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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
