MGM Mirage
Secures Existing Management Team to 2010
MGM Mirage announced
today that it has entered into long-term employment
contracts with its top five senior executives
until 2010.
"With the unanimous support of
the Board of Directors, the Compensation and
Stock Option Committee undertook the initiative
of securing the long-term services of this senior
management team," said Jim Aljian, Chairman
of the committee. "In consideration of
the fact that there is a continued demand for
top talent in the industry and in light of the
Company's several growth initiatives, the Board
believed it to be a strategic imperative to
maintain the stability and continuity of this
highly successful team."
Accordingly, the Company has entered into employment
agreements with five of its most senior executives
engaging them through January 4, 2010. Employment
agreements have been entered into with J. Terrence
Lanni, Chairman and Chief Executive Officer;
James J. Murren, President, Chief Financial
Officer and Treasurer; Robert H. Baldwin, President
and Chief Executive Officer Mirage Resorts;
John T. Redmond, President and Chief Executive
Officer MGM Grand Resorts; and Gary N. Jacobs,
Executive Vice President, General Counsel and
Secretary.
For a complete copy of the above mentioned
agreements, please refer to the Company's Form
8-K as filed with the Securities and Exchange
Commission on September 22, 2005.
MGM Mirage (NYSE: MGM) owns and operates 24
properties located in Nevada, Mississippi and
Michigan, and has investments in four other
properties in Nevada, New Jersey, Illinois and
the United Kingdom. MGM Mirage has also announced
plans to develop Project CityCenter, a multi-billion
dollar mixed-use urban development project in
the heart of Las Vegas, and has a 50% interest
in the MGM Grand Macau hotel/casino 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.
|
