GM Resorts International has announced that its Board of Directors formed an ad-hoc Board committee to evaluate MGM Resorts' real estate portfolio and make recommendations to the full Board regarding strategy and opportunities to enhance value. The Committee will be composed of three independent directors, each with extensive real estate and financial markets experience, John B. Kilroy Jr., Keith A. Meister and Paul Salem. They will work with management to assist in the evaluation.
The Committee's focus and objectives will remain consistent with the Company's existing strategy to enhance free cash flow per share, maximize 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 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 shareholders."