MGM Mirage has grown its portfolio from one resort in Las Vegas to 17 worldwide in the 13-plus years Lanni has been chairman of the company. Next year, the company will complete CityCenter, a $9.2-billion casino complex on the Strip that is being called the most expensive private commercial development in US history. "I believe it is now time to step aside from full-time engagement and turn over the reins to the new generation. "[Murren] is fully equipped to lead the company through these turbulent times in the global economy and take it to new levels of growth and success."

Lanni was at the helm for its mergers with Mirage Resorts in 2000 and Mandalay Resort Group in 2005. He earned more than $9 million in compensation in 2007 alone, including salary, non-equity incentive plan compensation, retirement benefits and perks such as personal use of the company aircraft. "The company will always be indebted to Terry for his many years of leadership and wisdom, [and] are delighted…the company will have available his wealth of experience and institutional knowledge," said Kirk Kerkorian, majority shareholder of MGM Mirage.

Shortly after the announcement, the Wall Street Journal reported on discrepancies between Lanni's corporate biography and records at the University of California. His corporate biography says he earned a master's degree in finance; UC records show he completed classes toward the degree but never graduated, according to the report.