MGM Resorts International Announces Formation of Ad-hoc Board Committee to Evaluate its Real Estate Portfolio
Jan 24, 2019, 09:00 ET
LAS VEGAS, Jan. 24, 2019 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that its Board of Directors formed an ad-hoc Board committee (the "Committee") to evaluate MGM Resorts' real estate portfolio and make recommendations to the full Board regarding strategy and opportunities to enhance value. The Committee will be composed of three independent directors, each with extensive real estate and financial markets experience, John B. Kilroy Jr., Keith A. Meister and Paul Salem. They will work with management to assist in the evaluation.
The Committee's focus and objectives will remain consistent with the Company's existing strategy to enhance free cash flow per share, maximize value of the owned real estate and MGM's equity holdings, preserve the Company's financial stability and position the Company for continued growth.
Jim Murren, Chairman and CEO of MGM Resorts said, "John, Keith and Paul have extensive relevant experience, and the Board will leverage their knowledge as they analyze and evaluate opportunities. MGM prides itself on our capacity to nimbly respond to market opportunities. The formation of this committee is an extension of this focus by both the Board and management, as we continually explore how best to take advantage of the enormous value we have developed to-date and seek opportunities on behalf of our shareholders."
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The 81,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us 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. The Company has based these statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, expectations regarding the Company's ability to enhance its free cash flow. A number of important factors could cause actual results to differ materially from those indicated in such forward-looking statements, including effects of economic conditions and market conditions in the markets in which the Company operates, competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, and 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) filed with the Securities and Exchange Commission. 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.
SOURCE MGM Resorts International
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