MGM Resorts International is one of the biggest casino operators in the world and has built a strong reputation in the market for delivering consistent results. Land & Buildings Investment Management LLC based out of Stamford, Connecticut has been actively campaigning to gain the support of some of MGM’s biggest shareholders as the company wanted to obtain a number of seats on the MGM board.

Jonathan Litt who leads Land & Buildings Investment Management LLC has been pushing the MGM board to form a real estate investment trust by combining its properties thereby increasing its value and boosting its stock prices. Litt had proposed 4 directors who he expected to be a part of MGM’s board and was scheduled to discuss his proposal and nominees at MGM’s annual meeting which is scheduled to take place on the 28th of May.

Land & Buildings found it difficult to make any headway with the three biggest investors in MGM. Infinity World and John Paulson; Tracinda Corp and Kirk Kerkorian were not willing to buy into Litt’s proposal and did not agree to back Land & Buildings. In the end, Land & Buildings decided to drop their campaign to acquire seats on the MGM board because they were not happy with MGM’s recruiting of financial advisers and the fact that it approved public statements made by MGM’s biggest stakeholder, Tracinda.

In a statement, MGM Chairman and Chief Executive Officer Jim Murren said “We appreciate the support and feedback we have received from our shareholders. Our board and management have always been receptive to constructive shareholder views and are committed to continuing to thoroughly evaluate all strategic initiatives that will deliver sustainable value.”

Land & Buildings had earlier projected that MGM shares could climb to $55 but these predictions were refuted by Chris Jones who works as an analyst at Union Gaming Group in New York. Jones stated that Land & Buildings estimates of MGM’s share price rising to $55 were over optimistic and not very substantial. He also stated that MGM had made the right decision in not getting into a partnership with Land & Buildings at this point of time.

The MGM stock price on the New York Stock Exchange on the 20th of May was valued at $19.71. MGM representatives are yet to release an official statement regarding Land & Buildings decision to stop pursing a place on its board of directors.

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