Tuesday, March 9, 2010 | 7:14 a.m.
Former gaming regulator Bill Bible is resigning immediately as president of the Nevada Resort Association so he can become a board member of MGM Mirage.
"As president of the NRA, I truly enjoyed being a part of an industry that saw a decade of dramatic change," Bible said today in a statement. "Getting to know and working with dedicated Nevadans who day in and day out strive to make Nevada the best place to work and live is something I value most of all."
NRA Chairman Keith Smith said Bible, while leaving the gaming lobbying group immediately, will assist in the transition to name his replacement.
Bible was chairman of the state Gaming Control Board for 10 years before joining the NRA in 1999.
"Bill’s service to the industry over the years has been remarkable. His sharp insight and leadership that guided the NRA through both robust and challenging times is respected and appreciated. We will miss him at the NRA but wish him the best of luck in his new endeavors," Smith, chief executive of Boyd Gaming Corp., said in a statement.
MGM Mirage said Bible was elected to its board Monday.
"We are honored to welcome Bill Bible as the newest member of our board of directors," MGM Mirage Chairman and Chief Executive Jim Murren said in a statement. "Bill's wealth of expertise and familiarity with a wide range of financial and regulatory matters in both hospitality and gaming will serve as a tremendous asset to our company."
MGM Mirage said in a regulatory filing today that, subject to Bible obtaining gaming and other regulatory approvals, it expects that he will be named to the board's audit committee.
"There is no arrangement or understanding between Mr. Bible and any other persons pursuant to which he was selected as a director of the company," MGM Mirage said in its filing. "Furthermore, the company has not been since the beginning of the last fiscal year, and is not currently proposed to be, a participant in any related-party transaction with Mr. Bible ... ."
MGM Mirage has seen three of its directors resign since October.
The company said Dr. Joseph H. Sugerman resigned effective Feb. 25 to concentrate on his medical practice.
For reasons that have not been disclosed, MGM Mirage general counsel and board member Gary Jacobs resigned his executive and board positions Dec. 15.
Former secretary of state Alexander M. Haig Jr. resigned from the board effective Oct. 7. He died Feb. 20 at the age of 85.
Separately, MGM Mirage announced a debt-exchange plan today in which it would offer up to $845 million in senior secured notes due 2020 in a private placement. Cash raised in the offering would repay part of the debt outstanding under its senior credit facility.