MGM Resorts Rises as Kerkorkian Files to Boost Stake
MGM Resorts International (MGM) rose after Kirk Kerkorian’s Tracinda Corp. said it may boost its stake in the casino operator by more than a third to as much as 25 percent.
Tracinda, which currently owns 18.6 percent of MGM, made the disclosure with the Federal Trade Commission to comply with antitrust regulations, according to a securities filing yesterday.
“No decision has been made as to the number of shares which may be acquired,” investment company Tracinda said.
MGM advanced 6.8 percent to $13.25 at the close in New York, for the biggest gain since Dec. 6. The shares have gained 14 percent this year.
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