Casino operator MGM Resorts International, the parent company of Macau-based MGM China Holdings Ltd, on Thursday announced the appointment of two executives with investment banking backgrounds to lead MGM Growth Properties LLC, the firm’s planned real estate investment trust, commonly known as a REIT.
MGM Resorts said James Stewart was named chief executive of MGM Growth Properties while Andy Chien was appointed chief financial officer.
Both executives previously worked for Greenhill & Co, a New York-based investment bank. Mr Stewart served as managing director and head of the gaming, lodging and leisure group, while Mr Chien was a managing director of real estate, gaming, lodging and leisure.
The two executives will be headquartered in Las Vegas, Nevada, and will be responsible for the establishment and development of MGM Growth Properties, including overseeing its initial public offering, MGM Resorts said in a press release.
The U.S.-based casino operator in October announced it would create a publicly traded REIT to which it plans to contribute 10 real estate assets, all located in the United States. That includes some of its most iconic properties in Las Vegas, such as Mandalay Bay and The Mirage (pictured). MGM Resorts said at the time it intended to maintain control of MGM Growth Properties after the initial public offering.
“James and Andy are well known and highly regarded investment banking leaders, and they bring to MGM Growth Properties more than 40 years of collective advisory and financial experience that we believe is critical to establishing a solid foundation for MGM Growth Properties,” said Jim Murren, chairman and chief executive of MGM Resorts, in a statement on Thursday.
“As we continue our path toward the creation of MGM Growth Properties, the knowledge and expertise that James and Andy bring will be invaluable in positioning MGM Growth Properties as a leading real estate investment trust,” he added.
Mr Murren has previously said on a conference call with analysts that MGM Resorts would likely own about 70 percent of MGM Growth Properties.
Apr 14, 2021VIP gross gaming revenue (GGR) in the Macau market was “bad” in the first quarter, “hovering at circa 20 percent of pre- Covid-19 levels,” said a Wednesday note from JP Morgan Securities...
Apr 14, 2021
”It is the expectation of Blackstone that it will receive probity approval to acquire 100 percent of Crown from each of the state gaming regulators [in Australia] by third-quarter 2021”
Australian casino operator Crown Resorts