New MGM Resorts International Chairman Paul Salem has a second job – chairman of real estate investment trust MGM Growth Properties.
MGM Growth, which is nearly 70% owned by MGM Resorts, named Salem to the position after Jim Murren resigned from the boards of both companies.
MGM Chairman Paul Salem
Also, MGM Resorts Acting CEO Bill Hornbuckle resigned his seat on the MGM Growth board, “to focus on his new responsibilities” at the casino operator. MGM Resorts CFO Corey Sanders was appointed to the REIT’s board.
MGM Growth, which has 15 properties in eight states, all of which are managed by MGM Resorts, announced the board changes in a filing with the Securities and Exchange Commission Wednesday.
Last year, Murren said MGM Resorts wanted to slice its ownership stake in the REIT below 50%.
Salem, who is also chairman of the real estate committee established last year by MGM Resorts board, is the senior managing director emeritus of hedge fund Providence Equity Partners. He was with the company from 1992-2018.
Providence specializes in investing in the media, communications, education and information industries.
MGM Growth, which has seen its stock price tumble 66.7% over the last month, was up more than 17% in trading Wednesday morning.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
