CoStar – In a sign that Wall Street investors may once again be ready to place their bets on Las Vegas real estate, activist shareholder Land and Buildings is calling on Paradise, NV-based MGM Resorts International (NYSE: MGM) to split its land holdings and casino portfolio into a separate REIT.
Hedge-fund manager and Land and Buildings owner Jonathan Litt said Tuesday that MGM stock is substantially undervalued at $20 per share and should be valued more than 50% higher at upwards of $33, with the possibility of reaching $55 per share.
