James Murren
Encyclopedia
James J. Murren is Chairman and CEO of MGM Resorts International, headquartered in Las Vegas, Nevada
.
Murren received his undergraduate degree at Trinity College where he studied art history and urban planning., and continued studies in Rome, Italy. He joined the Wall Street firm of Cyrus J. Lawrence as a securities analyst, and earned the Chartered Financial Analyst
certification in 1991. He was elected a member of the firm's Board of Directors, becoming the youngest member ever of the company's board. During his career on Wall Street he brought about a pivotal recapitalization of MGM Grand, Inc.
in 1996, and served as a Managing Director and the Director of U.S. equity research for Deutsche Bank
.
in 2000, and Mandalay Resort Group
in 2005—acquisitions that helped transform MGM into the world's largest largest gaming company. He was repeatedly honored as the gaming and lodging industry’s top CFO by Institutional Investor magazine.
In 2008-09, Murren led an extensive reorganization of the company, resulting in over $500 million of annual savings; this, together with a $3.8 billion financing effort, kept the company from failure during the early days of the Great Recession in 2008 and 2009. John Mack, Chairman and CEO of Morgan Stanley said that "Jim’s background and experience with financial markets, management and operations has enabled him to provide exceptional leadership to MGM during an unprecedented period of turbulence in the economy and capital markets."
During Murren's tenure, MGM joined with Dubai World
in the development of Las Vegas CityCenter. When CityCenter opened in December 2009, it represented the largest single private development and the largest green project ever undertaken in the nation’s history and America’s number one generator of new jobs during the Great Recession. Senator Harry Reid said, "The Las Vegas community may never be able to express its appreciation adequately for all that Jim has done, but his hard work hasn't gone unnoticed. ... He is a leader of his generation in job creation, green investment and philanthropy." Somer Hollingsworth, President and CEO of the Nevada Development Authority, called CityCenter "the most exciting and impactful project to open for the foreseeable future,”
During 2009, according to the Associated Press, Murren's total remuneration from MGM was $13.75 million, including $2 million in salary, a $500,000 bonus, a $3.5 million performance-based cash bonus, and $7.1 million in stock options.
, and is a member of its Board of Directors. He is a trustee of the University of Nevada, Las Vegas
and an active supporter of Trinity College, The Johns Hopkins University, the Smith Center for the Performing Art, and other non-profit organizations.
He also sits on the Board of Delta Petroleum, a publicly-held natural gas company.
He and his wife Heather have been married for 19 years.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
.
Early career
Jim Murren attended Roger Ludlowe High School in Fairfield, CT, where he was a member of the Flying Tigers cross country team coached by J. Carter O'Dwyer.Murren received his undergraduate degree at Trinity College where he studied art history and urban planning., and continued studies in Rome, Italy. He joined the Wall Street firm of Cyrus J. Lawrence as a securities analyst, and earned the Chartered Financial Analyst
Chartered Financial Analyst
The Chartered Financial Analyst Program is a graduate level self-study program offered by the CFA Institute to investment and financial professionals...
certification in 1991. He was elected a member of the firm's Board of Directors, becoming the youngest member ever of the company's board. During his career on Wall Street he brought about a pivotal recapitalization of MGM Grand, Inc.
MGM Grand Inc.
MGM Grand Inc. was formed by Kirk Kerkorian as a casino owner and operator.- History :On October 1, 1998 the company opened a temporary casino in Johannesburg, South Africa. It announced a plan to acquire Primadonna Resorts, Inc. on November 9, 1999...
in 1996, and served as a Managing Director and the Director of U.S. equity research for Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
.
At MGM
In 1998, he moved to the corporate sector, joining MGM as CFO and member of its Board of Directors. In 1999, he became President, and was promoted to Chief Operating Officer in 2007; he became Chairman and CEO in December 2008, his 10th year at the company. Under his tenure, the company embarked upon an extremely successful decade of growth. Murren was the architect of $15 billion of acquisitions including Primmadonna in 1998, Mirage ResortsMirage Resorts
Mirage Resorts was an American corporation that owned and operated hotel-casinos. It was created in 1989, having previously been called Golden Nugget Companies...
in 2000, and Mandalay Resort Group
Mandalay Resort Group
Mandalay Resort Group was a hotel-casino operator based in Las Vegas, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. It was...
in 2005—acquisitions that helped transform MGM into the world's largest largest gaming company. He was repeatedly honored as the gaming and lodging industry’s top CFO by Institutional Investor magazine.
In 2008-09, Murren led an extensive reorganization of the company, resulting in over $500 million of annual savings; this, together with a $3.8 billion financing effort, kept the company from failure during the early days of the Great Recession in 2008 and 2009. John Mack, Chairman and CEO of Morgan Stanley said that "Jim’s background and experience with financial markets, management and operations has enabled him to provide exceptional leadership to MGM during an unprecedented period of turbulence in the economy and capital markets."
During Murren's tenure, MGM joined with Dubai World
Dubai World
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate's flag bearer in global investments and has...
in the development of Las Vegas CityCenter. When CityCenter opened in December 2009, it represented the largest single private development and the largest green project ever undertaken in the nation’s history and America’s number one generator of new jobs during the Great Recession. Senator Harry Reid said, "The Las Vegas community may never be able to express its appreciation adequately for all that Jim has done, but his hard work hasn't gone unnoticed. ... He is a leader of his generation in job creation, green investment and philanthropy." Somer Hollingsworth, President and CEO of the Nevada Development Authority, called CityCenter "the most exciting and impactful project to open for the foreseeable future,”
During 2009, according to the Associated Press, Murren's total remuneration from MGM was $13.75 million, including $2 million in salary, a $500,000 bonus, a $3.5 million performance-based cash bonus, and $7.1 million in stock options.
Other interests
Over the years, he has been a pioneer in the area of corporate diversity. DiversityBusiness.com has ranked MGM one of the “Top 50 Companies for Promoting Multicultural Business Opportunities” for the last 5 years, 2006-2010. He was an original founder of the state of Nevada's cancer research and treatment center, the Nevada Cancer InstituteNevada Cancer Institute
Nevada Cancer Institute , founded in 2002, has been the official cancer institute for the state of Nevada since 2003. The NVCI is a non-profit organization, composed of a team of researchers and physicians who aim to advance knowledge about cancer while providing medical services throughout Nevada...
, and is a member of its Board of Directors. He is a trustee of the University of Nevada, Las Vegas
University of Nevada, Las Vegas
University of Nevada-Las Vegas is a public, coeducational university located in the Las Vegas suburb of Paradise, Nevada, USA. The campus is located approximately east of the Las Vegas Strip. The institution includes a Shadow Lane Campus, located just east of the University Medical Center of...
and an active supporter of Trinity College, The Johns Hopkins University, the Smith Center for the Performing Art, and other non-profit organizations.
He also sits on the Board of Delta Petroleum, a publicly-held natural gas company.
He and his wife Heather have been married for 19 years.