Land And Buildings Letter To MGM Shareholders

MGM is currently trading at 8x EBITDA, compared to its closest peers, Las Vegas Sands and Wynn Resorts , which are each trading at 12-13x EBITDA. Related to this underperformance, in our view, is the Company’s historical lack of credibility with shareholders due to a history of ill-advised capital expenditures, which in turn led to an over-leveraged balance sheet.