MGM Resorts International, revealed that two executives with rich investment banking experience has been appointed as key people in MGM Growth Properties LLC; this is the recently announced MGM’s real estate investment trust.
James C. Stewart has been chosen to be the Chief Executive Officer of MGM Growth Properties; he is known for his role at Greenhill & Co., where he was the managing director and head of the Gaming, Lodging and Leisure Group. MGM Growth Properties’ Chief Financial Officer position was given to Andy H. Chien, whose professional biography includes being a managing director of Real Estate, Gaming, Lodging and Leisure at Greenhill & Co.
Both executives are expected to lead the formation of MGM Growth Properties as well as its initial public offering. Stewart and Chien will be located in Las Vegas.
Commenting on his new role, Stewart expressed his excitement to become a part of the recognisable MGM Resorts family. He pointed out that this was “an important time in the real estate industry, especially in gaming and leisure.” According to Stewart, there was a “significant potential for growth” and therefore he was confident that his industry knowledge and financial expertise would help him “lead MGP as a premier REIT.”
Chien also expressed how pleased he was for being given the opportunity to help MGP become an established name on the market. He highlighted portfolio optimisation, balance sheet management and financial analysis as the most important REIT strategies before concluding the statement. Chien added that he was looking forwards to working with Stewart and MGM Resorts with one goal in mind – a successful launch of MGP.
MGM Resorts International stated that both “James and Andy are well known and highly regarded investment banking leaders.” Thus, the company’s Chairman and CEO Jum Murren described their knowledge and expertise as “invaluable in positioning MGP as a leading REIT.”