MGM Mirage Chief Quits Amid Fake MBA Flap

Lanni denies sudden resignation related to degree fib
By Rob Quinn,  Newser Staff
Posted Nov 14, 2008 2:04 AM CST
The MGM logo at the main entrance of MGM Grand hotel-casino in Las Vegas.   (AP Photo/Jae C. Hong )
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(Newser) – The CEO of MGM Mirage has announced his resignation, but denied it had anything to do with lying about having an MBA, reports the Wall Street Journal. J. Terence Lanni, one of the most powerful figures in the gambling world, has long claimed to have an MBA from the University of Southern California. But university records don't back him up.

Lanni took some courses toward an MBA, but never finished, and there is no record that he received an honorary degree, said a university spokesman. Lanni said his decision to step down, which follows a 67% third-quarter drop in the casino company's income, is simply a matter of wishing to live a quieter lifestyle at the age of 65. He will remain on the company’s board of directors.