The firm has continued to decrease its stake in the Las Vegas-based entertainment firm since the death in 2015 of its founder and owner Kirk Kerkorian.
The block shares are reportedly being disposed of at $31.25 per share.
Tracinda now holds 57.2 million shares of MGM and maintains its position as the top shareholder.
Shares of MGM Resorts were declining during the final hour of trading on Wednesday.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.