Tracinda Corp., the fund managing the wealth of the late Kirk Kerkorian, has sold more than 0 million of MGM Resorts International.
The transaction, which was expected to be completed the end of last week, is the third the fund has executed this year, motivated in part by a desire to diversify away from gaming and in part by the soaring price of the stock (NYSE: MGM), which is up 43 percent over the last year, more than doubling the performance of the S&P 500.
The latest sale was completed at $31.25 a share, according to an MGM filing.
Kerkorian, who died in June 2015 at age 98, left instructions that Tracinda “execute an orderly disposition” of MGM shares. Tracinda owned 91.2 million shares, or about 16 percent of the company, at the time of the billionaire’s death.
Tracinda has raised more than $900 million selling MGM over the past year. The fund still owns 57.2 million shares, or about 9.9 percent of the company, good at current prices for around $1.8 billion.
