Billionaire investor Kirk Kerkorian's Tracinda Corp sold 20 million shares in gambling and resort operator MGM Resorts International (MGM.N) on Wednesday, leaving it with a 22.8 percent interest. Tracinda disclosed in a Thursday filing with the U.S. 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 percent of shares. It remains MGM's largest shareholder, ahead of Paulson & Co, which owns 8.5 percent of shares. MGM shares were down $1.43 or 12.4 percent, to $10.11 in morning trading on the New York Stock Exchange.
MGM Resorts International is a holding company engaged in gaming, hospitality and entertainment. Shares of MGM fell by 12.48% or $-1.44/share to $10.10. 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 20388222.
