Kerkorian firm sells high-rise Las Vegas Strip condo for $2M
The late Kirk Kerkorian’s investment firm has been selling its stock in MGM Resorts International, as called for by the casino developer’s will.
It’s now unloaded another asset: a high-rise condo on the Strip.
Tracinda Corp. recently sold a 45th-floor unit in the Mandarin Oriental for $2 million, property records show. The sale, to investors in the Los Angeles area, closed June 22.
The two-bedroom, 2,247-square-foot condo is described in listings as a penthouse. Kerkorian’s firm bought the home in 2010 from the developers for almost $3.6 million, county records show.
The 47-story Mandarin Oriental, which has condos and hotel rooms, is part of CityCenter, the 67-acre megaproject by MGM and state-owned Dubai World that also features the Aria and Vdara hotels, the Veer Towers condo complex and hyper-luxury mall Shops at Crystals.
Efforts to get comments from Tracinda, the condo’s new owners and agents involved in the sale were unsuccessful.
Kerkorian, a billionaire who died in 2015 at age 98, invested in automakers, airlines and film studios. He also built the world’s then-largest hotel-casinos three times in Las Vegas: the International, now the Westgate, in 1969; the original MGM Grand, now Bally’s, in 1973; and the current MGM Grand, in 1993.
He founded and was the largest shareholder of MGM Resorts, as Tracinda, named for his daughters Tracy and Linda, owned 16.2 percent of the casino operator’s stock by time he died, the Review-Journal reported.
According to a securities filing at the time, Kerkorian’s will stipulated that his estate “execute an orderly disposition” of Tracinda’s MGM stock, but no time frame was given.
The firm placed an order in May to sell 10 million shares at $31.25 each. The sale was expected to be completed a few days later, a securities filing shows.
Tracinda, led by President and CEO Anthony Mandekic, an MGM board member, still holds 57.2 million shares, or just under 10 percent of MGM’s stock, according to research firm Morningstar.
MGM’s stock closed Tuesday at $32.55, valuing Tracinda’s holdings at $1.86 billion.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
