LAS VEGAS, Aug. 21 /PRNewswire-FirstCall/ -- Reflecting its increasing
emphasis on growth and development, MGM MIRAGE (NYSE: MGM) Chairman and CEO
Terry Lanni today announced several promotions of the company's senior
Jim Murren has been promoted to the role of President and Chief Operating
Officer. Mr. Murren previously had served as the company's President, Chief
Financial Officer and Treasurer.
Bobby Baldwin has been named to serve in a new position as the company's
Chief Design and Construction Officer. He will also continue to serve as
President and CEO of the company's $7.4 billion CityCenter development.
Dan D'Arrigo has been promoted to Executive Vice President and Chief
Financial Officer. Bob Selwood has been promoted to Executive Vice President
and Chief Accounting Officer.
All of these positions report to Mr. Lanni, the company's Chairman and
Additionally, Senior Vice President of Treasury Cathy Santoro has been
promoted to serve as the company's Treasurer, reporting to Mr. D'Arrigo.
"Each of these individuals has played a significant role in managing the
successful growth and development of MGM MIRAGE. These promotions recognize
their contributions and strengthen our ability to move ahead aggressively with
the future development of our real estate holdings and expansion of our brand
presence worldwide," Mr. Lanni said.
In his role as Chief Operating Officer, Mr. Murren will oversee all of the
MGM MIRAGE company-owned casino-resort properties in the U.S. except Bellagio,
Monte Carlo and CityCenter. These properties are part of the CityCenter
"campus" and will report to Mr. Baldwin.
In his role as Chief Design and Construction Officer, Mr. Baldwin will
oversee the design and construction of all of the company's projects and
capital improvements to existing resorts in the U.S. The company has
significant holdings in Nevada, Mississippi and New Jersey available for
Mr. D'Arrigo originally joined MGM Grand, Inc. in 1995 and has served as
Senior Vice President of Finance since 2005.
"Jim Murren has established a reputation as one of the leaders in our
industry," Mr. Lanni said. "His ability to envision the future direction of
the Las Vegas market and his contributions to positioning MGM MIRAGE as the
undisputed industry leader has earned him this well deserved recognition.
"Bobby Baldwin is well known as the leading expert in the development of
some of the most dynamic, efficient and successful large-scale resorts
anywhere in the world. His keen understanding of design and construction make
him the perfect choice to lead our company's efforts in growing our family of
world-class resorts," Mr. Lanni said.
"We believe that there are significant opportunities to enhance the guest
experience among our existing family of resorts and enormous unrealized
potential from our real estate holdings," Mr. Lanni noted. "We will continue
to seek innovative ways of maximizing revenues, improving efficiencies and
operating as a well-integrated company."
John Redmond, who had notified the company in late 2006 of his intent to
retire, has done so effective August 21.
"We are all grateful to John for his many years of service," Mr. Lanni
said. "John is an enormously talented man who has been significantly
responsible for many of our company's successes."
Detailed biographies of each executive are available on request by writing
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
hotel and gaming companies, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has investments in three other properties in
Nevada, New Jersey and Illinois. In addition, the Company has major new
developments under construction in Nevada, Michigan and Macau S.A.R.
CityCenter is a multi-billion dollar mixed-use urban development in the heart
of the Las Vegas Strip; a new MGM Grand hotel and casino complex is being
built in downtown Detroit; and the Company has a 50% interest in MGM Grand
Macau, a hotel-casino resort currently under construction in Macau S.A.R. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE also has been the recipient of numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy programs.
For more information about MGM MIRAGE, please visit the company's website at
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" Under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's public
filings with the Securities and Exchange Commission.
SOURCE MGM MIRAGE
CONTACT: ALAN M. FELDMAN, Senior Vice President of Public Affairs of MGM
MIRAGE, +1-702-891-7147, firstname.lastname@example.org
Web site: http://www.mgmmirage.com