Murren earned more than $3 million in 2008

LAS VEGAS, Nevada -- MGM Mirage Chairman and Chief Executive Officer Jim Murren earned more than $3 million in pay during 2008, roughly $5.4 million less than he was compensated in 2007, according a company filing with the Securities and Exchange Commission late Friday.

Murren, who replaced Terry Lanni in those positions in November, was recently given a new employment agreement that expires in 2013 almost with a raise of $500,000. Murren also retains the titles of president and chief operating officer.

In 2008, Murren received $1.5 million in salary, $20,982 in stock awards and $1.1 million in stock appreciation rights and options. Other compensation, which included use of MGM Mirage corporate aircraft, totaled $442,039.

Murren's compensation was well below the nearly $8.5 million in salary and bonuses he earned in 2007 and the $10.3 million earned in 2006.

His new employment agreement, which was executed earlier this month, gives Murren a base salary of $2 million. He is eligible for bonuses and cash awards of up to $4.25 million annually.

MGM Mirage, the Strip's largest casino operator, is facing a May 15 deadline from its lenders to come up with a restructuring plan for its $13.5 billion in long-term corporate debt. The company is also feuding with Dubai World, its joint-venture partner in the $8.7 billion CityCenter development, over the project's financing.

Lanni, who retired in November after 13 years with the casino operator, earned $3.8 million with MGM Mirage in 2008, which included a salary of $2 million. The figures were well below the $12.7 million Lanni earned in 2007 and $15.7 million he was paid in 2006.

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