Kerkorian's will requires Tracinda to sell stake in MGM Resorts

(Reuters) - Tracinda Corp, the holding company founded by Kirk Kerkorian, said the billionaire's will requires the company to dispose of its stake in casino operator MGM Resorts International. Kerkorian died in Los Angeles on Monday at age 98. Tracinda had a 16.2 percent stake in MGM Resorts, according to the company's filing on Tuesday. Based on MGM Resorts' 563 million shares outstanding as of May 5, the stake was worth $1.75 billion as of Monday. Kerkorian, who founded MGM Resorts and was its largest shareholder, named Anthony Mandekic as executor of his estate under the will. The exact timing of when Mandekic will be formally appointed as executor was not currently known, Tracinda said in the filing with the U.S. Securities and Exchange Commission. (http://1.usa.gov/1BkVX7a) It was not immediately clear from the filing whether Tracinda would sell its entire stake as stipulated in the will. "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," it said in the filing. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila)