• 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’ stockholders endorse director slate

May 29, 2015 Newsdesk Latest News, Top of the deck, World  


MGM Resorts’ stockholders endorse director slate

Shareholders of U.S. casino firm MGM Resorts International – majority owner of Macau casino operator MGM China Holdings Ltd – have voted in favour of all 11 candidates proposed as directors of the parent firm, a company spokesman told the Associated Press news agency.

The poll was held at MGM Resorts’ annual general meeting on Thursday. The firm is expected to release the official vote tally later in a securities filing.

According to a proxy filing to Nasdaq dated April 13, the list of director candidates included James Murren, the chairman and chief executive of MGM Resorts.

A Connecticut-based hedge fund that has argued shareholder value in MGM Resorts has been mismanaged relative to industry peers said on May 19 that it was ending its proxy fight with the casino operator and withdrawing its own nominees as alternative directors.

Land and Buildings Investment Management LLC had proposed three alternative candidates for the MGM Resorts board.

In an announcement on March 17, Land and Buildings had urged the separation of MGM Resorts’ real estate holdings from MGM Resorts’ operating business through the formation of a real estate investment trust (REIT). MGM Resorts – which initially said it was opposed to such a move as not representing the best interests of shareholders – subsequently said it was hiring financial advisors to evaluate such a separation.

Mr Murren reportedly told shareholders at the meeting that the company has been looking at the REIT structure since 2007 and continues to evaluate strategies to boost shareholder value, MGM Resorts’ spokesman Clark Dumont told AP.

Some investment analysts have noted that shares of MGM Resorts have outperformed the Market Vectors Gaming Exchange Traded Fund (ETF) since Land and Buildings started its lobbying in March. That particular ETF seeks to replicate as closely as possible the share price and yield performance of the S-Network Global Gaming Index.

According to Reuters, companies eligible for inclusion in the index should be principally engaged in the global gaming industry; derive more than 50 percent of revenues from it; have market capitalisation exceeding US$200 million, and should have three-month average daily turnover greater than US$1 million.


  • tweet
Related articles
  • Osaka prefectural assembly nods IR plan
    Osaka prefectural assembly nods IR plan

    Mar 24, 2022  

  • Osaka targets 2029 for opening casino resort
    Osaka targets 2029 for opening casino...

    Dec 22, 2021  

More news
  • Resorts World Manila op 1Q GGR up 43pct y-o-y
    Resorts World Manila op 1Q GGR up 43pct...

    May 25, 2022  

  • Singapore visitor tally in year to April beats full-2021
    Singapore visitor tally in year to...

    May 25, 2022  


Latest News

Resorts World Manila op 1Q GGR up 43pct y-o-y

Resorts World Manila op 1Q GGR up 43pct y-o-y

May 25, 2022  

Travellers International Hotel Group Inc, the owner and operator of the Resorts World Manila casino resort (pictured), reported first-quarter gross gaming revenue (GGR) of PHP6.5 billion (US$124.4...
Read More
Singapore visitor tally in year to April beats full-2021

Singapore visitor tally in year to April beats full-2021

May 25, 2022  

Leisure and Resorts 1Q loss widens as costs rise

Leisure and Resorts 1Q loss widens as costs rise

May 25, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”If China’s travel easing gets delayed to the second half of 2023 [Macau operator’s aggregate net debt] could rise another US$2 billion, to US$27 billion by end-2023"

Praveen Choudhary, Gareth Leung and Thomas Allen

Analysts at Morgan Stanley banking group



Most Popular

  • Wynn Macau Ltd asks managers to take 10pct wage in stockWynn Macau Ltd asks managers to take 10pct wage in stock May 24, 2022
  • Macau op debt to hit US$25bln unless travel eased 2H: MSMacau op debt to hit US$25bln unless travel eased 2H: MS May 24, 2022
  • Outbound group tours still paused: China immigrationOutbound group tours still paused: China immigration May 24, 2022
  • Macau GGR tax cut idea tied to China outlook: brokerageMacau GGR tax cut idea tied to China outlook: brokerage May 23, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us