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Latest Kirk Kerkorian Stories

2009-03-27 15:23:34

MGM Mirage held off bankruptcy Friday for a major Las Vegas development, making a $200 million loan payment to keep the CityCenter project afloat. Half of the payment was made on behalf of Dubai World, which is MGM Mirage's partner in the $8.7 billion project. Dubai World had sued MGM Mirage, claiming its finances had put the development in jeopardy, The New York Times reported. In a statement, MGM Mirage Chairman and Chief Executive Officer Jim Murren said, we are doing our utmost to see...

2009-03-20 13:15:00

LAS VEGAS, March 20 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) today announced that it has completed its previously announced sale of Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. At closing, MGM MIRAGE received $600 million in cash proceeds and a $175 million secured note bearing interest at 10% payable not later than 36 months after closing. Ruffin Acquisition, LLC has an option to...

2008-12-15 13:05:48

MGM Mirage announced Monday it was selling its Treasure Island Hotel and Casino on the Las Vegas Strip to Ruffin Acquisition for $775 million. The largely cash deal comes amid a business slump in Las Vegas and MGM said it expected the sale to provide a shot in the arm for the company's bottom line. This transaction creates value to our stakeholders through significantly increased liquidity and enhanced financial flexibility, MGM Chairman and CEO James Murren said in a written statement. The...

2008-12-15 08:00:00

LAS VEGAS, Dec. 15 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) and Ruffin Acquisition, LLC today announced that they have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in...

2008-12-09 08:00:00

LAS VEGAS, Dec. 9 /PRNewswire-FirstCall/ -- MGM MIRAGE Hospitality, a wholly owned subsidiary of MGM MIRAGE (NYSE: MGM), announced today the formation of MGM MIRAGE Global Gaming Development, a new division principally focused on MGM MIRAGE's international gaming expansion into new markets. Lloyd Nathan has been named to lead MGM MIRAGE Global Gaming Development as President. "Lloyd's extensive international gaming development experience, coupled with his strong legal background, make him...

2008-10-21 15:00:12

Investment billionaire Kirk Kerkorian has begun to divest his portfolio of U.S. automaker Ford Motor Co. shares at a considerable loss, his company said. Kerkorian's Tracinda Corp. said it had sold 7.3 million shares of Ford stock Monday, The Detroit News reported. The average selling price was $2.43 per share. Tracinda began buying Ford shares in April at an average price of $6 per share, the Detroit Free Press said. The company did not give a reason for the sale. But, Tracinda said...

2008-08-28 06:00:58

By James Haug By JAMES HAUG REVIEW-JOURNAL The Clark County School District may receive a $13 million donation for empowerment schools with strings attached: To get the money, all district schools would eventually have to convert to the empowerment philosophy of giving school staff more freedom to make their own decisions. District Superintendent Walt Rulffes and Gov. Jim Gibbons are scheduled to discuss the donation from the Lincy Foundation at a Wednesday morning news conference,...

2008-08-25 12:00:00

The fabled MGM studios, which seems to have had more owners than its James Bond character has had lady friends, is on the block once more. The studio, currently owned by a consortium that includes private equity funds and cable giant Comcast (CMCSA), has asked Goldman Sachs (GS) to sound out potential suitors, according to two sources with knowledge of the process. The asking price -- said to be $5.2 billion -- is considered hefty for a company that has had few hits and recently jettisoned...

2008-06-19 15:00:11

U.S. billionaire investor Kirk Kerkorian's Tracinda Corp. has increased its holdings in Ford Motor Co. to 6.49 percent, official filings showed. Tracinda increased its holdings soon after completing transactions on a tender offer to buy 20 million Ford shares, which increased its ownership to 5.5 percent of the company, the Detroit Free Press reported. The recent filing with the Securities and Exchange Commission says Tracinda has explored raising capital to help Ford with its turnaround...

2006-04-20 08:21:06

By Jui Chakravorty DETROIT (Reuters) - General Motors Corp. on Thursday posted its sixth straight quarterly loss, but results excluding a $1 billion health-care restructuring charge exceeded cautious Wall Street expectations. The world's largest automaker reported a loss of $323 million, or 57 cents per share, compared with a loss of $1.3 billion, or $2.22 per share a year earlier. Revenue rose to $52.2 billion from $45.8 billion a year earlier. GM shares and bonds rose on the...


Word of the Day
omadhaun
  • A fool; a simpleton: a term of abuse common in Ireland and to a less extent in the Gaelic-speaking parts of Scotland.
This word is partly Irish in origin.