United States

MGM Resorts considers alternatives outside of merger with Caesars

MGM Resorts announced Thursday that it is considering options for its real estate portfolio that sources say will not include merging it with Caesars Entertainment’s real estate owner, Vici Properties. On Thursday, MGM, which added shareholder activist Keith Meister to its board Jan. 18, said it formed a committee to evaluate its real estate options. Corvex Management founder Meister has been pushing MGM to consider an “asset-lite” model in which the casino owner controlled less of its real estate, sources said. MGM still owns real estate including the Bellagio and Circus Circus in Las Vegas and MGM’s new Springfield, Mass., casinos. The separately traded MGM Growth Properties entity could raise money to buy that real estate. ...