MGM Resorts says that the will of billionaire Kirk Kerkorian, who died Monday at age 98, orders his investment organization to sell its stake in the hotel and casino operator.
Kerkorian’s company, Tracinda Corp., owns a 16.two percent stake in MGM Resorts worth about $1.74 billion.
MGM Resorts made the announcement in a Securities and Exchange Commission filing on Tuesday. MGM Resorts says Tracinda believes that “there is substantial worth in the assets of MGM Resorts and that the enterprise is a superior lengthy-term investment.”
Kerkorian produced his fortune building hotels and casinos in Las Vegas, such as the MGM Grand, which is run by MGM Resorts.
Las Vegas-primarily based MGM Resorts also owns or operates the Luxor, Bellagio and the MGM Macau.
MGM Resorts International shares slipped 14 cents to close at $19.09 on Tuesday. Its shares are down 23 % over the previous year.