MGM Appoints James Stewart To Lead Its REIT Segment

Shares of MGM Resorts International (NYSE: MGM) were trading higher by 0.6 percent at $20.14 early Thursday afternoon. The company appointed a real estate and banking veteran to head its recently created MGM Growth Properties business.

MGM announced that James C. Stewart, an ex-managing director and head of the Gaming, Lodging and Leisure Group at Greenhill & Co. will be the first CEO of MGM Growth Properties. In addition, Andy H. Chien has been named the as the first Chief Financial Officer.

Related Link: MGM Resorts Shares Spike Following Plans To Create A REIT

MGM further noted that both Stewart and Chien will spearhead the formation of the new business and oversee its initial public offering.

"James and Andy are well known and highly regarded investment banking leaders, and they bring to MGP more than 40 years of collective advisory and financial experience that we believe is critical to establishing a solid foundation for MGP," said Jim Murren, Chairman & CEO of MGM Resorts International. "In addition to his transaction experience, James has a deep background in corporate strategy and institutional leadership, both as a founder of Greenhill's Los Angeles office and previously as co-head of UBS Investment Bank's Los Angeles office. Andy also has a proven record of identifying and executing on complex financial strategies with regard to mergers and acquisitions, capital planning and financing, and other corporate finance activities. As we continue our path toward the creation of MGP, the knowledge and expertise that James and Andy bring will be invaluable in positioning MGP as a leading real estate investment trust."