Kerkorian Considering Reducing Stake in MGM Mirage After CityCenter Completion (MGM)
Tue. October 20, 2009; Posted: 11:06 AM
Oct 20, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/20/2009 - Billionaire Kirk Kerkorian's investment vehicle Tracinda said Tuesday that it was considering reducing its 37% stake in MGM Mirage (NYSE:MGM), according to an AP report. Tracinda said in a statement that it is "exploring the possibility of strategic partnerships or other alternatives" for its stake, adding, "Tracinda believes there is substantial unrecognized value in MGM Mirage and CityCenter that is not reflected in the market value of MGM Mirage's stock." Tracinda will not engage in a transaction until after the massive CityCenter development is completed.
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