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Kerkorian may reduce MGM Mirage stake
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LAS VEGAS REVIEW-JOURNAL
MGM Mirage majority shareholder Kirk Kerkorian said this morning he may reduce his 43 percent stake in the company.
In a statement released through Tracinda Corp., his privately-held investment arm, the 92-year-old Los Angeles billionaire said the holding company is exploring the possibility of strategic partnerships with respect to its investment in MGM Mirage. However, it would not engage in a transaction until its CityCenter development in Las Vegas is complete.
The $8.5 billion CityCenter is expected to open in December.
Word that Kerkorian is mulling alternatives comes as MGM Mirage said it will take more than $1 billion in non-cash charges against third-quarter earnings because it had to slash condo prices at CityCenter.
Kerkorian took the largest tumble of all gaming executives recently on the Forbes 400 List of Richest Americans, falling from 27th in 2008 with $11.2 billion, to 97th in 2009 with a net worth of $3 billion.
MGM Mirage’s declining stock since the end of 2007 reduced the value of Kerkorian’s holdings in the company from $11 down to $1.5 billion. Other Kerkorian investments in the oil and automotive industries also suffered throughout the year.
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He has $3.2 billion at age 92. He could buy one hell of an annuity.
Must be tough trying to survive with a net worth of $3.2 billion. Maybe we should take up a collection for Kirk?