LAS VEGAS, Aug. 22, 2018 /PRNewswire/ -- MGM
Resorts International (NYSE: MGM) (the "Company") today
announced it has appointed Paul
Salem to the Company's Board of Directors. With his
appointment, the Company's Board has been expanded from 12 to 13
directors.
Mr. Salem has been instrumental in helping grow Providence
Equity Partners L.L.C. ("Providence Equity"), a premier global
asset management firm, from approximately $170 million in assets to nearly $60 billion in assets under management across
complementary private equity and credit businesses. Having invested
in more than 180 companies over its 29-year history,
Providence Equity is one of the world's leading investors
specialized in the media, communications, education and
information industries.
"Mr. Salem is a distinguished leader with over 26 years of
experience in the financial services industry. Paul brings
invaluable insight in corporate finance and asset management, and
his strong track record of value creation has earned him an
outstanding reputation within the investment and not-for-profit
communities," said Jim Murren,
Chairman and Chief Executive Officer of MGM Resorts. "We look
forward to benefitting from Paul's expertise as we continue to
focus on executing the Company's long-term strategy."
Mr. Murren continued, "With the addition of Paul, the MGM
Resorts Board has added three independent directors since 2017.
These appointments underscore the Company's commitment to
proactively enhance its Board and ensure that we have an
appropriate mix of skills, experience and perspectives to
successfully grow our business and drive sustainable value
creation."
"I am honored to join the MGM Board during a time of
exciting opportunity for the Company," said Mr. Salem. "I look
forward to leveraging my financial background and working alongside
the rest of the MGM Board and management team to accelerate the
free cash flow generation and maximize value for all
shareholders."
Mr. Salem joined Providence Equity in 1992,
where he has served in several leadership positions and been
instrumental in establishing the firm's London office, helping to create Benefit
Street Partners, Providence's
credit affiliate and leading the acquisition of Merganser
Capital. Prior to joining Providence Equity, Mr.
Salem worked for Morgan Stanley in corporate finance and mergers
and acquisition, and for Prudential Investment
Corporation, an affiliate of Prudential Insurance, in private
placement financings and leveraged buyout transactions. He
currently serves as a director of Grupo TorreSur.
He previously served as a director of Asurion, Eircom,
Madison River Telecom, MetroNet (formerly AT&T Canada),
PanAmSat, Tele1 Europe, Verio,
Wired Magazine and several other Providence investments.
Mr. Salem received a Master of Business Administration from
Harvard Business School and a Bachelor
of Arts from Brown University. Mr.
Salem is also chairman of Year Up, a national non-profit
focused on closing the opportunity divide for urban young
adults, and a board member of Edesia Global Nutrition, a
non-profit dedicated to treating and preventing malnutrition in the
world's most vulnerable populations. Mr. Salem also serves on
the advisory board of the Carney Institute for Brain Science at
Brown University.
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 COTAI in
Macau and the first
Bellagio-branded hotel in Shanghai. It also is developing MGM
Springfield in Massachusetts. The
78,000 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. 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.
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SOURCE MGM Resorts International