Terrence Lanni
Encyclopedia
Joseph Terrence Lanni (March 14, 1943 – July 14, 2011) was the former Chairman of the Board and Chief Executive Officer of MGM Mirage
, one of the world's leading hotel and gaming companies headquartered in Las Vegas, Nevada
. He also served as Chairman of the Executive Committee of the Board of Directors.
He joined MGM Grand, Inc.
on June 1, 1995, as President & Chief Executive Officer and a member of the Board of Directors. In July 1995 he was named Chairman and CEO. In 2000, he oversaw the acquisition of Mirage Resorts by MGM Grand, Inc., which created MGM Mirage.
He was a senior executive of Caesars World, Inc. for 18 years, serving as President and Chief Operating Officer and a member of the Board of Directors of that company from April 1981 to February 1995. Lanni joined Caesars World in January 1977 as Chief Financial Officer, was named Senior Vice President in April 1978, and elected Executive Vice President in December 1979. Prior to joining Caesars, he was Treasurer of Republic Corporation, a New York Stock Exchange-listed conglomerate based in California
.
with a B.S. degree in business and in 1992 he received the "Alumnus of the Year Award" from USC Marshall School of Business
.
, and in January 2001 was the recipient of Casino Journal's 2001 Lifetime Achievement Award.
Lanni served as a member of the Board of Directors of the Del Mar Thoroughbred Club
; the Board of Trustees of the Ronald Reagan Presidential Foundation; Santa Clara University
, and the Board of Overseers of the Keck School of Medicine
at the University of Southern California. Lanni also served as Chair of the American Gaming Association
.
Officials at the University of Southern California's Marshall School of Business—responding to an inquiry from the Wall Street Journal -- told the company it had no record that Lanni had earned a master's degree in business administration from the school. The university contacted MGM Mirage on November 12, 2008 following the Journal's inquiries about a recent discovery by Barry Minkow
, a private fraud investigator in San Diego, of a discrepancy between Lanni's corporate biography and a database of college degrees accessible to private investigators. As recently as late November 13, 2008 company materials said Lanni had earned the MBA degree. The claim has lingered in his biography for years. In 1982, when Lanni was president of casino operator Caesars World Inc., the company issued a release stating he received "an MBA in finance from USC in 1967." But James Grant, a USC spokesman disagrees. "No [MBA] degree was conferred", he said, adding the school had completed a rigorous search of its records in response to the Journal's queries. MGM Mirage's biography also said Lanni earned a bachelor of arts degree in speech from USC. According to Mr. Grant, that was also inaccurate though he confirmed that Lanni did earn one degree from USC, a 1965 bachelor of science degree in business. Lanni said he took a series of classes toward an MBA, but didn't finish because he went to work instead. But he said he was awarded an honorary MBA from USC in 1992 when he was named Alumnus of the Year by the business school. "I understood I was given an honorary degree," he said. At USC, Mr. Grant said the university's list of honorary degrees didn't include Lanni either.
MGM Mirage
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about...
, one of the world's leading hotel and gaming companies headquartered in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
. He also served as Chairman of the Executive Committee of the Board of Directors.
He joined MGM Grand, Inc.
MGM Grand Las Vegas
The MGM Grand Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada. The MGM Grand is the third largest hotel in the world and largest hotel resort complex in the United States in front of The Venetian. The MGM Grand was the largest hotel in the world when it opened in...
on June 1, 1995, as President & Chief Executive Officer and a member of the Board of Directors. In July 1995 he was named Chairman and CEO. In 2000, he oversaw the acquisition of Mirage Resorts by MGM Grand, Inc., which created MGM Mirage.
He was a senior executive of Caesars World, Inc. for 18 years, serving as President and Chief Operating Officer and a member of the Board of Directors of that company from April 1981 to February 1995. Lanni joined Caesars World in January 1977 as Chief Financial Officer, was named Senior Vice President in April 1978, and elected Executive Vice President in December 1979. Prior to joining Caesars, he was Treasurer of Republic Corporation, a New York Stock Exchange-listed conglomerate based in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
.
Education
He graduated from the University of Southern CaliforniaUniversity of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
with a B.S. degree in business and in 1992 he received the "Alumnus of the Year Award" from USC Marshall School of Business
Marshall School of Business
The USC Marshall School of Business is a private research and academic institution at the University of Southern California. It is the largest of USC's 17 professional schools. The current Dean is James G. Ellis. In 1997 the school was renamed following a US$35 million donation from alumnus Gordon S...
.
Other
He was appointed by the Speaker of the U.S. House of Representatives in 1997 to serve on the nine-member National Gambling Impact Study Commission. In October 2000 he was inducted into the Gaming Hall of FameGaming Hall of Fame
The Gaming Hall of Fame was established in 1989 to recognize individuals who have played a significant role in the gaming-entertainment industry....
, and in January 2001 was the recipient of Casino Journal's 2001 Lifetime Achievement Award.
Lanni served as a member of the Board of Directors of the Del Mar Thoroughbred Club
Del Mar Racetrack
Del Mar Racetrack is an American Thoroughbred horse racing track at the Del Mar Fairgrounds in the seaside city of Del Mar, California, 20 miles north of San Diego. Operated by the Del Mar Thoroughbred Club, it is known for the slogan: "Where The Turf Meets The Surf." It was built by a partnership...
; the Board of Trustees of the Ronald Reagan Presidential Foundation; Santa Clara University
Santa Clara University
Santa Clara University is a private, not-for-profit, Jesuit-affiliated university located in Santa Clara, California, United States. Chartered by the state of California and accredited by the Western Association of Schools and Colleges, it operates in collaboration with the Society of Jesus , whose...
, and the Board of Overseers of the Keck School of Medicine
Keck School of Medicine of USC
The Keck School of Medicine of the University of Southern California is a major center of medical research, education and patient care. Founded in 1885, the Keck School of Medicine is the oldest medical school in Southern California.Located on the university’s Health Sciences campus three miles ...
at the University of Southern California. Lanni also served as Chair of the American Gaming Association
American Gaming Association
The American Gaming Association is a United States gaming industry association.The AGA was founded in 1995 with the goal of promoting, educating and lobbying on behalf of the gaming entertainment industry through education and advocacy...
.
Death
Lanni died July 14, 2011, aged 68, from cancer. He was survived by his wife Debbie and their two sons.Questions about MBA
On November 15, 2008, Lanni announced his resignation as CEO of MGM Mirage, effective November 30, as doubts emerged about the MBA he claimed to have received from USC. In the announcement Lanni stated: "I must stress that this issue has nothing to do with my decision" to retire. Mr Lanni’s corporate profile on the MGM Mirage web site had, until the week of his resignation, stated that he had received an MBA from the university.Officials at the University of Southern California's Marshall School of Business—responding to an inquiry from the Wall Street Journal -- told the company it had no record that Lanni had earned a master's degree in business administration from the school. The university contacted MGM Mirage on November 12, 2008 following the Journal's inquiries about a recent discovery by Barry Minkow
Barry Minkow
Barry Jay Minkow is a former businessman, pastor and convicted felon. While still in high school, he founded ZZZZ Best , which appeared to be an immensely successful carpet-cleaning and restoration company. However, it was actually a front to attract investment for a massive Ponzi scheme...
, a private fraud investigator in San Diego, of a discrepancy between Lanni's corporate biography and a database of college degrees accessible to private investigators. As recently as late November 13, 2008 company materials said Lanni had earned the MBA degree. The claim has lingered in his biography for years. In 1982, when Lanni was president of casino operator Caesars World Inc., the company issued a release stating he received "an MBA in finance from USC in 1967." But James Grant, a USC spokesman disagrees. "No [MBA] degree was conferred", he said, adding the school had completed a rigorous search of its records in response to the Journal's queries. MGM Mirage's biography also said Lanni earned a bachelor of arts degree in speech from USC. According to Mr. Grant, that was also inaccurate though he confirmed that Lanni did earn one degree from USC, a 1965 bachelor of science degree in business. Lanni said he took a series of classes toward an MBA, but didn't finish because he went to work instead. But he said he was awarded an honorary MBA from USC in 1992 when he was named Alumnus of the Year by the business school. "I understood I was given an honorary degree," he said. At USC, Mr. Grant said the university's list of honorary degrees didn't include Lanni either.