Tracinda offloads MGM shares

Billionaire investor Kirk Kerkorian’s Tracinda Corp has sold 20m shares in gambling and resort operator MGM Resorts International, leaving it with a 22.8 per cent interest. Tracinda disclosed in a filing yesterday with the US Securities and Exchange Commission that it still held 111,173,744 shares after the sale. In April, Tracinda, which is based in Beverly Hills, California, had 26.8 per cent of shares. It remains MGM’s largest shareholder, ahead of Paulson & Co, which owns 8.5 per cent of shares. Despite selling 20m shares, Tracinda said in the filing that it “continues to believe that there is substantial value in the assets of MGM Resorts and that the company is a good long-term investment.”