|LAS VEGAS - Oct. 8, 1998--After three years at the helm
of MGM Grand Hotel, Daniel M. Wade has been promoted to the resort's parent
company, MGM Grand Inc. (NYSE:MGG), where he is now executive vice president.
William J. Hornbuckle has been promoted to Wade's former position, president and chief operating officer of MGM Grand Hotel Inc.
Wade became the second employee of MGM Grand Hotel/Casino in 1991, a full two years before the property's 1993 opening. He helped oversee design and construction of the hotel and the adjoining Grand Adventures, Nevada's first outdoor theme park. During his tenure as president of MGM Grand Hotel, the property has consistently earned four-star status from the Mobil Travel Guide.
Wade's career in gaming includes executive positions at the MGM Marina Hotel, where he was president and general manager, and at Harrah's where he was vice president of operations for 6 years. His career includes positions at Circus Circus, Holiday Casino, the Maxim and the Aladdin Hotel.
"Over the last three years as president and chief operating officer, Dan Wade has led this property to record results using his insight, his intellect and, importantly, his heart," said MGM Grand Inc. President and Chief Operating Officer Alex Yemenidjian.
"His relationships with virtually every Cast Member at this property stand as a testament to his qualities as a leader and as a human being. As we expand into Detroit and around the world, I can think of no better ambassador for our company than Dan Wade," added Yemenidjian.
As Wade moves into his corporate role, Hornbuckle becomes president and chief operating officer of MGM Grand Hotel. He had been executive vice president of operations for the resort since April 1998.
"Bill has led some of the gaming industry's most prominent properties to new levels of success," noted Yemenidjian. "MGM Grand Hotel is fortunate to have a leader with such an in-depth knowledge of gaming and hotel operations combined with a management style that mirrors the philosophies on which this company is founded.
"I'm confident that Bill Hornbuckle, Dan Wade and the rest of our management team will work together to provide the premier entertainment experience for our guests while maximizing value for our shareholders," Yemenidjian added.
Prior to joining MGM Grand, Hornbuckle was president and chief operating officer of Caesars Palace, where he oversaw the resort's $625 million expansion and renovation while also holding responsibility for all property operations.
Hornbuckle was also executive vice president and chief operating officer of Treasure Island at the Mirage and as president and chief executive officer of the Golden Nugget Laughlin. He was part of the executive team that helped design and open The Mirage. Both Hornbuckle and Wade will report directly to Yemenidjian.
MGM Grand Inc. is an entertainment, hotel and gaming company with headquarters in Las Vegas. The company owns and operates the MGM Grand Hotel/Casino in Las Vegas and MGM Grand Australia, a hotel and casino in the city of Darwin. It also owns a 50 percent interest in New York-New York, a 2,033-room hotel and casino in Las Vegas, and manages three casinos in South Africa. MGM Grand Inc. is listed on the New York Stock Exchange. Its trading symbol is NYSE-MGG.
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