MGM Says L&B Lacks Credibility & Does Not Deserve Representation On MGM Board

(RTTNews) - MGM Resorts International (MGM) announced that it has sent a letter to shareholders in connection with its 2015 Annual Meeting to be held on May 28, 2015.

MGM said that its Board and management are focused on continuing to ensure MGM fulfills its full potential and delivers sustainable value to its shareholders. However, 0.38% shareholder Land & Buildings or "L&B" is trying to gain four seats on the company's Board, and as part of its campaign it has made many inaccurate and misleading statements about the Company, its Board and management.

As previously said, MGM Board has proactively evaluated the REIT concept for many years and it is very thoroughly doing so again now. In the past the company has decided not to pursue this strategy for a number of reasons.

When L&B initially launched its campaign, it said its Board nominees would be able to "properly evaluate the strategic options for MGM's real estate and capital structure." Following Wall Street's negative reaction to L&B's proposal and MGM's highlighting of the mistakes in their analysis, L&B has backed off its plan, saying "this election is not a vote on our proposed REIT structure."

L&B's unwarranted proxy contest has switched to attacking MGM's performance and Board's oversight. However, L&B's nominees are neither corporate governance nor gaming industry experts.