MGM Resorts Forms Committee Of Directors To Evaluate Its Real Estate Portfolio
MGM Resorts International has formed a three-person committee composed of members of its board of directors to evaluate the company's sizable real estate portfolio. Currently MGM's holdings include 28 hotels with gaming operations in various parts of the world.
The company didn't say whether the committee had any specific goals in its evaluation, just that it will make recommendations to the full board regarding real estate strategy and any opportunities to create value from the portfolio.
The committee will include three independent directors, each with real estate and financial markets experience: John Kilroy Jr., Keith Meister and Paul Salem.
Last year was a busy one for the hotel and casino operator. During the year, the company opened MGM Springfield in Massachusetts, MGM Cotai in Macau and the first international Bellagio-branded hotel in Shanghai.
In the summer, the Las Vegas-based MGM Resorts acquired Empire City Casino and racetrack in Westchester County, New York, just north of New York City, in a deal that included $605M to the seller and the assumption of $245M in outstanding debt.
MGM also has undertaken a leadership role in expanding sports betting throughout the United States.
Earlier this month, former Nevada Gov. Brian Sandoval joined MGM Resorts as president of global gaming development to oversee the company's global expansion efforts, especially in Japan.