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  "docSlug": "34ea2046d169",
  "documentTitle": "MGM Resorts International (MGM)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-03-17 00:00:00",
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  "notes": "This is a text-heavy press release slide outlining the investment thesis for Land and Buildings' activist campaign against MGM.",
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      "text": "Two gaming companies that have elected a similar REIT conversion offer telling examples of how undervalued public lodging and gaming companies are monetizing their real estate assets for the benefit of shareholders.",
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      "kind": "list",
      "text": "Pinnacle Entertainment shareholders have enjoyed a 34% rally since the announcement on November 6, 2014 that it planned to pursue a REIT conversion.",
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      "text": "Penn National Gaming shareholders have enjoyed a 77% rally since November 15, 2012, when the company announced a spin-off of its real estate assets into a REIT, Gaming and Leisure Properties (GLPI).",
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      "text": "Matthew J. Hart - Former lodging executive as CFO/COO at Hilton, CFO at Host Marriott and experienced board director and investor.",
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      "text": "Las Vegas: The Las Vegas Strip lodging market is back for the first time since the financial crisis and domestic EBITDA is ~85% of MGM's total EBITDA.",
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      "text": "Deleveraging: The window is open for MGM to repay half of its debt in the near-term with no penalty.",
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      "text": "Taxes: MGM is expected to be a US income tax payer in 2015, creating urgency for REIT conversion.",
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      "kind": "list",
      "text": "Macau: In Land and Buildings' view, spinning out or monetizing MGM China would focus investors on attractive domestic trends.",
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      "kind": "paragraph",
      "text": "Land and Buildings has announced its intention to nominate four directors to the Board of MGM who, in Land and Buildings' view, have the deep real estate and finance experience necessary to help properly evaluate the best strategic options for MGM's real estate and capital structure:",
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      "text": "Two gaming companies that have elected a similar REIT conversion offer telling examples of how undervalued public lodging and gaming companies are monetizing their real estate assets for the benefit of shareholders:",
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      "text": "The Land and Buildings Director Nominees",
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      "text": "The benefits are clear",
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