GGRAsia – MGM Resorts adds REIT specialist to board

MGM Resorts adds REIT specialist to board

Jan 13, 2017 Newsdesk Latest News, Top of the deck, World

U.S.-based casino operator MGM Resorts International announced on Thursday the appointment of John Kilroy to its board of directors. The company’s board of directors has now been expanded to 12 members, the firm said in a press release.

Mr Kilroy is the chairman and chief executive of Kilroy Realty Corp, a real estate investment trust (REIT) engaged in the ownership, acquisition, development and operation of commercial properties in the United States.

Mr Kilroy also serves on the advisory board of governors for the U.S.-based National Association of Real Estate Investment Trusts.

“We are very pleased to welcome John to MGM Resorts and look forward to his contribution to our diverse, global operations,” said in a statement Jim Murren, chairman and chief executive of MGM Resorts.

“Mr Kilroy’s … distinguished knowledge of real estate, strong business acumen, public company experience and proven track record toward creating shareholder value by creating environments that attract innovators in technology and media, will bring a unique and complementary perspective to our company and our shareholders,” added Mr Murren.

MGM Resorts, the parent company of Macau-based MGM China Holdings Ltd, established in 2016 a subsidiary, MGM Growth Properties LLC, as a publicly traded REIT.

The REIT includes several properties that were previously owned by MGM Resorts – all in the United States – including seven casino resorts on the Las Vegas Strip, according to regulatory filings. The latest addition to the portfolio of MGM Growth Properties was the Borgata Hotel Casino and Spa in Atlantic City, acquired in August last year. MGM China’s venues are not part of the REIT.