• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

MGM Resorts board won’t back hedge fund nominees

Mar 24, 2015 Newsdesk Latest News, Top of the deck, World  


MGM Resorts board won’t back hedge fund nominees

The board of directors of MGM Resorts International said it does not endorse any candidates put forth by Land and Buildings Investment Management, the hedge fund that last week suggested the casino operator convert its land holdings into a real estate investment trust (REIT).

The company on Friday “unanimously” recommended shareholders to vote for its own nominees for the board. “Our board of directors strongly urges you not to sign or return any proxy card sent to you by Land and Buildings,” the firm said in a preliminary proxy filing with the U.S. Securities and Exchange Commission.

The date and location for the annual meeting have not been disclosed.

Land and Buildings last week said MGM Resorts should split into a separate REIT and hotel-management company. It also suggested “monetising” Macau-based MGM China Holdings Ltd, which owns and operates the MGM Macau (pictured) and is building the US$3-billion MGM Cotai.

The hedge fund, owner of fewer than 1 percent of MGM Resorts’ outstanding shares, announced its intention to nominate four directors to the board of the U.S.-based casino operator, including its founder and manager Jonathan Litt.

In Friday’s filing, MGM Resorts urged shareholders to vote in favour of the 11 current board members, including company chairman and chief executive Jim Murren.

According to the proxy statement, MGM Resorts executives met with Land and Buildings representatives during several occasions since January.

The company said it decided not to include the Land and Buildings nominees “after careful consideration”. “The board, as it is currently constructed, is very effective, independent, and diverse and has a broad range of expertise (including real estate, finance and operations),” the firm said.

The casino operator said it is still “carefully reviewing” Land and Buildings’ proposals, including the REIT strategy.

In a press release, Land and Buildings said it was disappointed by MGM Resorts’ decision.

“We believe [it] sends a clear signal that the [MGM Resorts] board would prefer to take part in a contentious situation rather than work collaboratively to reach a solution that is in the best interests of all shareholders,” said the hedge fund.

“We have no choice other than to file our own proxy statement in the near future,” it added.


  • tweet
Related articles
  • MGM China gets deal for use of MGM brands renewed
    MGM China gets deal for use of MGM...

    Jun 27, 2022  

  • MGM expects autumn announcement on Japan IR licence
    MGM expects autumn announcement on...

    Jun 21, 2022  

More news
  • Coughlan to exit as Wynn Macau Ltd president in February
    Coughlan to exit as Wynn Macau Ltd...

    Jul 06, 2022  

  • Fitch downgrades Crown, signs off on rating casino firm
    Fitch downgrades Crown, signs off on...

    Jul 06, 2022  


Latest News

Coughlan to exit as Wynn Macau Ltd president in February

Coughlan to exit as Wynn Macau Ltd president in February

Jul 06, 2022  

Macau casino operator Wynn Macau Ltd said on Wednesday that its long-serving president, Ian Coughlan (pictured), would be leaving his role in February next year. Linda Chen will take over as...
Read More
Fitch downgrades Crown, signs off on rating casino firm

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022  

Macau could launch gaming tender within days: JP Morgan

Macau could launch gaming tender within days: JP Morgan

Jul 06, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”As the Macau gaming revenue structure is now leaning heavily towards the mass business … once the border fully reopens, the recovery from mass should drive the sector to bounce more swiftly”

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at Sanford C. Bernstein



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau’s Grand Lisboa cordoned amid 13-case Covid clusterMacau’s Grand Lisboa cordoned amid 13-case Covid… July 5, 2022
  • Macau publishes amendment to public tender regulationMacau publishes amendment to public tender regulation July 5, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us