Kerkorian Raises $52.2M Selling MGM Resorts Shares - 8 News NOW

Kerkorian Raises $52.2M Selling MGM Resorts Shares

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LAS VEGAS  -- Billionaire investor Kirk Kerkorian now owns just over one quarter of casino company MGM Resorts International after selling 4.17 million shares for $52.2 million.

MGM Resorts said in a regulatory filing that Kerkorian's investment arm, Tracinda Corp., sold 3 percent of its shares at $12.52 each on Friday.

Tracinda disclosed the plan last month as MGM Resorts announced it would issue new shares. MGM Resorts owns casinos in Las Vegas, in Macau in China and around the world.

Shares of MGM Resorts were down 41 cents, or 3.1 percent, trading at midday at $12.87, about the midpoint in their 52-week range from $8.92 to $16.66.

Kerkorian now owns 131.2 million shares in MGM Resorts, or 26.9 percent of those outstanding, and remains its largest shareholder.  

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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