Kerkorian will mandates sale of MGM stake

Kirk Kerkorian’s will states that his investment company should divest its stake in MGM Resorts International, the company he founded and in which he was the largest shareholder.

In a filing to Nasdaq, MGM Resorts International said Tracinda Corp’s position in the company’s common stock has became subject to the terms of the Kerkorian Will.

“That instrument instructs the executor of Mr. Kerkorian’s estate to execute an orderly disposition of Tracinda’s position in the common stock.” Tracinda holds a 16.19 percent stake worth $1.7 billion.

Kerkorian, who died Monday aged 98, named Anthony Mandekic as executor of his estate and once the appointment has been formalized, “Mandekic will be able to implement the directions of the Kerkorian Will with respect to the orderly disposition of the common stock.”

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

Kerkorian was seen as one of the founders of modern-day Las Vegas, helping to shape the strip as he built, sold and operated some of the city’s most iconic properties.