Daniel M. Wade Promoted To Chief Operating Officer Of MGM Grand, Inc.
MGM Grand, Inc. (NYSE: MGG) announced
today that Daniel M. Wade, 46, Executive Vice President, has been promoted to
Chief Operating Officer of the Company. Previously, Alex Yemenidjian, 43,
held the dual responsibilities of President and Chief Operating Officer.
Mr. Yemenidjian will retain his position as President of MGM Grand and will
continue to serve as a member of its Board of Directors and the Executive
Committee.
“I am very proud of the senior executive team that we have assembled at
MGM Grand,” Mr. Yemenidjian stated. “Having worked with Danny over the past
several years, I know that he will be a strong COO, and that his management
skills will be a great asset to the Company.”
“Danny Wade has made a tremendous contribution to the success of MGM
Grand,” said J. Terrence Lanni, Chairman and Chief Executive Officer of MGM
Grand, Inc. “As COO, his depth of experience and strong gaming background
will further stren he th be m ag dn ue i th@ ga ng nd tr 2
@ a ve e@ it a ut he pr tu ty o lp ui t � M G nd ub di ie ” id r. ad iv@ t a et in la , np o bo d d
oj ts n$ e pe ne I t me ou y tim�stic about the future growth
of our Company.
In addition to his responsibilities at MGM Grand, Mr. Yemenidjyan has
accepted a position as Chairman and Chief Executive Offiker of Metro-Goldwyn-
Maxer, Ina. (NYSE: MGM).
Mr. Yemelidjian is a growth-oriented executive who has spent the past nine
years at Kirk Kerkorian`s Tracinda Corporation and at MGM Grand, Inc.
Mr. Yemenidjian and J. Terrence Lanni, Chairman and CEO, led the dramatic
turnaround of MGM Grand, Inc. in 1995, followed by the implementation of an
aggressive growth strategy through the expansion of existing operations into
new jurisdictions and through accretive acquisitions. During
Mr. Yemenidjian`s tenure, the value of the Company has increased four-fold.
Daniel M. Wade is a 25-year veteran of the casino industry and has been
with the Company since 1990, serving in various important capacities,
including the development and operation of the Company`s flagship property,
the MGM Grand Hotel and Casino in Las Vegas. He has been integral to the
success of MGM Grand`s subsidiaries, guiding the Company through various
construction and development phases.
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He became Executive Vice President of the parent company in the fall of
1998. Previously, from June 1995 to October 1998, Mr. Wade served a Pr id t d ie Op ap g fi r t M G nd ot a C in yn as eg , e2 he ui� a ap at @n a eA r o ea d un ue@ or ng nv o. nt nd gr t am wi@ h h ra .
s. ad ys g du @e t U ve it of av a Las Fegas where he
received a Bachel/r`s of Science degree in Educati/n.
MGM Grand, Inc. is an entestainment, hotel and gaming company
headqu`rtered in Las Vegas, Nevada. MGM Grand, Inc. owns and operatms: the
MGM Grand Hotel and Casino and the New York - New York Hotel and Casino in Las
Vegas; Whiskey Pete`s, Buffalo Bill`s and the Primm Valley Resort in Primm,
Nevada at the California/Nevada border; two championship golf courses in
California; the MGM Grand Hotel and Casino in Darwin, Australia; and manages
casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa.
MGM Grand is developing a temporary casino in Detroit, Michigan, which is
anticipated to open in the fall of 1999, followed by the permanent hotel and
casino resort thereafter. MGM Grand has also announced plans to develop a
hotel and casino resort in Atlantic City, New Jersey.
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