New CEO at MGM Mirage

By Oscar Garcia

LAS VEGAS -- The board of MGM Mirage(MGM Quote) appointed Jim Murren the casino operator's new chairman and chief executive to replace Terry Lanni, the company said Tuesday.

Murren, MGM Mirage's chief operating officer and the man largely credited with envisioning its $9.2 billion CityCenter complex now under construction on the Las Vegas Strip, will take over the top spot Dec. 1, the company said.

Murren told The Associated Press he looks forward to guiding the company past tough economic times that have hit the casino industry hard, particularly in Sin City.

"This is not for the faint of heart right now -- it's for people who are absolutely dedicated," he said.

The company said Lanni, who faced questions about his academic credentials as he announced his retirement Thursday, would remain on the company's board and its diversity committee.

The company has said Lanni's retirement has nothing to do with the revelation that he never received a master's degree in business, though his corporate biography has long claimed he earned one from the University of Southern California.

Murren said there is no indication the revelation would affect Lanni's ability to remain on the board. If Lanni falsely claimed the degree on his state gaming license application, Nevada gambling regulators could deny him a seat on MGM Mirage's board, however.

"From my knowledge it's not an issue whatsoever," Murren said. "(But) I am not privy to anyone else's application, nor are they to mine."

It was not immediately clear whether Lanni mentioned the degree on his state license application. Jerry Markling, enforcement chief of the Nevada Gaming Control Board, did not return phone calls from The Associated Press seeking comment.