MGM Resorts severs final financial tie to late founder Kirk Kerkorian
MGM Resorts has cut its last financial link to its late founder, Kirk Kerkorian. His holding company, Tracinda Corp, recently sold off its remaining shares in the firm. This move follows Kerkorian’s death in 2015 and the instructions left in his will.
Kirk Kerkorian passed away on June 15, 2015, leaving behind a legacy in Las Vegas. He pioneered the 'mega-resort' concept, reshaping the city’s hospitality industry. His projects included building the world’s largest hotel three times: the International (now Westgate), the MGM Grand Hotel (now Bally’s Las Vegas), and the MGM Grand.
At the time of his death, Tracinda Corp held a 16.2 percent stake in MGM Resorts, making it the company’s largest shareholder. Kerkorian’s will required the sale of his entire position. The final transaction involved 27.2 million shares, representing 4.8 percent of MGM’s total stock. Beyond business, Kerkorian was known for his philanthropy, donating over $1 billion during his lifetime. He also funded *The Promise*, a 2016 film highlighting the Armenian genocide. Since his death, MGM Resorts’ share value has climbed by 53 percent.
The sale of Tracinda’s shares marks the end of an era for MGM Resorts. The company now operates without any financial connection to its founder. Kerkorian’s influence, however, remains visible in Las Vegas’ skyline and the industry he helped transform.
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