MGM Shares Rise as Kerkorian Looking at Strategic Partnerships; Sees 'Substantial Unrecognized Value' Not Reflected in Stock
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After gapping about 4% higher on news that Kirk Kerkorian's Tracinda is exploring partnerships and other options, shares of MGM MIRAGE (NYSE: MGM) are now up just 2% to $12.06.
Tracinda said it is looking at numerous strategic partnerships for MGM, but would not take action on any potential deal until after it's CityCenter project is successfully opened on December 16 of this year. According to a letter sent out by Tracinda, Kerkorian sees "substantial unrecognized value in MGM and CityCenter that is not reflected in the market value of MGM MIRAGE's stock."
Kirk Kerkorian is currently the largest -- by a wide margin -- shareholder of MGM MIRAGE.
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