Kerkorian sells 20 million shares of MGM Resorts
MGM Resorts International founder Kirk Kerkorian has sold 20 million shares in the gaming company, The Wall Street Journal reported.
As of late Wednesday, Tracinda Corp., Kerkorian's private investment company, had not notified the Securities and Exchange Commission of the sale.
After the sale, Kerkorian's stake held by Beverly Hills, Calif.-based Tracinda will decline from 27 percent to
22 percent, or 111 million shares of MGM.
Based on Wednesday's closing price of $11.54 a share, his sale was worth about $230 million. In after-hours trading, shares of MGM Resorts declined 5.72 percent to $10.88.
MGM Resorts International founder Kirk Kerkorian has sold 20 million shares in the gaming company, the Wall Street Journal reported.
As of late Wednesday, Tracinda Corp., Kerkorian's private investment company, had not notified the Securities and Exchange Commission of the sale.
After the sale, Kerkorian's stake held by Beverly Hills-based Tracinda will decline from 27 percent to 22 percent, or 111 million shares of MGM.
Based on Wednesday's closing price of $11.54 a share, his sale was worth about $230 million. In after-hours trading, shares of MGM declined 5.72 percent to $10.88.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
