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Billionaire Kirk Kerkorian Passes Away; Casino Stocks React

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Kirk Kerkorian, the widely-known president and CEO of Tracinda Corporation, passed away at the age of 98 on Monday night, the investment firm told The Wall Street Journal.

Tracinda owned an 18.6 percent stake in MGM Resorts International (NYSE: MGM) as of last month; this position was as large as 53.8 percent in 2009.

Forbes reports Kerkorian's net worth was $4.2 billion at last check.

Casino Stocks Moving

Of note, casino stocks appeared to be moving off the news.

MGM shares spiked as high as $19.54 on Tuesday morning, and are up 0.8 percent on the day. Las Vegas Sands Corp. (NYSE: LVS) also popped, following a similar pattern as its casino peer.

Posted-In: kirk kerkorian mgm resorts Tracinda CorpMovers

 

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