BEVERLY HILLS, Calif.,
May 1, 2015 /PRNewswire/
-- Tracinda Corporation, a private investment firm that
beneficially owns approximately 18.6 percent of MGM Resorts
International's (NYSE: MGM) outstanding shares as of the record
date for the 2015 Annual Meeting and has two representatives,
Anthony Mandekic and Daniel J. Taylor, on the Company's Board of
Directors, today issued the following statement regarding the proxy
fight launched by Land & Buildings Investment Management
against MGM:
"We are very confident that the current Board and management
team are committed to – and more than capable of -- evaluating all
avenues to deliver sustainable value, including determining whether
some form of a REIT conversion would make sense.
"As the largest shareholder of MGM Resorts with two board seats,
including the role of Chairman of the Compensation Committee, we
can validate that the existing board and management team is held to
the highest standards with regard to value creation for
shareholders and compensation practices. Based on the Board's
commitment, as well as the strong performance of the business since
the financial crisis we intend to vote our shares for the current
Board's nominees."
About Tracinda Corporation
Tracinda Corporation, a
Nevada corporation, is a privately
owned investment company principally engaged in the business of
buying, selling and holding selected equity securities.
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SOURCE Tracinda Corporation