MGM Resorts announces formation of new committee

The company has formed a board committee to evaluate its real estate portfolio.

US.- MGM Resorts International announced on Thursday that its Board of Directors formed an ad-hoc Board committee to evaluate the company’s real estate portfolio and make recommendations to the full Board about possible opportunities to enhance value.

MGM said that the committee will count with three independent directors, each with real estate and financial markets experience, who will work with management to assist in the evaluation: John B. Kilroy Jr., Keith A. Meister and Paul Salem.

The focus and objectives of the committee are in line with the company’s existing strategy to boost free cash flow per share, maximise value of the owned real estate and MGM’s equity holdings, preserve the company’s financial stability and position the company for continued growth, said MGM in a statement.

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 shareholder.”