Lanni Leaves Magna Board of Directors

Citing time constraints due to his responsibilities as chairman of the board and CEO of MGM Mirage, Terrence Lanni has resigned from the board of Magna Entertainment. Along with Lanni's resignation, Magna chairman Frank Stronach confirmed the previously reported resignation of Joseph Harper, president and general manager of Del Mar Thoroughbred Club, from magna's board

Harper's resignation was effective August 7 and Lanni's resignation is effective on August 31.

According to the Magna announcement, Harper said that as president of a competing racetrack in the California market, he felt it appropriate to withdraw from his involvement with MEC at this time.

Stronach said MEC Board will consider replacements for Harper and Lanni at the board's next scheduled meeting in late October.

MEC operates racetracks and related pari-mutuel wagering operations, including off-track betting facilities, and owns and operates a national account wagering system called XpressBet.