MGM Resorts CEO Promises Decision on Selling Properties by Fall - Bloomberg:
Jim Murren, chief executive officer of MGM Resorts International, has worked hard to please his cranky shareholders.
He’s cut costs, eliminating more than 1,000 jobs. Under investor pressure, he sold most of MGM’s properties to a real estate investment trust in a lease-back deal. And he welcomed Corvex Management founder Keith Meister, a Carl Icahn protege, to his board after the hedge fund built up a nearly 4% stake in the Las Vegas casino company.
Now Murren may be on the verge of unloading the company’s most iconic Vegas properties -- the namesake MGM Grand and the Bellagio. Since January, Meister and two other board members have been reviewing MGM’s real estate holdings, with an eye toward boosting the company’s share price.
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