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.
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