MGM Dissident Litt Says Casino Operator Overbuilding Again
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Jonathan Litt, who’s pushing MGM Resorts International to put its properties into a real estate investment trust, stepped up his criticism of the casino company and accused a director of retaliating against one of his board nominees.
Litt said plans for casinos in Massachusetts, Maryland and Macau threaten MGM Resorts’ solvency, just as the $9 billion CityCenter project in Las Vegas did years ago. He said one of his four nominees to the MGM Resorts board, former Equity Office Properties executive Richard Kincaid, was pressured to leave the board of Vail Resorts Inc. by Roland Hernandez, the lead director at both companies.