MGM execs buy CityCenter condos

Apr 15, 2008 7:00 PM

by Ray Poirier | At least you can say that Terry Lanni, chairman and CEO of MGM MIRAGE Inc. (MGM) puts his money where his mouth is.

For years, Lanni, a strong booster of thoroughbred racing, has invested several millions of dollars in purchasing and racing horses, many from Europe.

And when it comes to home, he doesn’t hesitate to show his strong commitment.

Recently, according to a filing with the Securities & Exchange Commission, Lanni shelled out $8.7 million for a penthouse condo unit in the Mandarin Oriental, one of the hotel/condo units that make up CityCenter complex, a project that is a 50/50 investment with Dubai World. The penthouse was one of three units that Lanni and his two sons have acquired.

Lanni wasn’t the only executive wearing the MGM MIRAGE pinstripes to invest in CityCenter.

Jim Murren, president and chief operating officer, bought two condo units for a combined total of $7.6 million while billionaire Kirk Kerkorian, whose Tracinda Corp. owns some 52% of the company’s outstanding stock, reached into his pocket for an $8.6 million condo unit.

What a marketing edge that gives those agents that are selling the 6,300 units that eventually will occupy CityCenter. Imagine telling a prospective buyer, "Just think, you’ll have Lanni, Murren and Kerkorian as neighbors."