Las Vegas Sun

November 22, 2009

Currently: 48° | Complete forecast | Log in

MGM Mirage exec to retire Nov. 30

Staff and wire reports

Published Thursday, Nov. 13, 2008 | 2:53 p.m.

Updated Thursday, Nov. 13, 2008 | 10:08 p.m.

Click to enlarge photo

Steve Marcus

Terry Lanni, chairman of the board and CEO of MGM Mirage, poses at the Bellagio in September 2007.

Letter

Related story

MGM Mirage chairman and chief executive officer Terry Lanni is retiring, the company announced this afternoon.

The resignation is effective Nov. 30, but Lanni will remain a member of the company's board of directors. Lanni recommended that Jim Murren, the company's president and chief operating officer, succeed him as chairman and CEO.

"I have served as chairman for more than 13 years and have seen this company grow from owning one resort in Las Vegas to 17 resorts internationally, with joint ventures around the world," Lanni said in a statement. "I believe it is now time to step aside from full-time engagement and turn over the reins to the new generation."

Terry Lanni, 65, joined MGM Grand Inc. in June 1995 as president and chief executive officer and a member of the board. The next month he was named to his current position.

Lanni guided MGM Mirage through mergers with Mirage Resorts (2000) and Mandalay Resort Group (2005). The company's board will formally name Lanni's successor at a future meeting.

"As a direct result of Terry's leadership, we have a remarkable depth of seasoned management and I am confident of our company's ability to manage through the current economy and emerge stronger, more vigorous and well-positioned to capitalize on future opportunities as the economy rebounds from its current slowdown," Murren said in a statement.

The announcement came hours before a University of Southern California spokesman said Lanni does not have a master's degree in business from the school, as his corporate biography has long claimed.

USC spokesman James Grant said Thursday that Lanni completed classes toward the degree between 1965 and 1967 but never graduated.

MGM Mirage spokesman Alan Feldman said Lanni believes he was awarded an honorary degree at a ceremony at the school in 1992. But Grant says records show no honorary master's degrees in business have been awarded at the school since 1933.

The Wall Street Journal quoted Lanni as saying the issue with USC had noting to do with his decision to retire.

"This is not health related," Lanni said in a letter announcing his retirement to employees. "I am not running for public office anywhere; 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."

Discussion: 21 comments so far…

  1. By stevem
    11/13/08 at 3:13 p.m.
    Suggest removal

    a current "slowdown". haha!

    it's a freaking derailment.

    just shows how these super rich CEO types are clueless to the world around them.

  2. By denro
    11/13/08 at 7:07 p.m.
    Suggest removal

    Over the years it sure looks like Mr. Lanni has been a great CEO of MGM Mirage. I think Mr. K. has been lucky to have had him in the post for all this time of growth. Now time for new leadership. Interesting that it would happen right now, and is it out of the blue I wonder, or longer planned?

  3. By scouser
    11/13/08 at 8:49 p.m.
    Suggest removal

    Funny how he resigned on a day when he found himself in a dispute with his alma mater over his academic credentials after questions were raised by The Wall Street Journal. Looks like he lied about his qualifications and nobody checked.

  4. By jfnance32
    11/13/08 at 9:49 p.m.
    Suggest removal

    It is funny that neither the LVRJ or the Sun has never mention that news about Wall Street Journal breaking a story about Lanni and his academic credentials.

    Hmmmmm... I guess neither the Sun or the LVRJ are in the news business.

    This proves that if you are part of the good-old-boys network then you are in a protected class. If Lanni was some poor manager slob then it would have been front page news.

    I guess we have now bloggers to break news.

    LOL......

  5. By johnevegas
    11/14/08 at 3:43 a.m.
    Suggest removal

    "It is funny that neither the LVRJ or the Sun has never mention that news about Wall Street Journal breaking a story about Lanni and his academic credentials."

    http://www.lasvegassun.com/news/2008/nov...

  6. By PatriciaLV
    11/14/08 at 5:40 a.m.
    Suggest removal

    LOL johne; you took the cyberwords right out of my keyboard.

  7. By scouser
    11/14/08 at 5:52 a.m.
    Suggest removal

    Look at the time they posted the story
    http://www.lasvegassun.com/news/2008/nov...

    Thu, Nov 13, 2008 (10:03 p.m.)
    a hour and a half after scouser and johnevegas posted

    lol

  8. By PatriciaLV
    11/14/08 at 6:19 a.m.
    Suggest removal

    According to the time-stamp, it was fifteen minutes after Jim posted and five hours before johnevegas posted.

    I'm confused, scouser.

  9. By scouser
    11/14/08 at 6:33 a.m.
    Suggest removal

    you are correct patricialv johnevegas should have read jfnance32

  10. By PatriciaLV
    11/14/08 at 6:59 a.m.
    Suggest removal

    It occurs to me that I read that story yesterday long before the time-stamp indicates it was uploaded. I'm positive it was on this web site.

    As I said, though, I'm confused. LOL.

  11. By johnevegas
    11/14/08 at 7:07 a.m.
    Suggest removal

    1. Read nance's post
    2. Wondered if it was true
    3. Searched site for other mention
    4. Found story from yesterday
    5. Noted in posted response

  12. By jfnance32
    11/14/08 at 7:28 a.m.
    Suggest removal

    The story was posted after scouser and my posting bringing up that point.

    Plus it is an AP story not a story originated by the Sun.

    One would think the Sun would have a reporter on this story and do their own reporting.

    Also, they could have put in a sentence into this story that said something about the Wall Street story.

    But at least they posted the AP story.

    It could be that they are just lazy and did not know about academic story.

  13. By johnevegas
    11/14/08 at 7:41 a.m.
    Suggest removal

    I see your point. Interesting coincidence at least.

    It would be interesting to know how the AP stories get on the site. Automatic feed filters? Staff pick and choose?

  14. By PatriciaLV
    11/14/08 at 7:55 a.m.
    Suggest removal

    From a Sun staffer's response to my query re commenting on AP articles from this thread http://www.lasvegassun.com/news/2008/nov...

    "There are two ways that Associated Press stories end up on our site: One is through an automated feed and the other is when one of our editors feels like an AP story should be moved to our homepage or to one of our main inside indexes."

    Not a grand left-wing conspiracy, Jim. If you're so truly unhappy with the Sun, why on Earth do you come here? Just stay at the R-J where there are many more who "think" as you do.

  15. By johnevegas
    11/14/08 at 8:09 a.m.
    Suggest removal

    Thanks for that Patricia.

    I'm a vote for being able to comment on the AP stories.

  16. By PatriciaLV
    11/14/08 at 8:19 a.m.
    Suggest removal

    I assume the filter that's in place for the auto-feeds includes "Las Vegas" and/or something equivalent and that's how those stories end up here.

    As to the editor's choices .... fairly obvious for the most part.

    There have been several AP stories I'd would have loved to have had the "comment" opportunity.

    Jim, the Sun's staff is limited. While this does seem to be something of fair importance (the credentials issue), it may just be that there was no one available. Or someone was working on it, but it was incomplete by the time the AP story was released.

    There are a whole host of possible reasons but as per usual, all you see are left-wing conspiracies. I'm going to state the incredibly obvious here, Jim: The Las Vegas Sun, independently owned, leans to the LEFT. The Las Vegas Review-Journal, owned by conglomerate Stephens Media Group, leans to the RIGHT.

    Seems to me the R-J is more suited to your beliefs.

  17. By jfnance32
    11/14/08 at 8:32 a.m.
    Suggest removal

    If you notice in my original posting I find fault with both the LVRJ and Sun for not doing their jobs of reporting the news.

    Both organizations should be ashamed for getting out scooped by non-Nevada news organizations.

    In today's LVRG, they did not proper thing by refering to Wall Street Journal story in their reporting about Lanni.

    Still, they got out scooped, too.

  18. By johnevegas
    11/14/08 at 9:06 a.m.
    Suggest removal

    "Both organizations should be ashamed for getting out scooped by non-Nevada news organizations."

    Maybe a little strong, but I agree in principle.

  19. By phil721
    11/14/08 at 9:52 a.m.
    Suggest removal

    When times get tough you take the first life raft and jump ship? I'm a proud member of the MGM family and am ashmed of our leader.

    Maybe we can get some new blood and turn this into a positive, if any company can do it, it is the MGM.

    There is so much talent ready to take over where Lanni left off. I have seen the skills at the TI,Ny Ny and the M.C. I would strongly recommend the GM at M.C. He is a diversity champion and overall great leader. His name is Rick Goldtein and he would be up to the job to get this great company back to it's role of the leader in the industry.

    If Mr. Goldtein gets to lead us into the future we would all prosper. And if that happens the first drink at the bathouse is on me !!!!

  20. By jfnance32
    11/14/08 at 9:58 a.m.
    Suggest removal

    I do not believe there were many of these "smart" people that saw the economic mess coming.

    The President and his men did not.

    The Democratic leaders in Congress did not.

    The CEO's of all these companies, including the banks, did not.

    Perhaps our educational system, even coming from Havard and Yale, is not that good.

    Perhaps, all these "smart" people, are not really that smart.

    Perhaps, there is a limitation to being human and we will never have this Utopia that people are always striving for.

  21. By Oh_Please
    11/14/08 at 10:32 a.m.
    Suggest removal

    jfnance32 writes, "Perhaps, there is a limitation to being human and we will never have this Utopia that people are always striving for."

    Atlest we can try....

Post a comment

Commenting requires registration.

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Full comments policy.

Username:
Password: (Forgotten your password?)

OR Create an account (It's free)

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 22 Sun
  • 23 Mon
  • 24 Tue
  • 25 Wed
  • 26 Thu

All events on Sunday »