According to the filing, Kerkorian expects to use working capital to make the purchase, provided, of course, that he ultimately decides to do so. The filing notes:
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.
MGM recently received approval from the government of Macau to build a second resort/casino on the island’s Cotai Strip and the casino operator has also filed an application with the state of Nevada to operate online gambling within the state. Revenue growth in Macau is expected in the range of 5% to 10% in 2013.
Shares of MGM are up 7% at $13.27 in a 52-week range of $8.83 to $14.80.
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