Land And Buildings Urges MGM Shareholders To Support Four Nominees To MGM Board

(RTTNews) - Land and Buildings Investment Management, LLC urged shareholders of MGM Resorts International (MGM) to support the election of its four independent nominees to the Board of Directors of MGM whom Land and Buildings believes have the experience and independent perspectives needed to fix what they view as the broken boardroom culture at MGM and explore value-unlocking alternatives.

The Land and Buildings nominees will not only seek to ensure that the Company takes a clear-eyed assessment of the Land and Buildings proposal, which includes evaluating a REIT, selling assets and delevering the balance sheet, but that the Board adopts a culture of accountability to shareholders. Given the substantial underperformance of MGM and the Board's lackluster response to this underperformance, it believes that the addition of independent nominees would compel the Company to take the necessary steps to close the persistent and material discount to its potential valuation.

Land and Buildings issued a press release correcting what it believes are false claims MGM Resorts has made about its own historical performance, track record and commitment to delivering value for shareholders.

Land and Buildings said that MGM's $4.5 Billion of Impairments Do Not Translate To a "History of Strong ROIC Investment".