Tracinda to sell MGM Resorts stake following Kerkorian death

AP News
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Posted: Jun 16, 2015 5:22 PM

NEW YORK (AP) — MGM Resorts says that the will of billionaire Kirk Kerkorian, who died Monday at age 98, orders his investment company to sell its stake in the hotel and casino operator.

Kerkorian's company, Tracinda Corp., owns a 16.2 percent stake in MGM Resorts worth about $1.74 billion.

MGM Resorts made the announcement in a Securities and Exchange Commission filing on Tuesday. MGM Resorts says Tracinda believes that "there is substantial value in the assets of MGM Resorts and that the company is a good long-term investment."

Kerkorian made his fortune building hotels and casinos in Las Vegas, including the MGM Grand, which is run by MGM Resorts.

Las Vegas-based MGM Resorts also owns or operates the Luxor, Bellagio and the MGM Macau.

MGM Resorts International shares slipped 14 cents to close at $19.09 on Tuesday. Its shares are down 23 percent over the past year.