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Kerkorkian Hedges Bets on MGM

Posted Jun 20, 07 9:13 AM CDT in Business 

(Newser) – Mega-investor Kirk Kerkorian has withdrawn his intended bid for two of MGM Mirage's showcase properties. Kerkorian, who owns a 56% stake in the company, pulled his preannounced offer on news of a multi-billion dollar development deal between MGM and South African casino giant Kerzner International to develop a new property on the Strip. 

Kerkorian threw MGM into play after indicating last month that he was interested in purchasing two of the company's most prized properties, the Bellagio and the $7.4 bilion Project CityCenter. Shares had soared 27% on the possible offer; speculation about Kerkorian's withdrawal sent MGM's stock down nearly $10, to $77.50, in pre-bell trading.
Source: CNN

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9/11 Commemorated In U.S.   (Getty Images)
The Bellagio's nightly water show in Las Vegas, Nevada.   (KRT Photos)
Kirk Kerkorian smiles during his appearance before the Mississippi Gaming Commission in this Thursday, May 18, 2000 file photo, in Jackson, Miss. Billionaire investor Kirk Kerkorian is proposing to pay...   (Associated Press)
Dancing fountains in front of the Bellagio are one of the favorite, and free, attractions in Las Vegas, Nevada.   (KRT Photos)
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