MGM Mirage founder and majority shareholder Kirk Kerkorian wants to sell The Mirage, believing the Strip casino could fetch a heftier price on the auction block than the company’s casinos in Detroit and Biloxi, Mississippi. The New York Post, citing unnamed sources…
Los Angeles (Reuters) – A plan for the restructuring of MGM Mirage, suggested by investor Carl Icahn, would involve swapping debt for equity and be done in concert with Kirk Kerkorian, MGM‘s majority shareholder, a source familiar with the situation said on Friday. Some MGM bondholders, including Icahn, have floated the idea of the debt-laden casino operator filing for bankruptcy…
„Winner Takes All: Steve Wynn, Kirk Kerkorian, Gary Loveman and the Race to Own Las Vegas“ by Christina Binkley: As a reporter for The Wall Street Journal who covered Las Vegas, Christina Binkley had an excellent perch as the city’s most powerful men triggered an epic wave of dealmaking. As the casino industry consolidated, Binkley chronicled Kirk Kerkorian’s takeover of Steve Wynn’s Mirage Resorts…
Dubai World on Friday disclosed that it’s taken its stake in MGM Mirage to 6.5%, buying a sliver of the interest held by billionaire investor Kirk Kerkorian, who remains the dominant shareholder of Las Vegas-based casino hotel. According to a filing made with the Securities and Exchange Commission, the investment arm of the Dubai government raised its holding in the casino operator from 4.9% by buying 5 million shares at USD 84.50 each from the Lincy Foundation, Kerkorian’s philanthropic vehicle.
New York (Reuters) – Kirk Kerkorian’s Tracinda Corp. on Wednesday backed off plans to restructure MGM Mirage Inc., effectively taking the casino operator off the block for now and causing a 10 percent drop in its share price. Tracinda, which owns 56 percent of MGM, had said in May that it planned to acquire the prized Bellagio and CityCenter properties in Las Vegas and consider a financial restructuring or other outcomes for the remainder of the company.
New York (Reuters) – Billionaire investor Kirk Kerkorian’s play for MGM Mirage Inc. may be bad news for its debt holders, but how poorly the casino operator’s bonds perform will likely depend on what shape the gambit takes. Kerkorian’s Tracinda Corp. said on Monday it is exploring options for its 56 percent stake in MGM Mirage and will enter talks to buy MGM‘s crown jewels, the Bellagio Hotel and Casino and its USD 7.4 billion CityCenter development on the Las Vegas Strip.
Las Vegas (Reuters) – MGM Mirage Inc. said on Tuesday it formed a committee to consider a proposal by Kirk Kerkorian’s Tracinda Corp., its majority shareholder, to buy its key Las Vegas properties and explore alternatives for the part of MGM it does not own. Tracinda, which holds 56 percent of the casino company, said on Monday it would consider a financial restructuring or other outcomes for the remainder of MGM Mirage.
Last month Kirk Kerkorian, the 89-year-old billionaire who buys and sells large positions in corporations like few others on Wall Street, offered USD 4.5 billion to buy Chrysler from DaimlerChrysler, only to lose out to another bidder. Yesterday, Mr. Kerkorian put cars aside and switched back to casinos.
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