racinda said its purchase of the shares at us$ 55 per share will raise its ownership stake in MGM to about 158.8 million share, or 55.9 percent, from about 158.4 million share, or 55.8 percent. Approximately 45 of the shares were tendered through notice of guaranteed delivery.
Kerkorian has expanded his casino holdings since opening The International in 1969, one of three hotels he opened in Las Vegas that were the largest ever built at the time. He later orchestrated the merger between MGM Grand and Steve Wynn’s Mirage Resorts. The renamed MGM Mirage later acquired Mandalay Resort Group.
MGM Mirage, the world’s second-largest casino company after Harrah’s Entertainment, owns the MGM Grand, Bellagio and other casinos in Las Vegas, as well as gambling properties in other Nevada cities and Atlantic City.
Shares of the company lost 20 cents to us$ 56.909 in morning trading on the New York Stock Exchange.