MGM Resorts International re-elects entire slate of incumbent directors
MGM's Clark Dumont confirmed that preliminary votes showed all of the casino-hotel company's 11 incumbent directors were re-elected.
The investment management firm Land and Buildings, a minority shareholder, had proposed electing its own slate of directors and waged a campaign encouraging MGM Resorts to convert the company into a real estate investment trust to boost its value.
Land and Buildings had said the trust structure could involve the company spinning off its hotel properties into a lodging corporation.
Land and Buildings withdrew its election fight May 20, saying it was encouraged by steps MGM was taking. MGM had called the firm's proposal seriously flawed.
Land and Buildings owns less than 1 percent of MGM's outstanding shares.
Dumont says MGM CEO Jim Murren told shareholders at the meeting that the company has been looking at the real estate investment trust structure since 2007 and continues to evaluate strategies to boost shareholder value.
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