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MGM Resorts Hopes to Raise $595M | Gaming News

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MGM Resorts Hopes to Raise $595M
Gaming News

LAS VEGAS -- Casino company MGM Resorts International hopes to raise as much as $595 million by pricing 47 million new shares at $12.65 each.

The Las Vegas-based company said Wednesday that its largest investor, billionaire Kirk Kerkorian, plans to sell as many as 32 million shares at the same price. That sale would lower the holding of Kerkorian's investment firm, Tracinda Corp., from its current 37 percent stake and could raise $404.2 million for Tracinda.

MGM Resorts' offering would increase the number of outstanding shares as much as 10.8 percent. The price is 24 cents per share above Wednesday's opening stock price of $12.41.

Shares of MGM Resorts were trading at $12.34 midday Wednesday; that's $1.27, or 9.4 percent, below Tuesday's close.

 (Copyright 2010 by The Associated Press. All Rights Reserved.)

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