MGM MIRAGE, Harrah’s execs are selling stock

Friday, May 10, 2002 | 11:11 a.m.

Four executives of Harrah's Entertainment Inc. have filed with the Securities and Exchange Commission to sell $17.33 million in company stock.

Meanwhile, two top executives with MGM MIRAGE filed separately with the SEC to sell more than $7 million in company stock.

The largest Harrah's sale was by Gary Loveman, president and chief operating officer, who filed May 6 to sell 250,000 shares for $12.5 million. The shares came from the exercise of options; Loveman retains 805,000 stock options, company officials said. Loveman had no comment on the sale.

Three other Harrah's officials filed to sell shares this week -- Charles Atwood, chief financial officer, who filed to sell 71,000 shares for $3.5 million; Richard Mirman, senior vice president of marketing, 24,250 shares for $1.23 million; and Brad Martin, director, selling 2,000 shares for $100,000.

The sales represented 42 percent of Atwood's reported stock holdings in January, 17 percent of Mirman's, and 9 percent of Martin's. Company officials couldn't be reached for comment on these sales.

Separately, MGM MIRAGE Chairman and Chief Executive Terry Lanni filed Thursday to sell 100,000 shares, which were valued at $4.1 million. John Redmond, chief executive of subsidiary MGM Grand Resorts, filed last week to sell 77,500 shares, valued at $3.02 million.

The sales represent 9 percent of Lanni's most recently reported stock holdings, and 16 percent of Redmond's. The stock holdings of both executives are almost exclusively stock options.

MGM MIRAGE spokesman Alan Feldman declined to comment directly on the sales.

"I don't think this is unexpected with the stock price at a recent high," Feldman said. "We're seeing this not only in the casino industry, but in other industries where stocks have performed well in recent months."