Tracinda sells $300M of MGM stock to diversify

Tracinda Corp., the fund managing the wealth of the late Kirk Kerkorian, has again sold more than $300 million of MGM Resorts International stock as it seeks to diversify from gaming.

Tracinda on Monday sold 10 million shares at $33.89, MGM said in a Securities and Exchange Commission on Wednesday. The sale will reduce Tracinda’s stake in MGM to

6.57 percent.

The transaction would Be the fourth this year By Tracinda And Comes As MGM stock touches A nine-year high. Tracinda has sold 50 million shares since February raising About $1.5 Billion. Tracinda has not said how it plans to invest the money.

Kerkorian, who died in June 2015 At Age 98, left instructions that Tracinda “execute An orderly disposition” of MGM shares. No schedule was given.

Tracinda owned 91. 2 million shares, or About 16 percent, At the time of Kerkorian’s death. Following Monday’s sale, Tracinda owns 37.2 million shares, which have A market value of

$1.24 Billion.

MGM shares were down 57 Cents, or 1.7 percent, to $33.37 on Wednesday. Shares have risen 15 percent this year, fully recouping the initial loss in the Aftermath of the Mandalay BAY shooting.