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  "documentTitle": "MGM Resorts International (MGM)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2016-10-06 00:00:00",
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  "notes": "This is a press release from Land and Buildings Investment Management, LLC.",
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      "text": "MGM's fair value is by our estimate in excess of $35 per share, or 35% above current levels.",
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      "text": "Reduce parent debt: Borrow against the operating units at MGM Growth Properties REIT as well as Bellagio and MGM Grand to reduce exposure to the real estate of those entities and raise capital to reduce debt at the parent MGM Resorts.",
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      "text": "Sell CityCenter: CityCenter can be sold on a tax efficient basis given the substantial net operating losses, and the cash proceeds can be used to pay down debt.",
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      "text": "Reduce Board overlaps and conflicts: Separating the chairman role of each of the public companies (MGM China, MGM Resorts, and MGM Growth Properties) would be a healthy start along with removing overlapping directors among the Boards at those companies.",
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      "kind": "list",
      "text": "Build lodging/gaming brand: Create a leading lodging/gaming operating brand similar to Marriott and Hilton which trade at double digit EBITDA multiples.",
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      "kind": "list",
      "text": "Separate MGM China: Liquidate, spin or create a tracking stock of MGM China.",
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      "kind": "list",
      "text": "Seek favorable legislation: Lobby, along with other Gaming REITs and companies, for the antiquated REIT legislation prohibiting gaming REITs from owning their lessee in a taxable REIT subsidiary. Lodging REITs successfully did this over 15 years ago and it is time for the gaming companies to do the same.",
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      "kind": "list",
      "text": "Divest assets: Sell the real estate of Bellagio and MGM Grand to the highest bidder on a tax efficient basis.",
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      "text": "share price: $35",
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      "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:",
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      "kind": "paragraph",
      "text": "Sincerely, Jonathan Litt Founder & CIO Land and Buildings Investment Management, LLC",
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      "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.",
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      "kind": "paragraph",
      "text": "www.RestoreMGM.com. Billions lost on poorly conceived developments and bloated expenses are rewarded with guaranteed compensation paid out as long as Murren stays in his chair.",
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