Casino company MGM Mirage has named its COO, James Murren, to succeed departing J. Terrence Lanni as its chairman and CEO. Tight credit and declining consumer spending have hit casinos hard and have resulted in people steering clear of casinos, according to The Wall Street Journal.
MGM Mirage’s net income fell 67 percent in the third quarter from a year earlier. The company is also struggling to finance the completion of its Las Vegas project, called CityCenter, that would bring new high-end condos, hotels, and retail stores to the city’s central gambling zone.
Lannie served as the company’s CEO for 13 years. His departure was publicly announced the same day he faced questions about the validity of his academic credentials. However he attributed his departure to family reasons.