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Friday, February 04, 2000
Copyright © Las Vegas Review-Journal
Ex-MGM exec joins dot-com
Longtime gaming executive J. Terrence Lanni signs on with an Internet horse-betting service.
By Dave Berns
Review-Journal
Ex-MGM Grand Chief Executive Officer J. Terrence Lanni was named to the board of Youbet.com, an Internet betting service that allows gamblers to place bets and watch coast-to-coast horse races.
In December, Lanni, 56, left MGM Grand as the company's chief executive officer but continues to serve as the chairman of the company's board of directors. He is an avid horse racing fan who owns thoroughbred horses.
He served as a member of the Gambling Impact Study Commission, a federal panel that studied the social and economic effects of gambling in the United States. The commission completed its work in June.
Lanni failed to return a Thursday phone message, but in a statement released by Youbet.com, he said, "I believe that Youbet.com's leading edge technology augurs well in positioning it in becoming the leading global online company in the gaming space."
Youbet.com shares were up 69 cents Thursday on the Nasdaq Stock Market to close at $5.56.
According to the company's most recent quarterly report, for the period ended Sept. 30, Youbet.com generated third-quarter revenues of $1.1 million.
On Oct. 13, the Los Angeles Police Department served a search warrant on Youbet.com offices in connection with an investigation into the legality of online and telephone wagering within California.
The company has since agreed with the Los Angeles County district attorney's office and the Los Angeles Police Department to halt the acceptance of all wagers placed from within California's borders. The company also paid $1.3 million toward investigatory costs, civil payments, and for the support of computer education and the California Council on Problem Gambling.
In June, the company announced an agreement with Station Casinos to create a 50-50 joint venture that would offer in-home, interactive sports wagering to Nevada residents. The company agreed to give Station a five-year warrant to purchase 100,000 shares of Youbet.com common stock. That venture remains under development.
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J. Terrance Lanni
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