Lanni resigns from Internet company boards

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Tuesday, June 20, 2000 | 11:38 a.m.

MGM Grand Inc. Chairman J. Terrence Lanni has resigned from the boards of two Internet companies, a company spokesman said today.

Alan Feldman said that Lanni resigned from the board of Las Vegas-based PurchasePro.com on May 31, the day MGM Grand's $6.4 billion acquisition of Mirage Resorts Inc. closed. Lanni has also informed Youbet.com, a Los Angeles-based Internet wagering service, of his intent to resign from that company's board at the end of this month.

Feldman said Lanni's resignations were not related to any disagreements with either company.

"Internet companies require an awful lot of activity from their boards," Feldman said. "Terry really needs to focus his time on the successful completion of the merger of MGM Grand and Mirage Resorts."