Kerkorian raises $52.2M selling MGM Resorts shares | NevadaAppeal.com

Kerkorian raises $52.2M selling MGM Resorts shares

LAS VEGAS (AP) – 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.

Shares of MGM Resorts were down 41 cents 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.