Word: kerkorian
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Dates: during 1970-1979
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...permission to take ailing Northeast for better or worse but lost the dowry it had expected. The Civil Aeronautics Board ruled that Northeast's Miami-Los Angeles route was not part of the arrangement-which consequently could fall through. Meanwhile, American and Continental were both vying for Kirk Kerkorian's Western Airlines, and American took over Trans-Caribbean, which flies between the East Coast and some Caribbean points...
...International Leisure Corp., which is controlled by Millionaire Kirk Kerkorian, bought the Flamingo and built the 1,519-bedroom International Hotel. Earnings more than doubled last year to $6.5 million, but the company's stock plummeted from a 1969 high of 64 to last week's 13¾.* Dragged down in part by the dismal image shared by many casino-owning companies, it also had troubles with the SEC. Last year International Leisure needed audited financial statements going back to 1964 for a proposed stock offering. Company officers said that they could not supply the figures because...
...company had a $15.9 million loss. Too small and poorly managed to compete with the giants, the Bonanza has been closed and may be sold. Unless they find a buyer, officials of Levin-Townsend say that they may be unable to pay off some notes held by Kerkorian, the previous Bonanza owner. In that case, they will have to give the casino back to him. Not all of Levin-Townsend's woes result from the gambling business. Its former chief, Howard Levin, was ousted by the board on charges of having made acquisitions without consulting directors (TIME...
...Since their highs of last year, the paper value of Kerkorian's controlling holdings in International Leisure, Western Air Lines and MGM have shrunk by some $497 million to an estimated $147 million. But Kerkorian has never been known to panic at a run of bad luck. He paid only $4 each for his 5.4 million shares of International Leisure, and even after a 79% drop in market value, he is still nearly $73 million ahead...