recommended the board give the position to chief operating officer James Murren.