An MGM Resorts International spokesperson says investors re-elected the business’s existing board of directors at its annual meeting Thursday.
MGM’s Clark Dumont verified that initial votes revealed all of the casino-hotel company’s 11 incumbent directors were re-elected.
The investment management law firm Land and Buildings, a minority shareholder, had actually recommended electing its own slate of directors and waged a campaign encouraging MGM Resorts to convert the company into a real estate financial investment trust to boost its value.
Land and Structures had said the trust structure could involve the company spinning off its hotel homes into an accommodations corporation.
Land and Structures withdrew its election battle Might 20, stating it was encouraged by steps MGM was taking. MGM had actually called the company’s proposition seriously flawed.
Land and Structures has less than 1 percent of MGM’s outstanding shares.
Dumont states MGM CEO Jim Murren told shareholders at the conference that the company has been looking at the realty investment trust structure because 2007 and remains to assess techniques to improve shareholder value.
MGM Resorts International is anticipated to launch the official vote tally later in a securities filing.