Lanni last year: $9.6 million in compensation

16 Apr 2008

By Liz Benston, Las Vegas Sun

LAS VEGAS, Nevada -- Excluding the value of stock options and awards, MGM Mirage Chief Executive Terry Lanni earned $9.6 million in compensation last year. That figure includes a salary of $2 million and incentive-based compensation of $6.4 million, according to the company's latest proxy.

That would have been less than last year if not for the $12.6 million Lanni received from the value of stock options exercised last year, boosting his total compensation to more than $22 million.

The proxy revealed that executives, directors and an affiliate company bought a total of nine condominium units at CityCenter for $28.8 million. Lanni bought two units, along with two of his adult children.

Also revealed in the proxy is the latest breakdown of ownership in MGM Mirage, one of a dwindling number of public gaming companies.

With Dubai World's recently acquired 9.3 percent stake in MGM Mirage, less than 25 percent of the company's shares are publicly traded.

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	Lanni last year: $9.6 million in compensation 16 Apr 2008 By Liz Benston, Las Vegas Sun <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS, Nevada -- Excluding the value of stock options and awards, MGM Mirage Chief Executive Terry Lanni earned $9.6 million in compensation last year. That figure includes a salary of $2 million and incentive-based compensation of $6.4 million, according to the company's latest proxy. That would have been less than last year if not for the $12.6 million Lanni received from the value of stock options exercised last year, boosting his total compensation to more than $22 million. The proxy revealed that executives, directors and an affiliate company bought a total of nine condominium units at CityCenter for $28.8 million. Lanni bought two units, along with two of his adult children. Also revealed in the proxy is the latest breakdown of ownership in MGM Mirage, one of a dwindling number of public gaming companies. With Dubai World's recently acquired 9.3 percent stake in MGM Mirage, less than 25 percent of the company's shares are publicly traded. Copyright © Las Vegas Sun. Inc. Republished with permission.