LOS ANGELES (AP) — Billionaire investor Kirk Kerkorian is selling 20 million shares of MGM Resorts International for about $214.9 million, cutting his stake in the casino operator to 22.8 percent.
MGM Resorts said in a regulatory filing Thursday that Kerkorian’s Tracinda Corp. investment firm sold about 15 percent of its shares in the company for about $10.74 each on Wednesday.
The transaction is expected to be completed Aug. 23.
Kerkorian was the company’s majority owner as recently as 2009 and remains its largest shareholder with 111.2 million shares. Tracinda said it continues to believe MGM Resorts is a good investment.
MGM Resorts shares fell $1.40, or 12.1 percent, to $10.14 in afternoon trading as the overall market fell.
The company owns casinos in Las Vegas, Macau, China, and around the world.
Copyright 2011 The Associated Press.