Feb 14, 2017 Newsdesk Latest News, Top of the deck, World  
The late Kirk Kerkorian’s Tracinda Corp is to sell approximately one-quarter of its remaining holding in casino firm MGM Resorts International to investment bank UBS AG over a period of 10 trading days – on the basis the shares remain above an agreed ‘strike price’ of US$23.94.
If two million shares are sold per trading day as planned under the covered call option exercise – agreed in June last year and which began on February 7 and is due to end on February 21 – then Tracinda is due to receive circa US$500 million, plus option payments.
Prior to the start of the exercise, Tracinda owned approximately 89.17 million shares – or almost 16 percent – of MGM Resorts’ common stock.
Investment analysts have indicated MGM Resorts’ stock price has been buoyed recently by factors including improved trading conditions in the Las Vegas and Macau markets – in the latter the firm has a majority holding in casino operator MGM China Holdings Ltd – and the possibility that the group might win the right to operate a casino resort in Japan.
Analyst Christopher Jones of the Buckingham Research Group Inc, said in a Monday note that MGM Resorts was likely to have its “best quarter in history,” in the first quarter this year; adding that “shares of MGM don’t reflect this outlook”.
Mr Kerkorian died in June 2015 at the age of 98. He left instructions that Tracinda “execute an orderly disposition” of its MGM Resorts shares.
May 23, 2023
May 16, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31