MGM Resorts International (MGM)

[Wildbilly]

UPDATE: Land and Buildings Issues Statement in Response to Filing of MGM Resorts Proxy
- MGM Resorts International (NYSE:MGM) | Benzinga

Today Land and Buildings issued the following statement in response to the
filing of a preliminary proxy statement from MGM Resorts International
MGM 1.18%
("MGM" or the "Company"):

"Land and Buildings is disappointed by MGM's decision to exclude our four
highly-qualified nominees from their proxy, which we believe sends a clear
signal that the Board would prefer to take part in a contentious situation (whoopie?)
rather than work collaboratively to reach a solution that is in the best
interests of all shareholders. Further, though we offered to make each of our
nominees available to meet with MGM's Nominating/Corporate Governance
Committee, the Board elected to ignore this offer and reject our nominees
without engaging in a dialogue with them.

"Since we issued our presentation on March 17^th highlighting why Land and
Buildings believes that MGM is undervalued and how that substantial discount
to real estate value can be best be unlocked, more than $1.5 billion of
shareholder value^1 has been created by the market response to our ideas, in
our view. We believe this reaction, in addition to what we have heard from
conversations with other shareholders, demonstrates significant support for
our plan and a desire among a large number of existing and new shareholders
for the Board to utilize the highly relevant and extensive experience
possessed by our nominees.

"Our hope remains that we can work collaboratively with the Board and
management of MGM to reach a mutually beneficial path forward. However, at
this time the Company is demonstrating a distinct lack of urgency in their
desire to work with us, which we find discouraging. We believe that the voice
of shareholders must be heard, and as a result we have no choice other than to
file our own proxy statement in the near future."

Land and Buildings would also remind shareholders that the Record Date for the
Company's 2015 Annual Meeting is March 30th. As a result, shareholders may
need to take steps with their custodial banks and brokerage firms to ensure
that they have the ability to vote their shares at the upcoming 2015 Annual
Meeting. MGM shareholders should pay particular attention to any shares
presently held in swap arrangements or in margin accounts. In order to ensure
that shareholders have the ability to vote their shares, they should consider
beginning the process of promptly unwinding any swap accounts to allow
sufficient time before the record date. Land and Buildings also reminds MGM
shareholders that any shares held in margin accounts that may be loaned by a
broker will need to be moved into a cash account in advance of the record date
if shareholders want to vote their shares.

Land and Buildings' presentation on MGM Resorts International is available at
www.landandbuildings.com.

Posted-In: News Press Releases

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