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Kerkorian, 93, sold 10.3 million shares of MGM Resorts through Tracinda Corp., his privately held investment arm, the casino company said Friday in a filing with the Securities and Exchange Commission.
Kerkorian, who is a member of MGM Resorts' board of directors, earned $52.2 million for the sale.
Through Tracinda, Kerkorian announced his intentions to sell stock when MGM Resorts announced last month it was issuing additional shares to help restructure a portion of its long-term debt.
The company, which operates 10 casinos on the Strip including CityCenter, raised $511 million through the stock offering.
Kerkorian now owns 131.2 million shares in MGM Resorts, or 26.9 percent of the outstanding shares.
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