MGM: Land & Buildings Decides To Go Big

• L&B is taking on one of the best-known casino operators, despite being relatively unknown itself.
• L&B thinks in the base case there’s upside to $33 a share, and in the bull case, $55 a share.
• It appears that MGM’s stock has been pressured of late due to Macau concerns, perhaps, justifiably.

Land & Buildings ("L&B") has been quietly waging battles in the real estate space for some time. Its specialty is REITs and real estate companies. During October of last year, we noted that L&B was working on unlocking value in Pennsylvania REIT ($PEI). It's the fund's second-largest holding.

It's now taking on the $10 billion...