MGM Resorts Dissident Land & Buildings Drops Bid for Board
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Land & Buildings Investment Management LLC dropped its activist effort to gain board seats at MGM Resorts International, after failing to gain the support of some of the casino company’s biggest shareholders.
The Stamford, Connecticut-based money manager had been pressing MGM, the largest casino operator on the Las Vegas Strip, to create a real estate investment trust with its properties to boost its stock price. The firm, led by Jonathan Litt, had nominated four directors for election at the company’s May 28 annual meeting.