{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dd-94ec83b856b5", "slug": "eb962ea10b85", "title": "MGM Resorts International (MGM)", "subtitle": "Jonathan Litt · 2016-10", "author": "Jonathan Litt", "date": "2016-10-06 00:00:00", "pageCount": 3, "kind": "press-release", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "MGM Resorts International", "targetTicker": "MGM", "document": { "id": "019dd923-622b-71dc-a6dd-94ec83b856b5", "slug": "eb962ea10b85", "title": "MGM Resorts International (MGM)", "rawTitle": "LandB MGM Press Release 10 06 16", "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": "2016-10-LandB_MGM_Press_Release_10-06-16.pdf", "sourceUrl": null, "sourceDate": "2016-10-06 00:00:00", "presentationDate": "2016-10-06 00:00:00", "ingestedAt": "2026-04-22 18:32:27+00", "status": "ready", "pageCount": 3, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "MGM Resorts International", "targetTicker": "MGM", "metadata": { "local_root": "/tmp/legacy-images/eb962ea10b85", "activist_firm": "Land and Buildings Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 74.05124878883362 } }, "coverage": { "pageCount": 3, "pagesIndexed": 3, "pagesWithImages": 3, "pagesWithMetadata": 3, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 22, "chartCount": 0, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 3, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "b1883123-58f5-4cb0-908a-9111cf57b8b8", "evidence": "Clear problem statement, agitation, and proposed solution", "isPrimary": true, "confidence": 0.9, "extraction": { "at": "2026-07-16 21:56:59.312601+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem", "beatId": "3a4215e9-7942-475d-b4e0-820c02c46471", "matchId": "b1883123-58f5-4cb0-908a-9111cf57b8b8", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "MGM shareholders lack confidence in Chairman and CEO Jim Murren", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 1, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Agitate", "beatId": "4e3f91bd-10dc-42a8-80bf-1942fd263f27", "matchId": "b1883123-58f5-4cb0-908a-9111cf57b8b8", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Lack of confidence implies current leadership is not unlocking shareholder value", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 3, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "870b5539-6417-4d14-b998-557fd776e91b", "evidence": "Implied cost of inaction is 35%+ upside", "position": 0, "objective": "What is the cost of inaction for MGM shareholders?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:56:59.48282+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a0ac1bbd-7a16-48fe-b7d7-74319f0fcfa5", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ed94b955-d3a0-4322-8256-26d279920802", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b0240138-ff17-4b17-953f-8f2b1115cb3b", "evidence": "Jim Murren (Chairman & CEO, MGM Resorts)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e05cdfd8-df3c-49a9-a065-950d12cd5d2d", "evidence": "The letter explicitly frames CEO Jim Murren as the primary obstacle to shareholder value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Three-page press release format wrapping a public letter from Jonathan Litt (Founder & CIO, Land and Buildings) to MGM shareholders, dated October 6, 2016. References a prior L&B letter from September 22, 2016 and the campaign site www.RestoreMGM.com — clearly a follow-up salvo in an ongoing campaign against CEO Jim Murren. No stake disclosed. Minimal visual craft (text letter on letterhead). Uses anecdotes from G2E conference ('Jim's gotta go') as rhetorical device and CEO-own-words contradiction (Murren refusing to buy MGM stock).", "kpisCited": [ { "detail": "Fair value in excess of $35/share, ~35% above current levels", "metric": "Upside to fair value" }, { "detail": "Murren has made about $10 million per year for the past decade regardless of performance", "metric": "CEO annual compensation" }, { "detail": "Murren said he lost 90% of his MGM stock investment in the last downturn", "metric": "CEO personal investment loss" }, { "detail": "Marriott/Hilton trade at double-digit EBITDA multiples vs. MGM", "metric": "Valuation multiple gap" } ], "closingAsk": "Shareholders should press the Board to replace CEO Murren and pursue the outlined asset-level and governance paths to unlock 35%+ upside at MGM.", "extraction": { "at": "2026-04-22 18:32:27+00", "model": "unknown-legacy", "runId": null, "seconds": 74.05125, "promptVersion": null }, "scqaReward": "Fair value in excess of $35 per share, representing 35%+ upside from current levels, with additional EBITDA multiple expansion once a credible CEO restores market confidence in MGM.", "thesisTypes": [ "management_change", "breakup_spinoff", "governance_board", "undervaluation" ], "top3Reasons": [ "CEO Murren has lost credibility with shareholders; 'Jim's gotta go' worth multiple EBITDA turns", "New employment contract rewards Murren for staying in the chair, not for performance", "Multiple asset-level paths (MGM China, CityCenter, Bellagio/MGM Grand) unlock 35%+ upside" ], "scqaSituation": "MGM Resorts is a major Las Vegas-centered gaming and lodging operator with related public vehicles in MGM China and MGM Growth Properties REIT, operating in a robust Vegas demand environment highlighted at the recent G2E conference.", "thesisSummary": "Land and Buildings, writing to fellow MGM Resorts shareholders after the G2E gaming conference, argues that Chairman/CEO Jim Murren has lost credibility with investors who openly say 'Jim's gotta go' and that his newly renewed employment contract rewards him for occupancy rather than performance after a decade of ~$10 million annual pay. Founder Jonathan Litt highlights that Murren himself won't buy MGM stock because he lost 90% in the last downturn, undermining confidence in his strategy. The letter lays out multiple paths to a fair value of over $35 per share, or 35%+ upside: replacing Murren, separating MGM China, selling CityCenter and Bellagio/MGM Grand real estate on a tax-efficient basis, reducing parent debt via MGP borrowings, building a Marriott/Hilton-style lodging/gaming brand, and lobbying to modernize gaming REIT legislation.", "primaryDemands": [ "Replace Chairman and CEO Jim Murren", "Separate chairman roles across MGM Resorts, MGM China, and MGM Growth Properties and remove overlapping directors", "Liquidate, spin or create a tracking stock of MGM China", "Sell CityCenter on a tax-efficient basis and use proceeds to pay down debt", "Divest real estate of Bellagio and MGM Grand to the highest bidder", "Borrow against MGM Growth Properties REIT, Bellagio and MGM Grand to reduce parent debt", "Build a lodging/gaming operating brand akin to Marriott/Hilton to earn double-digit EBITDA multiples", "Lobby for changes to REIT legislation to allow gaming REITs to own their lessee in a TRS" ], "scqaResolution": "Replace Murren, unbundle overlapping chair/director roles across MGM China, MGM Resorts and MGP, spin or track MGM China, sell CityCenter and Bellagio/MGM Grand real estate tax-efficiently, cut parent debt, and build a lodging/gaming brand.", "thesisOneLiner": "MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.", "precedentsCited": [ "Steve Wynn buying Wynn Resorts stock (CEO conviction contrast)", "Matt Maddox at Wynn Resorts and Rob Goldstein at Las Vegas Sands (replacement CEO analogues)", "Marriott and Hilton (lodging brands at double-digit EBITDA multiples)", "Lodging REIT TRS legislation reform (>15 years ago)" ], "scqaComplication": "Chairman/CEO Jim Murren has materially underperformed peers, won't buy his own stock citing 90% downside, and the Board has just renewed his contract with guaranteed ~$10M/year compensation untied to results.", "narrativeInterest": 3, "notableSlidePages": [ 1, 2 ], "peerCompaniesCited": [ "Wynn Resorts", "Las Vegas Sands", "Marriott", "Hilton" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "asset_value" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The document is a press release formatted as a letter to shareholders.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/cfV-pBnrAbwol3Y8uhamJtq-9HqfF2hwELc_RtMOKbQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lYjk2MmVhMTBiODUvcDAwMS5qcGc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 6, "textChars": 1534, "nDataPoints": 2, "notes": "The document is a press release formatted as a letter to shareholders.", "elementsJson": [ "logo_grid", "headline_text", "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:54:47.205+00", "seconds": 3.407, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-94ec83b856b5/1", "deck": "/decks/019dd923-622b-71dc-a6dd-94ec83b856b5", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-94ec83b856b5#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dd-94ec83b856b5.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Mr. Murren's new employment contract is an outrage to shareholders as he gets paid for staying in his chair not whether he is making or losing money for shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ed5-718ef5b8a141", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.8, "x": 0.1, "y": 0.47 }, "kind": "list", "text": "Bullet points detailing shareholder grievances regarding CEO Jim Murren, including lack of stock ownership, poor performance, and excessive compensation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97acdd7d-3c14-4959-a4bd-389465b27f45", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.31 }, "kind": "paragraph", "text": "Stamford, CT (October 6, 2016) – Land and Buildings Investment Management, LLC (\"Land and Buildings\") today issued the following public letter to the shareholders of MGM Resorts International (NYSE: MGM) (\"MGM\" or the \"Company\") following the G2E gaming conference last week in Las Vegas: Dear fellow MGM shareholders: Last week we attended the G2E gaming conference in Las Vegas and made a few important observations with regard to MGM. It was clear that other MGM shareholders agree with our view, which we have consistently stated in the past, that CEO Murren has lost credibility with shareholders and the market.", "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 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d92ac77e-8734-4234-9611-44e70bbcd89e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Jim's gotta go,\" was a common refrain and \"that would be worth a few EBITDA multiple turns in valuation\" often followed. — Market participants at G2E gaming conference", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ed5-77475b84a8e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.19 }, "kind": "title", "text": "At last week's G2E gaming conference it was clear to us that MGM shareholders lack confidence in Chairman and CEO Jim Murren - Mr. Murren's new employment contract is an outrage to shareholders as he gets paid for staying in his chair not whether he is making or losing money for shareholders - Multiple alternative pathways to unlock 35%+ upside at MGM Resorts -", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "690a21ad-5c8c-44b8-aaef-40de61fd11ac", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.16 }, "kind": "title", "text": "Land and Buildings Issues Public Letter to MGM Resorts Shareholders", "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 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99f89c49-0568-41f7-9c55-16dcc5291f7e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e05cdfd8-df3c-49a9-a065-950d12cd5d2d", "evidence": "The letter explicitly frames CEO Jim Murren as the primary obstacle to shareholder value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:54:47.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 1, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem", "beatId": "3a4215e9-7942-475d-b4e0-820c02c46471", "matchId": "b1883123-58f5-4cb0-908a-9111cf57b8b8", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "MGM shareholders lack confidence in Chairman and CEO Jim Murren", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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"Build lodging/gaming brand: Create a leading lodging/gaming operating brand similar to Marriott and Hilton which trade at double digit EBITDA multiples.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "570e8552-ef29-494f-a48a-e6c544e89e07", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "list", "text": "Separate MGM China: Liquidate, spin or create a 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Lodging REITs successfully did this over 15 years ago and it is time for the gaming companies to do the same.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8fc7719-a296-405d-bcf6-a6c01615d346", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.31 }, "kind": "list", "text": "Divest assets: Sell the real estate of Bellagio and MGM Grand to the highest bidder on a tax efficient basis.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8459a5a-b455-462f-b739-c192c2742998", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: $35", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ed5-45c55c34ec6e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "Investors want to know what steps a new executive could take to unlock the substantial value locked up in MGM. MGM's fair value is by our estimate in excess of $35 per share, or 35% above current levels. Below are some potential paths we see:", "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 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51a8e46a-144c-41e0-ba2f-ccaeebbe36c6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.11, "y": 0.6 }, "kind": "paragraph", "text": "Sincerely, Jonathan Litt Founder & CIO Land and Buildings Investment Management, LLC", "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 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c53db8-cc5e-424d-9012-1dbc5c90d562", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "It was clear at G2E that Las Vegas fundamentals are robust and the outlook is bright. However, MGM needs a leader that can instill confidence with MGM shareholders that the Company is well positioned to capitalize on the opportunities that lie ahead.", "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 20:54:48.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ee0bedc-9007-4ee6-a368-928d1eeb015c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "www.RestoreMGM.com. 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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 20:54:46.572+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26247241-b099-464c-b76c-708b76ae3fa9", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.298, "x": 0.118, "y": 0.185 }, "kind": "paragraph", "text": "Media Contact:\nDan Zacchei\nSloane & Company\n212-486-9500\nDzacchei@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 20:54:46.572+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f5a7f6f-0f36-4f2d-921e-6374c7c9c0d0", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.225, "x": 0.118, "y": 0.093 }, "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 20:54:46.572+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02886b91-3555-404b-8f90-fed8790d6dc7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 3, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "870b5539-6417-4d14-b998-557fd776e91b", "evidence": "Implied cost of inaction is 35%+ upside", "position": 0, "objective": "What is the cost of inaction for MGM shareholders?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:56:59.48282+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Problem", "description": "MGM shareholders lack confidence in Chairman and CEO Jim Murren" }, { "from": 1, "to": 1, "label": "Agitate", "description": "Lack of confidence implies current leadership is not unlocking shareholder value" }, { "from": 2, "to": 2, "label": "Solution", "description": "RestoreMGM.com as a proposed solution" } ], "loops": [ { "from": 1, "to": 3, "label": "Cost Of Inaction", "description": "What is the cost of inaction for MGM shareholders?" } ] }