MGM Resorts International stock fell to an 11-month low after billionaire founder Kirk Kerkorian sold 20 million shares, reducing his stake in the biggest Las Vegas Strip casino owner to raise cash.
Kirk Kerkorian’s Tracinda Corp. is selling 20 million shares of MGM Resorts International, the casino operator he founded, according to a person familiar with the matter.
MGM Resorts International, the biggest casino operator on the Las Vegas Strip, plans to raise about $550 million by selling stock, and said its founder and biggest shareholder, Kirk Kerkorian , will reduce his stake.
MGM Resorts International plans to raise about $517 million selling stock, boosting cash amid signs that a record Las Vegas gambling slump is easing.
Kirk Kerkorian , the billionaire investor in MGM Resorts International, will transfer his $200 million charitable foundation to the University of California, Los Angeles.
Alex Yemenidjian , the former dealmaker for billionaire Kirk Kerkorian , is hunting for more casino acquisitions after buying the Tropicana Las Vegas Hotel & Casino out of bankruptcy.