MGM Resorts International

MGM's US real estate is buried inside a 10x-EBITDA C-corp; a REIT conversion plus lodging-C-corp spin and MGM China dividend can lift NAV from $33 to $55 per share.

Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.

MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.