<< Back
MGM MIRAGE Announces Corporate Management Promotions

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 management.

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 CEO.

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 development.

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 to ymonet@mgmmirage.com.

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 http://www.mgmmirage.com.

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, afeldman@mirage.com
Web site: http://www.mgmmirage.com

Could not find file '\\us1p-ccsfs01a\Content3\IRXMLDATA\10\101502\Disclaimers.xml'.