Hedge fund proposes REIT split for MGM Resorts

Las Vegas Review Journal – A New York hedge fund proposed Tuesday that MGM Resorts International convert its casinos and land holdings into a real estate investment trust, a move that would allow the Strip gaming giant to cut its debt by $5 billion and increase the company’s valuation.

The move was proposed by Land and Buildings Investment Management, an investment firm headed by Jonathan Litt. Land and Buildings said it intends to nominate four directors to MGM’s board. The hedge fund owns a less than 1 percent stake in MGM Resorts.

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