MGM Resorts Urged to Pursue REIT by Land & Buildings’ Litt
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MGM Resorts International should split into a separate real-estate investment trust and hotel-management company, said Jonathan Litt, an activist hedge-fund manager who has proposed four nominees to the casino company’s board. The shares jumped.
Litt’s Land & Buildings Investment Management values MGM Resorts at $33 a share, more than 50 percent above the current price, and says it could reach $55, according to a statement Tuesday. The company, the largest casino operator on the Las Vegas Strip, hasn’t announced a date for its annual meeting.