In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Mgm Resorts International (NYSE:MGM) reported that Tracinda Corp has picked up 57,173,744 of common stock as of 2017-05-24.
The acquisition brings the aggregate amount owned by Tracinda Corp to a total of 57,173,744 representing less than 9.9% stake in the company.
For those not familiar with the company, MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities. Its casino operations feature a range of slots, table games, and race and sports book wagering. Its MGM China’s operations consist of the MGM Macau resort and casino, and the development of an integrated casino, hotel and entertainment resort on the Cotai Strip in Macau. Under its resort operation, the Company’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It owns Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi, among others. It owns and manages CityCenter Holdings, LLC, located between Bellagio and Monte Carlo.
A glance at Mgm Resorts International (NYSE:MGM)’s key stats reveals a current market capitalization of 17.77 Billion based on 574.74 Million shares outstanding and a price at last close of $31.19 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-02-21, Grounds picked up 1,050 at a purchase price of $26.72. This brings their total holding to 2,300 as of the date of the filing.
On the sell side, the most recent transaction saw Mcmanus unload 900 shares at a sale price of $31.35. This brings their total holding to 46,017.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Mgm Resorts International (NYSE:MGM) as things move forward to see if its progress aligns with these transactions.
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