MGM MIRAGE Announces Corporate Management Promotions
21 Agosto 2007 - 6:15PM
PR Newswire (US)
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 . 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. DATASOURCE: MGM MIRAGE
CONTACT: ALAN M. FELDMAN, Senior Vice President of Public Affairs
of MGM MIRAGE, +1-702-891-7147, Web site: http://www.mgmmirage.com/
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