Billionaire tycoon Kerkorian raises us$ 52.2 million selling MGM Resorts shares
Now, Kerkorian owns just over one quarter of casino company MGM Resorts International after selling 4.17 million shares for us$ 52.2 million. Tracinda disclosed the plan last month as MGM Resorts announced it would issue new shares. Kerkorian later sold 27.8 million shares, raising us$ 347.8 million.
Friday's sale comes as Barclays Capital, the underwriter behind the hotelier's public offering, exercised its option to buy 6.1 million shares of additional stock from the company along with extra shares from Kerkorian.
MGM Resorts CEO Jim Murren said in a statement that the company has raised nearly us$ 1.1 billion in the last month, giving it enough liquidity to meet all its obligations into 2013.
The us$ 1.1 billion includes us$ 486.2 million the company raised in October selling notes due in 2016 with a face value of us$ 500 million. The stock sale raised nearly us$ 589 million - about us$ 512 million from the original sale and the rest from the option.
MGM Resorts owns casinos in Las Vegas, in Macau, China and around the world. Shares of MGM Resorts fell 36 cents, or 2.7 %, to close at us$ 12.92, about the midpoint in their 52-week range from us$ 8.92 to us$ 16.66.
Kerkorian now owns 131.2 million shares in MGM Resorts, or 26.9 % of those outstanding, and remains its largest shareholder.
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