The business that once connected the late Kirk Kerkorian and MGM Resorts International (NYSE:MGM) is no more after on Monday the Las Vegas-based global hospitality and entertainment company revealed that the holding firm, Tracinda Corporation, owned by MGM’s late founder, has sold its remaining shares in the casino giant.
Kerkorian passed away on June 15, 2015, at the age of 98 in Beverly Hills, California.
According to MGM, the instructions from the private holding company – to “execute an orderly disposal” of all of the MGM stock owned by the American businessman, investor, and philanthropist were fulfilled by the sale.
Words from Jim Murren:
Chairman and Chief Executive Officer for MGM Resorts International, Jim Murren, said…
“This is the end of an era and illustrates what made Mr Kerkorian one of the most visionary, selfless and compassionate leaders of his time,” according to a Tuesday report from Inside Asia Gaming.
“The values instilled by Mr Kerkorian when he founded MGM are what we still live by today – a focus on visionary ideas and creating value for shareholders; a dedication to bettering the communities in which we operate; an emphasis on diversity, inclusion and being a responsible corporate citizen.
“In an industry with a history of flash and big egos, Mr Kerkorian’s example of leading with vision, humility and compassion is truly inspiring and serves as a driving force behind everything we do. His legacy will continue to live on at MGM Resorts,” said Murren.
According to a March 2018 filing with Securities Exchange Commission, approximately 27.2 million shares of MGM Resorts International, or 4.8 percent of the company, were owned by the Las Vegas-headquartered Tracinda. Due to the fact that the company’s stake was below a 5 percent ownership threshold, there was no longer a requirement for additional WEC filings, as reported by CDC Gaming Reports.
Las Vegas business:
Of Armenian American origin, Kerkorian helped to shape the Las Vegas Strip into the world-class destination status it enjoys today. Some of the city’s most well-known casinos were bought and sold by him. He built the world’s largest hotel in Las Vegas three times: the International Hotel (currently the Westgate), which opened in 1969, the MGM Grand Hotel in 1973 and in 1993 the MGM Grand (1993).
Through his will, Kerkorian instructed Tracinda, which is a blend of his two daughter’s names, Tracy and Linda, who also control the company, to dispose of his remaining shares in MGM. With a 16.2 percent stake, the private investment corporation founded in 1976 was MGM Resorts’ largest shareholder at the time of billionaire businessman’s passing.
“I believe that Mr Kerkorian would have been proud of MGM’s achievements and of what the company has become,” said Murren.
“I strive every day to honor his legacy, live his values, and ensure that this company remains at the core, the kind of company he was proud to have founded,” according to Inside Asia Gaming.