MGM Resorts International has announced the formation of an ad-hoc board committee, which the Las Vegas headquartered organisation states is intended to evaluate its real estate portfolio.
Set to be composed of three independent directors, each coming complete with real estate and financial market experience, evaluations are to be followed by a series of recommendations being made to MGM’s full board regarding strategy and opportunities to enhance the company’s value.
Individuals set to be placed upon the ad-hoc board are John B. Kilroy Jr, Keith A. Meister and Paul Salem, who are to also work with management to assist with assessments.
Announcing finer details, MGM said in a media statement: “The committee’s focus and objectives will remain consistent with the company’s existing strategy to enhance 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”.
Jim Murren, chairman and CEO of MGM Resorts, explained: “John, Keith and Paul have extensive relevant experience, and the board will leverage their knowledge as they analyse 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.”
Earlier this week MGM was named as one of the ‘World’s Most Admired Companies’ by Fortune Magazine, for the fourth year in a row.
Regarded as a definitive analysis of corporate reputation, the organisation came amongst the world’s best in the hotels, casino and resorts category after ranking in fifth place, one spot further down from its previous industry placing of fourth.
Evaluating the world’s most respected and reputable companies, as ranked by peers, the survey studied firms across 52 different industries.