The MGM Resorts International Grand Hotel & Casino stands in Las Vegas
Kirk Kerkorian’s will directs his Tracinda Corp. holding company to sell the estate’s 16 percent stake in MGM Resorts International, the casino company he founded.
The stock, valued at about USD1.75 billion, should be sold in an orderly way by the executor of Kerkorian’s will, according to a filing Tuesday by Beverly Hills, California-based Tracinda. Anthony Mandekic, a Tracinda executive who is also a director of MGM, will begin those sales after he is seated as the executor of Kerkorian’s will, according to the filing.
“Tracinda continues to believe there is substantial value in the assets of MGM Resorts and that the company is a good long-term investment,” it said.
There’s no deadline for the sales, a spokesman for Tracinda said in an e-mail.
MGM Resorts said Tuesday that Kerkorian died on June 15 at the age of 98.
The company traces its roots to 1973, when Kerkorian built the MGM Grand Hotel in Las Vegas. Today, MGM Resorts is the biggest operator of casinos on the Las Vegas Strip. Its properties include the Bellagio, Mandalay Bay and Mirage. The company also has a publicly traded unit in China with a presence in Macau.
Kerkorian, born in Fresno, California to Armenian immigrants, was the controlling shareholder in MGM Resorts until 2009, when he cut his stake to 37 percent from 54 percent. He named Tracinda and his Lincy Foundation after his two adult daughters, Tracy and Linda. Anthony Palazzo and Anousha Sakoui, Bloomberg
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