With Terry Lanni leaving MGM Mirage, the company’s board of directors appointed COO and president Jim Murren as his replacement.

Lanni suggested Murren for his replacement when he announced his retirement, which was effective December 1.

MGM Mirage majority stakeholder Kirk Kerkorian also praised Murren, saying he is a “multifaceted leader in whom I have the utmost confidence.”

Murren, who will retain his president and COO titles, said he understands the issues the company faces and is comfortable operating within that environment.

His first act was to sell Treasure Island to Phil Ruffin (see story page 12).

He also told attendees at an investment conference that the company has already sold one private airplane, and is looking to sell two others, as well as some land holdings. Even with depressed land prices, Murren said land sales alone could raise about $300 million.

Murren first joined the company in 1998 as chief financial officer after spending more than a decade as an equity analyst and managing director at Deutsche Bank.

He was named company president in 1999, before the company’s buyout of Mirage Resorts. Last year, he resigned his CFO duties last year to take on the role of COO, overseeing the day-to-day operations of the company’s hotel and casino properties.

Lanni will remain involved with the company and serve on the Diversity Committee.

By Casino Connection Staff