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.
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SOURCE MGM Resorts International