April 14, 2011 / 3:29 PM / 8 years ago

UPDATE 1-Kerkorian to step down from MGM board

* Kerkorian to become senior adviser

* Shares up 1.2 pct

NEW YORK, April 14 (Reuters) - MGM Resorts International (MGM.N) said on Thursday that billionaire founder Kirk Kerkorian would step down from its board to become a senior adviser.

As director emeritus, Kerkorian, 93, will not retain board voting rights, but have a standing invitation to attend any meeting.

Through his Tracinda Corp, Kerkorian is the company’s biggest shareholder, with a 27 percent stake.

Kerkorian opened the original MGM Grand Hotel in 1973 after developing land in Las Vegas for such projects as the International Hotel, which featured entertainers Ike and Tina Turner, Elvis Presley and Barbra Streisand.

After developing and selling several other hotels, he acquired Mirage Resorts in 2000 and merged it four years later with Mandalay Resort Group.

MGM’s shares were up 1.2 percent at $13.87 in late-morning trading on the New York Stock Exchange. (Reporting by Helen Chernikoff; Editing by Lisa Von Ahn)

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