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Kerkorian sells 1.9 million shares of stock

Wednesday, May 23, 2001 | 10:53 a.m.

The controlling shareholder of Las Vegas-based casino giant MGM MIRAGE sold $57.8 million worth of MGM MIRAGE stock on Monday, according to documents filed with the Securities and Exchange Commission.

Kirk Kerkorian on Tuesday reported the sale of 1.9 million shares of common stock through his Tracinda Corp. for $30.50 a share.

Tracinda Corp. now owns 91.2 million shares of MGM MIRAGE stock, or 57 percent of the company, the SEC filing says.

In February Kerkorian sold 1.89 million shares of MGM MIRAGE stock. At the same time he agreed to buy $325 million of preferred stock in Metro-Goldwyn-Mayer Inc. to help the movie studio he controls finance an investment in cable television channels. It was not determined if the transactions were related.

MGM MIRAGE officials said they do not comment on stock transactions involving the company.

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