Word: kerkorian
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Without being in Kirk Kerkorian's mind, it's hard to say why a secretive 87-year-old Beverly Hills billionaire would suddenly buy shares in an industrial dinosaur like General Motors. So let's say this: The man doesn't like sitting in the backseat, not in his personal life, certainly not as a businessman. Most mornings he drives himself to work in a Jeep Grand Cherokee, arriving at the office by 10:30. He can afford a chauffeur, of course, since he's worth an estimated $9 billion, a fortune built over a half-century of buying...
...Marrandino, Wynn Las Vegas' original general manager, who has nothing but praise for Wynn, despite having been fired. "He can focus way more on space. You know how some people can close their eyes and see things? He can do that all the time." Five years ago, after Kirk Kerkorian's MGM Grand bought Wynn's Mirage Resorts for $6.4 billion, Wynn spent 11/2 months with a sketchbook, walking around the 215 acres he acquired at more than $1 million each when he bought the Desert Inn (which he had torn down). He also hired real estate mogul Irwin Molasky...
...offer, which amounted to $29 a share for the diversified entertainment firm. As a condition of the sale, TBS will immediately recoup about a third of the purchase price by spinning off United Artists for $470 million and selling it back for $9 a share to Financier Kirk Kerkorian, who owns 50.1% of MGM/UA's stock. The slimmed-down United Artists will have few assets other than its film library. In contrast, MGM will retain its extensive film and TV production and distribution operations, including the 24 sound stages on its 44-acre Culver City lot and an impressive library...
...other casino impresarios have brought sophistication to the new Las Vegas, MGM Mirage majority shareholder Kirk Kerkorian, 87, has supplied the scale. On three separate occasions over the past 35 years, the low-key billionaire investor has built the world's largest hotel on the Strip, most recently the mammoth 5,034-room MGM Grand in 1993. In the past five years, Kerkorian has ushered in a wave of consolidation, snapping up Steve Wynn's Mirage Resorts in 2000 and just last month agreeing to buy Mandalay Resort Group for $7.9 billion, including debt. A World War II pilot...
...While Kerkorian spends most of his time at home in Beverly Hills, Calif., plotting his next big deal, he leaves the day-to-day management of his empire to MGM Mirage CEO Terry Lanni, 61, a veteran casino executive who, like his boss, largely shuns the limelight. In a town famous for flashy characters, Lanni, who collects classic sports cars and carved wooden boxes in his spare time, has earned a reputation for integrity. Your good name, he insists, "is the one thing you can't afford to lose." Kerkorian is famous for having "ice water in his veins...