Archive for November, 2008

One Of Las Vegas’ MGM’s Top Executives Headed For Retirement

Wednesday, November 19th, 2008

J. Terrance Lanni (who is 65) and a top executive with MGM is headed for retirement at the end of November. The news does not come as a surprise as he was even planning for a possible retirement at this time last year. Lanni is ready to step down from his role and let someone from a younger generation take the ropes and lead the way.

After a long career with MGM, Lanni is ready to take some time to himself and his family. Also, when asked in a recent Las Vegas interview Lanni said that he believes that most of the challenges that are facing the MGM brand and company today would be better resolved with a younger mind and someone that was part of those seeking Las Vegas entertainment today.

While Lanni is leaving other execs and majority share holder Kirk Kerkorian with a good taste in their mouths, he is also leaving them at one of the worst financial times that Vegas and the entire American economy has ever faced.

MGM, as well as many other Vegas based shares are at the lowest of lows and resorts have not experienced such a scarce amount of visitors in a very long time. The only light at the end of the tunnel seems to be that of the next train crash. Lanni’s successor will have a great challenge ahead of him as he faces a down-turning and the lack of visitors in Las Vegas.

Penthouse Looking to Own a Las Vegas Casino on the Strip

Wednesday, November 19th, 2008

The CEO of the Penthouse organization of websites and magazines is looking to acquire a centrally located Casino on the Las Vegas Strip. Marc Bell (the CEO) has mentioned to several Las Vegas news station that he would love to pick up a location to add a new spin to his company.

With the economy slowing down, Bell envisions that this would be the best time to invest in real estate and pick up a casino along with some strip presence for Penthouse. Bell did mention that he does not have plans to knock down a whole casino and have the Penthouse name flashing above in bright sparkling lights. But instead he would like the organization to hold the rights to the casino and pool areas where he can have pin up girls as casino dealers and strippers throughout the pool area – if that were to become legal.

Several issues naturally come to mind with this acquisition. Would this hotel be an adult only venue? Would this be the start of Vegas reverting back into a true city of sin? Could a hotel like this really be located in the center of the strip? I guess we will have to wait and see.

Penthouse started out as men’s magazine which is currently owned by Penthouse Media Group. The magazine was founded in the UK and later moved to the US where the company built an empire of websites, magazines and a newly launched TV channel.