Kirk Kerkorian Wants to Increase Stake in MGM Resorts

Before you go, we thought you'd like these...
Before you go close icon

Ninety-five year-old billionaire investor and mogul Kirk Kerkorian let his continued interest in the struggling casino MGM Resorts be known in a filing with the SEC yesterday. Kerkorian, whose net worth Forbes puts at $3.3 billion. already owns 18.6% of MGM's stock through Tracinda Corporation, a private investment company in which he is the sole shareholder.

Wednesday's 13D/A filing discloses Tracinda's intentions to increase its stake in the casino to up to 25%, though whether it will end up with that much of the company depends on "market conditions." Per MGM's trading policy, Kerkorian isn't even allowed to buy additional shares until the third trading day after MGM's next quarterly earnings release. With earnings not slated to be announced until Friday, May 3,, Kerkorian won't be able to add to his 91 million share, $1.2 billion stake in the company until at least Wednesday, May 8, when market conditions could have dramatically changed from where they stand today.

MGM shares were up as much as 7% on the news. 

The article Kirk Kerkorian Wants to Increase Stake in MGM Resorts originally appeared on Fool.com.

Fool contributor John Divine has no position in any stocks mentioned. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners