MGM

MGM Resorts International has announced a strengthening of its board of directors, with Keith Meister expanding the number of incumbents to 13.

Current managing partner and chief investment officer of Corvex Management, which beneficially owns approximately 3 per cent of MGM’s outstanding shares, “extensive boardroom experience” comes from serving as a director on the board of numerous companies, including American Casino & Entertainment Properties, Motorola Inc./Motorola Mobility, The ADT Corporation and Ralcorp Holdings, amongst others.

Meister said of his appointment: “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.”

Intended to drive long term value via its regularly evaluated board, Meister becomes the fourth new addition since 2017.

Jim Murren, chairman and CEO of MGM Resorts, explained: “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 maximise value for shareholders as well as his experience in real estate and gaming, will be invaluable as we continue to optimise our business and evolve as an organisation.

“We look forward to having Keith on the board and benefiting from his financial and strategic expertise, as we work to build an even stronger company.”