Bloomberg News

MGM Resorts Rises as Kerkorkian Files to Boost Stake

March 14, 2013

MGM Resorts International (MGM:US) rose after Kirk Kerkorian’s Tracinda Corp. said it may boost its stake in the casino operator by more than a third to as much as 25 percent.

Tracinda, which currently owns 18.6 percent of MGM, made the disclosure with the Federal Trade Commission to comply with antitrust regulations, according to a securities filing yesterday.

“No decision has been made as to the number of shares which may be acquired,” investment company Tracinda said.

MGM advanced 6.8 percent to $13.25 at the close in New York, for the biggest gain since Dec. 6. The shares have gained 14 percent this year.

To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net

To contact the editor responsible for this story: Kevin Miller at kmiller@bloomberg.net


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Companies Mentioned

  • MGM
    (MGM Resorts International)
    • $23.12 USD
    • -0.27
    • -1.17%
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