MGM Resorts International revealed on Monday that Tracinda Corp, the holding firm owned by MGM’s late founder Kirk Kerkorian, has sold its last remaining shares in the company.
According to MGM, the sale fulfils instructions from Kerkorian, who passed away in June 2015 aged 98, to “execute an orderly disposal” of all his MGM stock.
“This is the end of an era and illustrates what made Mr Kerkorian one of the most visionary, selfless and compassionate leaders of his time,” said MGM Resorts Chairman and CEO Jim Murren.
“The values instilled by Mr Kerkorian when he founded MGM are what we still live by today – a focus on visionary ideas and creating value for shareholders; a dedication to bettering the communities in which we operate; an emphasis on diversity, inclusion and being a responsible corporate citizen.
“In an industry with a history of flash and big egos, Mr Kerkorian’s example of leading with vision, humility and compassion is truly inspiring and serves as a driving force behind everything we do. His legacy will continue to live on at MGM Resorts.”
Kerkorian played a key role in the development of the Las Vegas Strip, having built the International Hotel – now the Westgate – and MGM Grand in 1969 and 1993 respectively. He also owned the land upon which Caesars Palace was built, which he sold to Caesars in 1968, and at one stage owned The Flamingo.
“I believe that Mr Kerkorian would have been proud of MGM’s achievements and of what the company has become,” said Murren.
“I strive every day to honor his legacy, live his values, and ensure that this company remains at the core, the kind of company he was proud to have founded.”
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