|Billionaire Kirk Kerkorian, the controlling shareholder of MGM Mirage, has cut his ownership from 57.3 to 51.6% by selling 10 million shares of the company’s stock.|
The shares accounted for 11% of Kerkorian’s stock and 6% of MGM Mirage’s total outstanding shares. The shares were sold on November 2nd for $21 a share, putting the sale price at an estimated $210 million.
According to Richard Sobelle, an executive with Kerkorian’s Tracinda Corp, the sale was for “year-end tax reasons.” MGM Mirage were keen to dispel any rumours that Kerkorian was losing interest in the company.
“If there was any type of signal he was losing interest, certainly he wouldn’t sell just 10 million out of 91 million,” said Jim Murren, president and CFO of MGM Mirage. “It would have been a much more significant reduction. Tracinda is in no way, in my dealings with them, lost their enthusiasm for the gaming industry or MGM Mirage.”