Genting, the Malaysian gaming group, has paid $100m for a 3.2 per cent stake in MGM Mirage, firming a relationship that could help pave the way for future deals in Macao and the US.
Genting matched the $100m that Kirk Kerkorian, MGM Mirage's largest shareholder, invested in the US gambling group's $1bn equity offering last month. Genting and Mr Ker- korian's Tracinda Corp each bought 14.3m shares at $7.
In addition to the share purchase, which Genting was not required to disclose, the group also bought $100m in MGM Mirage secured notes. Genting confirmed the bond purchase in stock exchange filings on May 21.
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