Tracinda To Sell 16.2% Stake In MGM Resorts Following Kirk Kerkorian's Death

(RTTNews) - Kirk Kerkorian's will directs his Tracinda Corp. holding company to sell the estate's 16.2 percent stake in MGM Resorts International (MGM), the casino company he founded.

The stock, valued at about $1.75 billion, should be sold in an orderly way by the executor of Kerkorian's will. Kerkorian named Anthony Mandekic as executor of his estate under his last will and testament.

"Tracinda continues to believe there is substantial value in the assets of MGM Resorts and that the company is a good long-term investment," Tracinda said.

MGM Resorts said that Kerkorian died on June 15 at the age of 98.