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.