Kerkorian sells off shares in MGM Resorts

12 Nov 2010

By Howard Stutz

LAS VEGAS, Nevada -- Los Angeles-based billionaire Kirk Kerkorian now owns just 27 percent of MGM Resorts International, the company he founded, but remains the casino operator's largest shareholder.

Kerkorian, 93, sold 10.3 million shares of MGM Resorts through Tracinda Corp., his privately held investment arm, the casino company said Friday in a filing with the Securities and Exchange Commission.

Kerkorian, who is a member of MGM Resorts' board of directors, earned $52.2 million for the sale.

Through Tracinda, Kerkorian announced his intentions to sell stock when MGM Resorts announced last month it was issuing additional shares to help restructure a portion of its long-term debt.

The company, which operates 10 casinos on the Strip including CityCenter, raised $511 million through the stock offering.

Kerkorian now owns 131.2 million shares in MGM Resorts, or 26.9 percent of the outstanding shares.

Language: Any Language Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue Howard Stutz More about Howard Stutz More articles by Howard Stutz Related Links Nevada Online Gambling
	Kerkorian sells off shares in MGM Resorts 12 Nov 2010 By Howard Stutz <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LAS VEGAS, Nevada -- Los Angeles-based billionaire Kirk Kerkorian now owns just 27 percent of MGM Resorts International, the company he founded, but remains the casino operator's largest shareholder. Kerkorian, 93, sold 10.3 million shares of MGM Resorts through Tracinda Corp., his privately held investment arm, the casino company said Friday in a filing with the Securities and Exchange Commission. Kerkorian, who is a member of MGM Resorts' board of directors, earned $52.2 million for the sale. Through Tracinda, Kerkorian announced his intentions to sell stock when MGM Resorts announced last month it was issuing additional shares to help restructure a portion of its long-term debt. The company, which operates 10 casinos on the Strip including CityCenter, raised $511 million through the stock offering. Kerkorian now owns 131.2 million shares in MGM Resorts, or 26.9 percent of the outstanding shares. Copyright GamingWire. All rights reserved.

Howard Stutz

Related Links

Kerkorian sells off shares in MGM Resorts