The death of MGM Resorts’ largest stakeholder, Kirk Kerkorian, on Monday, has immediately triggered the sale of his 16.2 per cent holding in the group. The stake is thought to be valued at $1.74bn.
Source: wikipedia
His company, Tracinda Corporation, which holds the shares, felt that the MGM Resorts business “is a good long-term investment”.
Kerkorian was one of the pioneers of the modern Las Vegas, with a hand in many of the major developments along the Strip.
MGM Resorts owns or operates the Luxor, Bellagio and the MGM Macau in addition to the MGM Grand in Las Vegas.
Kerkorian died, aged 98, at his home in California on Monday, June 15.
