Kirk Kerkorian

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'Unpretentious' Vegas Mogul Kirk Kerkorian Dead at 98

Billionaire bought, sold MGM 3 times

(Newser) - Billionaire Kirk Kerkorian, an eighth-grade dropout who built Las Vegas' biggest hotels, tried to take over Chrysler, and bought and sold MGM at a profit three times, died last night at age 98. The reserved, unpretentious Kerkorian spent much of his life trying to stay out of the spotlight and... More »

Giant Vegas Project May File for Bankruptcy

Kerkorian-Dubai megaconstruction will miss debt payment

(Newser) - City Center, the sprawling $8.6 billion Las Vegas development and the largest private construction project in history, will likely fail to make a $220 million debt payment today and may file for bankruptcy. The project is a collaboration between Kirk Kerkorian's MGM Mirage and Dubai World, a conglomerate owed... More »

Smart Money Trickles Back Into Energy

Those considered sectors 'smart money' see opportunity in sector

(Newser) - The energy sector is recharging, the Wall Street Journal reports, at least if a pair of deals by billionaire oil and gas investor George Kaiser is any indication. Kaiser, who built his fortune buying energy assets during downturns, is jumping back into the market, penning a $412 million natural gas... More »

Ford to Offer Self-Park Cars; Kerkorian Sells Stake

New Lincoln MKS models will park themselves in effort to woo car buyers

(Newser) - Ford plans to offer two models with a self-parking function at the Detroit auto show next month, the Wall Street Journal reports, in the continuing effort to woo buyers with new technology. But  the company's image among investors remains tarnished, as billionaire Kirk Kerkorian confirmed yesterday that he sold his... More »

MGM Mirage Chief Quits Amid Fake MBA Flap

Lanni denies sudden resignation related to degree fib

(Newser) - The CEO of MGM Mirage has announced his resignation, but denied it had anything to do with lying about having an MBA, reports the Wall Street Journal. J. Terence Lanni, one of the most powerful figures in the gambling world, has long claimed to have an MBA from the University... More »

Kerkorian Pulls Out of Ford

Biggest non-family stockowner begins dumping stake, looks to energy instead

(Newser) - Billionaire investor Kirk Kerkorian, an old hand at investing in Detroit, began his Ford escape today, selling 7.3 million shares of common stock in the company at $2.43 per share, the Wall Street Journal reports. As recently as February Kerkorian was building his stake in the embattled automaker,... More »

Kerkorian Bets Big on Ford Turnaround

Investor buys 100M shares, taking 4.7% stake after strong Q1

(Newser) - Investor Kirk Kekorian is gobbling up shares of Ford in move seen as a vote of confidence for the automaker’s turnaround efforts, the Wall Street Journal reports. Kerkorian’s Tracinda has bought about 100 million shares and holds a 4.7% stake in the firm. Tracinda also offered to... More »

It's Forbes 400 Time Again

You now need $1.3B to make list of richest Americans

(Newser) - In the 25th year of Forbes magazine's rankings of the 400 riches Americans, the net worth at the poor end of the list is $1.3 billion, up from a flat $1 billion a year ago. Microsoft founder Bill Gates still tops the list with $59 billion, closely followed by... More »

Dubai Betting $5B on Vegas Casino Giant

Deal with MGM Mirage gives Persian Gulf state stake in gaming Mecca

(Newser) - Dubai World—a company owned by the government of the oil-rich Persian Gulf state—plans to invest up to $5.1 billion in MGM Mirage, the world's second-largest casino company, Bloomberg reports. The move would give Dubai a presence in booming Las Vegas and free up assets for MGM Mirage... More »

Kerkorkian Hedges Bets on MGM

Billionaire investor withdraws offer for casino properties

(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... More »

Kerkorian Bets on Bellagio

Billionaire who controls MGM Mirage makes bid for its two hottest assetsi

(Newser) - Activist investor Kirk Kerkorian, who holds a controlling interest in MGM Mirage, is making a play to buy two of the casino company's crown jewels. Kerkorian's company, Tracinda Corp., is in talks to acquire MGM's Bellagio Casino and the $7.4 billion CityCenter development, currently under construction. Kerkorian currently owns... More »

Kerkorian Offers $4.5 Billion For Chrysler

Dumped his shares last time around; now is ready with cash

(Newser) - Beverly Hills billionaire Kirk Kerkorian has offered to buy the Chrysler group for $4.5 billion. Kerkorian's investment company, Tracinda Corp., can pay cash for the ailing automotive giant, and is pitching an extra $100 mil for an exclusive two-month period to run due diligence. Tracinda told parent DaimlerChrysler it... More »

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