LAS VEGAS, Feb. 8, 2016 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts") today announced the inaugural Board of Directors of MGM Growth Properties LLC ("MGP"). The MGP Board will feature two independent directors, Thomas Roberts and Michael Rietbrock. Roberts is a strategic advisor and corporate governance consultant to public and private companies and was previously a partner at Weil, Gotshal & Manges for more than two decades, where he served as Chairman of the Corporate Department. Rietbrock has a highly distinguished career analyzing and investing in Real Estate, Gaming, and Lodging securities and was most recently the Head of Global Equity Research and Co-Head of U.S. Equities at Nomura Securities, where he played a key leadership role in the development of the firm's U.S. operations.
Jim Murren, Chairman and CEO of MGM Resorts International, said, "We welcome Tom and Mike to the MGP Board of Directors. Tom's experience advising companies on complex, high-profile situations coupled with his deep knowledge of corporate governance matters and best practices will support the establishment of guidelines and procedures for the MGP Board, while Mike's background in finance and global equity markets, particularly in Real Estate, Gaming, and Lodging, will provide a solid foundation to help oversee MGP's execution of its financial strategy and industry positioning. They will bring significant relevant experience to the MGP Board that we believe will drive an expertly managed board that will be aligned with shareholder interests and entirely focused on the success of this newly formed company."
Murren continued, "We are also pleased to announce that Elisa Gois will join the MGP Board. Elisa joined MGM Resorts from Host Hotels & Resorts, where she created and led the Corporate Strategy Analytics, Feasibility and Business Intelligence & Portfolio Analysis departments. As Chief Analytics Officer and Senior Vice President of Enterprise Analytics at MGM Resorts, she brings important analytical perspectives and a track record of driving growth and results. In addition to Elisa, Tom and Mike, we will fill the remaining seats on the MGP Board with MGM leaders who will provide invaluable strategic oversight across a range of key areas at MGM Resorts and also bring critical knowledge of the assets that will initially comprise the REIT. We look forward to growing MGP's Board as the company expands in the coming years."
The full MGP Board will be composed of the following individuals:
- Elisa Gois, Chief Analytics Officer and Senior Vice President of Enterprise Analytics at MGM Resorts.
- Bill Hornbuckle, President of MGM Resorts.
- John McManus, Executive Vice President, General Counsel and Secretary of MGM Resorts.
- Jim Murren, Chairman and Chief Executive Officer of MGM Resorts.
- Michael Rietbrock (Independent Director), former Head of Global Equity Research and Co-Head of US Equities at Nomura Securities.
- Thomas Roberts (Independent Director), former Senior Partner at Weil, Gotshal & Manges.
- Dan Taylor, Executive at Tracinda Corporation and Independent Director of MGM Resorts.
Murren concluded, "Today's announcement, combined with the appointments of James Stewart and Andy Chien, as MGP's CEO and CFO respectively, underscores the deliberate steps we are taking to create a premier company in this space. MGP's independent directors and executive team will provide extensive and applicable experience and complement our Board members from MGM Resorts."
As previously announced, MGM Resorts will create a controlled Real Estate Investment Trust ("REIT") to which MGM Resorts will contribute ten premier real estate properties, with more than 24,000 hotel rooms and more than 2.3 million square feet of convention and meeting space, including:
- Seven large-scale Las Vegas resorts and entertainment properties: Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor, Excalibur, and The Park.
- Three regional casino resort properties: MGM Grand Detroit in Michigan and Beau Rivage and Gold Strike Tunica, both of which are located in Mississippi.
About Elisa Gois
Elisa Gois has served as the Chief Analytics Officer and Senior Vice President of Enterprise Analytics at MGM Resorts International since 2015. In this role, she leads a team of professionals responsible for optimizing revenues and cash flow by aligning analytic insights and initiatives with business strategies, guiding priorities from an enterprise-wide perspective and leading the development of the Business Intelligence and Data Governance platforms. Prior to joining MGM Resorts International, she served as Senior Vice President of Global Business Strategy & Analytics for 17 years at Host Hotels & Resorts. Over her 17-year career at Host, she led the underwriting of billions of dollars of portfolio and single asset acquisitions, dispositions and return on investment projects. She developed the Business Intelligence function that drove the implementation of millions of dollars of revenue generating and cost savings opportunities, and she played a key leadership role in the development and implementation of the company's global strategy.
Gois received a Masters in Social Work from the University of Maryland and a Bachelor of Science degree from Towson State University. Additionally, she has participated in numerous continuing education programs at Harvard Business School, New York University, Cornell University, and other institutions.
About Michael Rietbrock
Michael Rietbrock was most recently the Head of Global Equity Research and Co-Head of U.S. Equities at Nomura Securities after previously serving as the Head of U.S. Equity Research at Bank of America Securities, where he led a major expansion of the bank's research department, and managed its acquisition of and integration with Merrill Lynch. Prior to joining Bank of America, Rietbrock was a Portfolio Manager at Caxton Associates, where he managed a portfolio of Real Estate, Gaming, and Lodging securities. Rietbrock began his career at Citigroup, where he served for more than 15 years and was rated among the top three Gaming & Lodging analysts on Wall Street by Institutional Investor and Greenwich Associates from 1996 - 2005, including #1 every year from 2001 – 2005, respectively, among other years.
Rietbrock serves on the Board of Trustees of the Ideal School of Manhattan. He graduated from Harvard College with a degree in Economics.
About Thomas Roberts
Thomas Roberts is a strategic advisor and corporate governance consultant. Previously, he was a Senior Partner at Weil, Gotshal & Manges, where he served for more than 20 years and held numerous senior management and board-level positions, including as one of the leaders responsible for the firm's strategic redirection and globalization. His clients were involved in many diverse industries including oil and gas, manufacturing, hospitality, financial services, insurance and real estate. Roberts' practice primarily involved domestic and cross-border mergers, acquisitions, divestitures, contested takeovers, as well as advising board of directors and committees of boards generally on strategic matters including matters involving REITs. He has served as lead corporate and governance advisor in some of the most complex and critical financial crises in recent history including Enron, Lehman and American Airlines, and in connection with numerous internal and external investigations, regulatory controversies, financial restatements and the securities litigation related to such matters.
Roberts served as a member of the Board of Directors of Make-A-Wish Foundation of Metro New York from 1998 and served as Chairman from 2006 to 2010. He was named "Dealmaker of the Year" by The American Lawyer in 2001 and 2002. He has a Bachelor of Arts and Juris Doctor from Georgetown University.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the SEC. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's decision to complete the REIT transaction. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the operational complexities to be addressed by the Company to effect the REIT transaction, the ability and timing of the Company's receipt of regulatory approvals (including approval from gaming regulators) regarding the REIT transaction, effects of economic conditions and market conditions in the markets in which the Company operates and the REIT will operate, the condition of the U.S. debt and equity capital markets, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-announces-board-of-directors-for-mgm-growth-properties-300216383.html
SOURCE MGM Resorts International