LAS VEGAS, Jan. 17, 2019 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
announced that Keith A. Meister has
been appointed to the Company's Board of Directors, effective
tomorrow, January 18, 2019. With his
appointment, the Company's Board has been expanded from 12 to 13
directors.
Mr. Meister is Managing Partner and Chief Investment Officer of
Corvex Management LP, which beneficially owns approximately 3% of
MGM's outstanding shares. Mr. Meister has extensive boardroom
experience and previously served as a director on the boards of
Yum! Brands, Inc., The Williams Companies, The ADT Corporation,
Ralcorp Holdings, Motorola, Inc./Motorola Mobility, Inc. and
American Casino & Entertainment Properties, among others.
Jim Murren, Chairman and CEO of
MGM Resorts said, "We are pleased to invite Keith onto the Board as
our newest independent director. As a significant shareholder in
our company, we have been engaged in constructive dialogue over the
last several months and are aligned on our strategy to increase
free cash flow, continue to pursue an asset light model, drive
margin improvement and position the Company for long term future
growth. Keith's strong track record of helping companies maximize
value for shareholders as well as his experience in real estate and
gaming will be invaluable as we continue to optimize our business
and evolve as an organization. We look forward to having Keith on
the Board and benefitting from his financial and strategic
expertise as we work to build an even stronger company."
Keith Meister, Corvex's Managing
Partner said, "I look forward to working constructively with Jim,
the management team and the Board to help achieve our common goal
of enhancing value for all shareholders. In my conversations with
management and the Board over last several months it is clear to me
that MGM is focused on driving profitable growth and with my
experience in the gaming industry and other similarly situated
companies I can be helpful in amplifying these efforts. I expect to
be a long term investor in MGM as we work collaboratively to build
an even greater company."
MGM's Board regularly evaluates its composition to ensure it
includes the appropriate skills, experience and perspective
necessary to drive long term value for all MGM shareholders. Since
2017, the Board has appointed four new independent directors,
including Mr. Meister. With these recent appointments, the Board
comprises 13 highly qualified, diverse and experienced directors,
11 of whom are independent and all of whom are dedicated to driving
shareholder value.
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, the Company's
expectations regarding its ability to generate future cash flow
growth and execute its strategic plan. 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