MGM Grand, Inc. (NYSE: MGG) today
announced that with the completion of the historic acquisition of Mirage
Resorts, Incorporated (NYSE: MIR), John T. Redmond, Co-CEO of MGM Grand has
been appointed to direct the Company`s efforts to develop one or more resorts
in Atlantic City.
“We are committed to being an integral part of Atlantic City`s future,”
said Terry Lanni, Chairman of MGM Grand, Inc. “The Borgata resort, our joint
venture with Boyd Gaming, will move ahead as planned. Following the start-up
of the Borgata resort, we are fortunate to have several additional development
options open to us and Mr. Redmond will evaluate which of these have the
highest strategic value for our Company,” Mr. Lanni said.
“We believe that our real estate holdings uniquely position us to grow
with the community well into the future,” said Mr. Redmond.
Mr. Redmond`s career in the gaming industry spans two decades. He began
as a senior agent in the audit division of the Nevada Gaming Control Board in
1980 before joining Caesars Palace in 1985. During his ten-year career with
Caesars Palace, Mr. Redmond held several financial positions rising to Senior
Vice President and CFO in 1995. He joined MGM Grand Development in 1996 and
was instrumental in the casino licensing and development process of the highly
successful MGM Grand Detroit Casino. On March 1, 1999, Mr. Redmond was named
President and COO of Primadonna Resorts and was later named Co-CEO of MGM
Grand, Inc. in December 1999.