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November 14, 2009

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Kerkorian sells off Mirage stock

Thursday, Nov. 11, 1999 | 12:43 p.m.

Billionaire Kirk Kerkorian, majority owner of MGM Grand Inc. and the MGM movie studio company, has sold about 10 million shares of Mirage Resorts Inc. stock he bought recently.

Kerkorian sold the Mirage stake, equal to about 4.9 percent of the shares outstanding, for a profit of about $20 million, according to sources close to the investor.

Kerkorian had bought the Mirage stock at prices between $11 and $12 a share and sold them for about $14 a share, the sources said.

Meanwhile, Kerkorian's Las Vegas-based investment holding company, Tracinda Corp., said it has agreed with its vice chairman, Jerome York, to cancel options that entitled York to buy 2 million shares of Metro-Goldwyn-Mayer Inc. for $14.90 a share. The stock closed Wednesday at $23.3125.

No reason was given for the cancellation.

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