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UPDATE 1-MGM's Lanni to retire, tabs Murren as successor

Thu Nov 13, 2008 5:53pm EST

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LOS ANGELES, Nov 13 (Reuters) - Casino operator MGM Mirage (MGM.N) said on Thursday that Chairman and Chief Executive Terry Lanni will retire from those posts as of Nov. 30 and has recommended that Jim Murren be named to replace him.

Murren is currently president and chief operating officer of the company, which operates Las Vegas Strip resorts Bellagio and Mandalay Bay.

MGM said Lanni will remain as a member of the company's board, which will take up the issue of formally naming his successor at an upcoming meeting.

Shares of MGM and other casino operators have been punished over the past year as weak consumer sentiment sapped demand for gambling and tight credit markets have jeopardized growth opportunities.

Shares of MGM, which rose 7.7 percent to close at $10.77 on the New York Stock Exchange, were not trading after-hours. (Reporting by Deena Beasley; Editing by Gary Hill)



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