{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dd-890a55e9a74c", "slug": "34ea2046d169", "title": "MGM Resorts International (MGM)", "subtitle": "Jonathan Litt · 2015-03", "author": "Jonathan Litt", "date": "2015-03-17 00:00:00", "pageCount": 6, "kind": "press-release", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "MGM Resorts International", "targetTicker": "MGM", "document": { "id": "019dd923-622b-71dc-a6dd-890a55e9a74c", "slug": "34ea2046d169", "title": "MGM Resorts International (MGM)", "rawTitle": "LandB MGM Presentation and Nomination Press Release 3 17 15", "authorId": "26_Land_and_Buildings", "authorName": "Jonathan Litt", "authorDisplay": "Jonathan Litt", "kind": { "slug": "press-release", "label": "Press release" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2015-03-LandB-MGM-Presentation-and-Nomination-Press-Release-3-17-15.pdf", "sourceUrl": "http://www.landandbuildings.com", "sourceDate": "2015-03-17 00:00:00", "presentationDate": "2015-03-17 00:00:00", "ingestedAt": "2026-04-22 18:31:13+00", "status": "ready", "pageCount": 6, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "MGM Resorts International", "targetTicker": "MGM", "metadata": { "local_root": "/tmp/legacy-images/34ea2046d169", "activist_firm": "Land and Buildings", "origin_corpus": "contrarian", "extraction_seconds": 79.92842316627502 } }, "coverage": { "pageCount": 6, "pagesIndexed": 6, "pagesWithImages": 6, "pagesWithMetadata": 6, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 45, "chartCount": 0, "metricSlides": 0, "toolMatches": 2, "documentToolMatches": 1, "frameworkMatches": 1, "arcMatches": 0, "beatMatches": 0, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [], "beats": [], "loops": [ { "to": 2, "from": 1, "loop": { "name": "51_voice_of_customer", "slug": "51-voice-of-customer", "status": "active", "bestFor": "Product strategy, customer experience, market research", "canonId": "019dd956-7aaf-750b-950b-af0df38f5266", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "What Customers Say (Verbatim) -> The Pattern Across Voices -> The Insight -> The Response", "description": "Let customer quotes and feedback drive the narrative and validate the insight", "familyLabel": null, "categoryName": "Validation", "categorySlug": "validation" }, "matchId": "20e45c12-6988-4a84-a60f-ceb95d73f9a5", "evidence": "Executive summary and key messages", "position": 0, "objective": "Highlighting value at MGM", "confidence": 0.6, "extraction": { "at": "2026-07-17 03:20:35.521058+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. 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Collaborative-but-firm posture: Litt notes MGM CEO Jim Murren is 'open to considering' a REIT conversion while simultaneously announcing four board nominees — a soft-activist, governance-nudge posture rather than a full adversarial campaign. Stake not disclosed in this document (referenced as available in the forthcoming Schedule 14A Exhibit 4). Real thesis visuals would live in the companion investor presentation, not this text release. Sector coded as consumer (gaming/hospitality) but real-estate-heavy given REIT-conversion framing.", "kpisCited": [ { "detail": "10x, vs. ~15-16x hotel/net lease REITs, ~15x lodging C-corps, 17x for Cosmopolitan sale to Blackstone", "metric": "MGM US EBITDA multiple" }, { "detail": "$33, implying ~70% upside", "metric": "Base-case NAV per share" }, { "detail": "$55, implying ~180% upside", "metric": "Bull-case value per share" }, { "detail": "Over $5 billion, including the balance of MGM's credit facility", "metric": "Debt maturing 2015/2016" }, { "detail": "~85% of total EBITDA", "metric": "Domestic share of MGM EBITDA" }, { "detail": "~10% expected; ~50% upside to hit 2007 peak Las Vegas market", "metric": "MGM Las Vegas EBITDA growth 2015E" }, { "detail": "70% of revenues from lodging and non-gaming activities", "metric": "Non-gaming revenue mix" }, { "detail": "+77% since 11/15/2012 REIT spin-off announcement", "metric": "Penn National shareholder rally" }, { "detail": "+34% since 11/6/2014 REIT conversion announcement", "metric": "Pinnacle Entertainment shareholder rally" } ], "closingAsk": "Support Land and Buildings' four director nominees at MGM's 2015 Annual Meeting so the board can properly evaluate a REIT conversion and related capital structure actions.", "extraction": { "at": "2026-04-22 18:31:13+00", "model": "unknown-legacy", "runId": null, "seconds": 79.92842, "promptVersion": null }, "scqaReward": "Base-case NAV of $33 per share — 70% upside — with a bull case of $55 (180% upside), consistent with the 77% Penn National and 34% Pinnacle rallies after announcing REIT conversions.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "governance_board", "capital_return" ], "top3Reasons": [ "MGM US trades at 10x EBITDA vs. 15-16x for hotel/net lease REITs and 17x for Cosmopolitan", "$5B+ of debt maturing in 2015/2016 opens a penalty-free window to deleverage now", "Penn National +77% and Pinnacle +34% show the REIT-conversion playbook works in gaming" ], "scqaSituation": "MGM Resorts International owns premier Las Vegas Strip real estate inside a gaming C-corp, with ~85% of EBITDA from domestic operations and a 51% stake in publicly listed MGM China.", "thesisSummary": "Land and Buildings argues MGM Resorts' high-quality US real estate is trapped inside a 10x EBITDA C-corp, well below the 15-16x paid for hotel and net lease REITs and the 17x Blackstone paid for the Cosmopolitan. A tax-free spin-off of a lodging C-corp and election of REIT status, combined with an MGM China special dividend and asset sales, would unlock this gap without breaching debt covenants. Litt pegs base-case NAV at $33 per share (70% upside) with a bull case of $55 (180% upside), citing Penn National Gaming's 77% rally and Pinnacle Entertainment's 34% rally after similar REIT conversions. The urgency stems from MGM becoming a US tax payer in 2015 and $5B+ of debt maturing in 2015/2016 that can be repaid penalty-free. Land and Buildings is nominating four directors with deep real estate and lodging finance experience.", "primaryDemands": [ "Convert MGM's US real estate into a REIT via tax-free spin-off of a lodging C-corp", "Reduce leverage through asset sales and an MGM China special dividend", "Elect four Land and Buildings nominees (Hart, Kincaid, Litt, Weisman) to the MGM board", "Spin out or monetize MGM China to focus investors on domestic lodging/gaming trends" ], "scqaResolution": "Elect a REIT, tax-free spin off a lodging C-corp, monetize or spin MGM China, deleverage via asset sales, and seat four Land and Buildings real-estate/finance nominees on the board.", "thesisOneLiner": "MGM's US real estate is buried inside a 10x-EBITDA C-corp; a REIT conversion plus lodging-C-corp spin and MGM China dividend can lift NAV from $33 to $55 per share.", "precedentsCited": [ "Penn National Gaming / Gaming and Leisure Properties (GLPI) REIT spin-off (2012)", "Pinnacle Entertainment REIT conversion 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HART, RICHARD KINCAID AND MARC A. WEISMAN (TOGETHER WITH LAND & BUILDINGS, THE \"PARTICIPANTS\") INTEND TO FILE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE \"SEC\") A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE USED IN CONNECTION WITH THE PARTICIPANTS' SOLICITATION OF PROXIES FROM THE STOCKHOLDERS OF MGM RESORTS INTERNATIONAL (THE \"COMPANY\") FOR USE AT THE COMPANY'S 2015 ANNUAL MEETING OF STOCKHOLDERS (THE \"PROXY SOLICITATION\"). ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE PROXY SOLICITATION, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS AND WILL BE, ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/. IN ADDITION, INNISFREE M&A INCORPORATED, LAND & BUILDING'S PROXY SOLICITOR, WILL PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD, WHEN AVAILABLE, WITHOUT CHARGE UPON REQUEST. INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN EXHIBIT 4 TO THE", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6c73c8d-9666-404d-b68b-03cc314674b9", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.397, "x": 0.118, "y": 0.262 }, "kind": "paragraph", "text": "Investor Contact: Scott Winter / Jonathan Salzberger Innisfree M&A Incorporated 212-750-5833", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68407170-9ad4-4dcc-af99-19245c79b997", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.144 }, "kind": "paragraph", "text": "Land and Buildings is a registered investment manager specializing in publicly traded real estate and real estate related securities. Land and Buildings seeks to deliver attractive risk adjusted returns by opportunistically investing in securities of global real estate and real estate related companies, leveraging its investment professionals' deep experience, research expertise and industry relationships.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78551346-7d16-48f0-8afd-6870529856c4", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.397, "x": 0.118, "y": 0.341 }, "kind": "paragraph", "text": "Media Contact: Elliot Sloane / Dan Zacchei Sloane & Company 212-486-9500 Esloane@sloanepr.com or Dzacchei@sloanepr.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef395f93-f1d7-4b31-8054-13ff2c939020", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.245, "x": 0.118, "y": 0.118 }, "kind": "title", "text": "About Land and Buildings:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.649+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a106e96-19a4-4ab2-92e4-da4118131ce7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "Includes SEC filing reference and methodology for MGM multiple calculation.", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 4, "textChars": 2380, "nDataPoints": 0, "notes": "Includes SEC filing reference and methodology for MGM multiple calculation.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:54:53.237+00", "seconds": 3.732, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-890a55e9a74c/6", "deck": "/decks/019dd923-622b-71dc-a6dd-890a55e9a74c", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-890a55e9a74c#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6dd-890a55e9a74c.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.76, "x": 0.118, "y": 0.093 }, "kind": "disclaimer", "text": "SCHEDULE 14A TO BE FILED BY LAND & BUILDINGS WITH THE SEC ON MARCH 17, 2015. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.237+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "229486fc-cf7f-4812-8c24-23d573fe8e23", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.76, "x": 0.118, "y": 0.205 }, "kind": "disclaimer", "text": "This communication contains “forward-looking statements” that involve numerous risks and uncertainties. The statements contained in this communication that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this document are based on information available to Land and Buildings on the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “seek,” “should,” “could,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks, uncertainties and assumptions, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. The opinions of Land and Buildings are for general informational purposes only and do not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person, and should not be taken as advice on the merits of any investment decision. This material does not recommend the purchase or sale of any security. Land and Buildings reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Land and Buildings disclaims any obligation to update the information contained herein. Land and Buildings and/or one or more of the investment funds it manages may purchase additional MGM Resorts International shares or sell all or a portion of their shares or trade in securities relating to such shares.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:53.237+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d5f310e-bdf4-4f86-b0cb-dc7717b6aae1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.605 }, "kind": "source-note", "text": "i MGM multiple reflects the implied valuation of US assets by backing out the current market value and EBITDA of MGM's 51% ownership of MGM China (HK: 2282); Public company multiples as of March 13, 2015 based on consensus 2015 EBITDA estimates from Bloomberg; EBITDA multiple for Cosmopolitan based on J.P. 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