Billionaire investor Kirk Kerkorian's Tracinda Corp disclosed in a filing that it shed 20 million shares in gambling and resort operator MGM Resorts International (MGM.N), leaving it with a 22.8 percent interest. MGM shares were down $1.44 or 12.5 percent, to $10.10 in morning trading on the New York Stock Exchange. The Thursday filing with the U.S. Securities and Exchange Commission said Kerkorian's firm held 111,173,744 shares as of Aug. 17. In April, Tracinda, which is based in Beverly Hills, California, had 26.8 percent of shares. It remains MGM's largest shareholder. The company owns 10 resorts on the Las Vegas Strip, as well as casino-resorts in Mississippi and Michigan and joint ventures in New Jersey and Macau.
MGM Resorts International is a holding company engaged in gaming, hospitality and entertainment. Shares of MGM fell by 12.39% or $-1.43/share to $10.11. In the past year, the shares have traded as low as $8.92 and as high as $16.94. On average, 23676900 shares of MGM exchange hands on a given day and today's volume is recorded at 17212202.
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