Kirk Kerkorian
American businessman
Kirk Kerkorian
Kerkor "Kirk" Kerkorian is an American businessman who is the president/CEO of Tracinda Corporation, his private holding company based in Beverly Hills, California. Kerkorian is known as one of the important figures in shaping Las Vegas and, with architect Martin Stern, Jr. the "father of the mega-resort."
Kirk Kerkorian's personal information overview.
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Kirk Kerkorian's slow fade from Vegas - LA Observed
Google News - over 5 years
There's a great story (maybe apocryphal) about how the LA billionaire wound up with the property that became the site of the Las Vegas Hilton. Back in the 1960s, so the tale goes, Kerkorian and real estate mogul Marvin Kratter were flying in their
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Kerkorian's $215 Million Sale of MGM Stock - Barron's
Google News - over 5 years
17, private holding company Tracinda Corp., run by billionaire Kirk Kerkorian, sold 20 million shares of MGM (ticker: MGM) for nearly $215 million, an average of $10.74 each. This is Tracinda's first transaction of the year. On Nov
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Kirk Kerkorian appears to be leaving Las Vegas. - GamingTodaySlotsToday
Google News - over 5 years
Not that his influence will totally disappear any time soon, but the founder and grand force in one of Nevada's most important companies has sold another big chunk of stock in his Las Vegas-based company. He's down now to about 22 percent
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'Have faith,' says a gaming company leader as he invests his own money! August ... - GamingTodaySlotsToday
Google News - over 5 years
Last week's announcement, that Kirk Kerkorian, founder and largest single stockholder in MGM Resorts International, was selling 20 million shares from his Tracinda holdings, came at a bad time for investors. The sale was announced as the trading
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Dion, Lopez offer talent for telethon - Las Vegas Review - Journal
Google News - over 5 years
Kirk Kerkorian's absence from Terry Lanni's service on Tuesday and news a day later that Kerkorian had sold 20 million shares of MGM Resorts International sent some ripples of concerns through the gaming industry. MGM Resorts stock fell $1.54 Thursday
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CORPORATE REPORT: Earnings, takeovers and more - Sarasota Herald-Tribune
Google News - over 5 years
MGM Resorts International — Billionaire investor Kirk Kerkorian is selling 20 million shares of the the casino operator for about $214.9 million, cutting his stake in to 22.8 percent. MGM Resorts said in a regulatory filing that Kerkorian's Tracinda
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Kirk Kerkorian's Tracinda Sells 20M Shares In MGM Resorts -Source - Wall Street Journal
Google News - over 5 years
NEW YORK (Dow Jones)--MGM Resorts International (MGM) founder Kirk Kerkorian on Wednesday completed the sale of 20 million shares in the gaming giant, according to a person with knowledge of the situation Wednesday. The move continues an ongoing, ... - -
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Zsa Zsa Gabor, about Ben Affleck, George Clooney and a giant Billboard -
Google News - over 5 years
The Couple will celebrate their anniversary in big Hollywood Style at their mansion, Wolfgang Puck will be creating a giant cake for August 14: the fabulous RSVP list includes Quincy Jones, Kirk Douglas and his wife, Kirk Kerkorian, Nancy Reagan,
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OUR VIEW: Mayor says job czar needs no degree (poll) - Colorado Springs Gazette
Google News - over 5 years
... designer Ralph Lauren ; Kirk Kerkorian , who built a personal fortune of $16 billion with Las Vegas casinos; Digg founder Kevin Rose, whom BusinessWeek featured for making $60 million in 18 months; and, of course, Facebook founder Mark Zuckerberg
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Gaming veteran Terry Lanni dies at 68 - Casino City Times
Google News - over 5 years
"There is virtually no one that I've respected more than Terry Lanni," said MGM Resorts' founder and largest shareholder, Kirk Kerkorian. "His integrity, professionalism and generosity were second to none. He was a valued and trusted friend and an
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New study to assess brain damage in professional fighters - Los Angeles Times
Google News - over 5 years
It is being funded by a grant in excess of $400000 by billionaire Kirk Kerkorian's Lincy Foundation. Participants will undergo four annual MRI brain scans, along with physical, cognitive and speech tests to monitor how brain activity can be altered by
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CEO Gave Gambling More Respectability - Wall Street Journal
Google News - over 5 years
Terry Lanni was the longtime CEO of MGM Mirage, the casino company founded by Kirk Kerkorian that grew into one of the largest gambling concerns in the world, with nearly a dozen casinos on the Las Vegas Strip, as well as a venture ... -
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11 of Las Vegas' most notable casino name changes - VEGAS INC
Google News - over 5 years
Here are some of the more notable name changes among Las Vegas casinos over the past 20 years: MGM Grand changed its name to Bally's after Kirk Kerkorian sold the property to Bally Entertainment Corp. in 1985. Kerkorian changed the name of the Marina
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Delta Petroleum hires advisers for potential sale of company - Denver Post
Google News - over 5 years
Delta Petroleum Corp., the US oil and natural-gas producer whose largest shareholder is Kirk Kerkorian, rose 8.9 percent after announcing the potential sale of the company. Delta Petroleum, based in Denver, rose 4 cents to 49 cents at
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Learn about memorable moments in the evolution of Kirk Kerkorian
  • 2015
    Age 97
    Kerkorian died in Beverly Hills, California on June 15, 2015, at the age of 98.
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  • 2013
    Age 95
    In 2013 he was listed as the 412th richest person with a net worth of $3.9 billion.
    More Details Hide Details Kerkorian was an "intensely private person". He almost never gave interviews and seldom appeared in public. "Kerkorian rarely attends board meetings and never gives speeches. He is shy, but a tough negotiator. Those who know him describe him not as Hughesian hermit, but a gentle, gracious, normal guy." Kerkorian was an avid tennis player, played in tournaments, associated with other players like Lornie Kuhle, and routinely played with Alex Yemenidjian, a former MGM executive now co-owner of the Tropicana Las Vegas resort. He had a penchant for expensive clothes (especially custom-made outfits by Italian designer Brioni), but drove relatively low cost vehicles, such as a Pontiac Firebird, Jeep Grand Cherokee and a Ford Taurus.
  • 2011
    Age 93
    By 2011, Kerkorian was among those hardest hit by stock market recession as his net worth tumbled to $3.2 billion.
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  • 2008
    Age 90
    Kerkorian's net worth in 2008 was $16. billion according to Forbes magazine, making him the 41st richest person in the world and the richest person in California at that time.
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    Kerkorian sold his remaining stake in Ford on December 29, 2008.
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    By October 2008, the investment had lost two thirds of its value, and he began selling.
    More Details Hide Details Tracinda explained, "In light of current economic and market conditions, it sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries." On October 21, Tracinda sold the 7.3 million Ford shares at an average price of $2.43, and said it planned to cut further its existing 6.1 percent stake in Ford, for a potential total loss of more than half a billion dollars.
    Kerkorian began buying Ford Motor Company stock in April 2008, and spent about $1 billion to accumulate a 6% stake in the automaker.
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  • 2007
    Age 89
    On April 5, 2007, Kirk Kerkorian made a $4.58 billion bid for the Chrysler Group, the U.S. arm of Daimler-Chrysler.
    More Details Hide Details After Daimler-Chrysler announced they were interested in selling the Chrysler division on February 14, large investors such as Cerberus Capital Management, The Blackstone Group and Magna International each announced intentions to bid on the company. Kerkorian's bid, while not expected, was not surprising given his long involvement in the U.S. automobile industry. During the bidding process, he sought the aid of his close associate Jerome York who was a former CFO at both Chrysler and IBM. On May 14, 2007 80% of the Chrysler arm of Daimler-Chrysler was sold to Cerberus for $7.4 billion.
  • 2006
    Age 88
    On November 22, 2006, Kerkorian's Tracinda investment corporation offered to buy 15 million shares of MGM Mirage to increase his stake in the gambling giant to 61.7% from 56.3%, if approved.
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    On August 10, 2006, the Los Angeles Times reported that Kerkorian's attorneys were being sued by Bonder because of their connection to former high-profile private investigator Anthony Pellicano, who in 2008 began serving a fifteen-year prison sentence for running a wiretapping scheme.
    More Details Hide Details Bonder's attorney alleged that Kerkorian's lawyers hired Pellicano to wiretap telephone calls illegally between him and Kerkorian's ex-wife in order to gain a tactical advantage in the divorce proceedings. Kerkorian was very active in philanthropy founding his charitable foundation The Lincy Foundation, named after the his daughters, Linda and Tracy, joining parts of their name ("Lin" from Linda and "cy" from Tracy). Even though his charitable foundation has reportedly donated more than $1 billion, Kerkorian has never allowed anything to be named in his honor. Through his Lincy Foundation charity, Kerkorian covered half of the cost of an 80-kilometer highway connecting Armenia to Nagorno-Karabakh. Kerkorian visited Armenia for the first time in 1998. Over the next decade Lincy financed more than $200 million worth of infrastructure projects in his ancestral homeland. In 2005 Kerkorian contributed another $60 million to the reconstruction of schools and streets in Armenia. Lincy’s funds were also used for the renovation of many museums, theaters and concert halls in Armenia.
    By the end of November 2006, he had sold substantially all of his remaining GM shares.
    More Details Hide Details After Kerkorian sold, GM lost more than 90% of its value, falling as low as $1/share by May 2009, and filed bankruptcy on June 1, 2009.
    On November 30, 2006 Tracinda said it had agreed to sell another 14 million shares of GM, cutting Kerkorian's stake to half of what it had been earlier that year.
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    On November 22, 2006 Kerkorian sold 14 million shares of his GM stake (it is speculated that this action was due to GM's rejection of Renault and Nissan's bids for stakes in the company as both of these bids were strongly supported by Kerkorian); the sale resulted in GM's share price falling 4.1% from its November 20 price, although it remained above $30/share.
    More Details Hide Details The sale lowered Kerkorian's holding to around 7% of GM.
    According to press accounts from June 30, 2006, Kerkorian suggested that Renault acquired a 20 percent stake in GM to rescue GM from itself.
    More Details Hide Details A letter from Tracinda to Rick Wagoner was released to the public, to pressure GM's executive hierarchy, but talks failed.
  • 2005
    Age 87
    In 2005, Kerkorian sold MGM once more to a consortium led by Sony.
    More Details Hide Details He retained a 55% stake in MGM Mirage.
  • 1998
    Age 80
    Kerkorian was declared an honorary citizen of Armenia by President Robert Kocharyan in September 1998.
    More Details Hide Details He was bestowed the title of National Hero of Armenia, the highest state award, by Kocharyan in May 2004.
  • 1997
    Age 79
    Kerkorian soon expanded the company, purchasing Orion Pictures, The Samuel Goldwyn Company and Motion Picture Corporation of America from John Kluge's Metromedia in 1997, and bought a majority to the pre-1996 PolyGram Filmed Entertainment library from its parent Philips, which was in process to sell PolyGram to Seagram.
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  • 1996
    Age 78
    Credit Lyonnais invested significant sums to revive the moribund studio and eventually sold it back to Kerkorian in 1996.
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  • 1986
    Age 68
    To recoup his investment, Turner sold the production/distribution assets and trademarks of MGM to United Artists, while retaining the pre-May 1986 MGM, Associated Artists Productions (the pre-1950 Warner Bros. library and Fleischer Studios/Famous Studios Popeye cartoons) and RKO Radio Pictures libraries as well as Gilligan's Island and its animated spin-offs.
    More Details Hide Details The studio lot was sold to Lorimar-Telepictures, which was later acquired by Warner Bros.; in 1990, the lot was sold to Sony Corporation's Columbia Pictures Entertainment in exchange for the half of Warner's lot that it had rented since the 1970s. Also in 1990, the MGM studio was purchased by Italian financier Giancarlo Parretti, who then merged the former Cannon with the MGM purchase to create the short-lived MGM-Pathé Communications. Parretti defaulted on the loans he'd used to buy the studio, leaving the studio in the hands of the French bank, Credit Lyonnais.
    In 1986, he sold MGM to Ted Turner.
    More Details Hide Details After the purchase was made, Turner sold the United Artists subsidiary back to Kerkorian. Turner kept ownership of MGM from March 25 to August 26, 1986. He racked up huge debts and Turner simply could not afford to keep the studio under those circumstances.
  • 1979
    Age 61
    In 1979, Kerkorian issued a statement claiming that MGM was now primarily a hotel company; however, he also managed to expand the overall film library and production system with the purchase of United Artists from Transamerica in 1981, becoming MGM/UA Entertainment Company.
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  • 1973
    Age 55
    Kerkorian sold MGM's distribution system in 1973, and gradually distanced himself from the daily operation of the studio.
    More Details Hide Details He also owned minority interest in Columbia Pictures but his holdings were thwarted by the Justice Department who filed an antitrust suit due to his owning stock in two studios.
  • 1969
    Age 51
    In 1969, Kerkorian appointed James Thomas Aubrey, Jr. as president of MGM.
    More Details Hide Details Aubrey downsized the struggling MGM and sold off massive amounts of historical memorabilia, including Dorothy's ruby slippers from The Wizard of Oz, the majority of the studio's backlots in Culver City and overseas operations such as the British MGM studio at Borehamwood.
    After he purchased the Metro-Goldwyn-Mayer movie studio in 1969, Kerkorian (with architect Martin Stern Jr.) opened the original MGM Grand Hotel and Casino, larger than the Empire State Building and the largest hotel in the world at the time it was finished.
    More Details Hide Details On November 21, 1980, the original MGM Grand burned in a fire that was one of the worst disasters in Las Vegas history. The Clark County Fire Department reported 84 deaths in the fire; there were 87 deaths total, including three which occurred later as a result of injuries sustained in the fire. After only 8 months the MGM Grand reopened. Almost three months after the MGM fire, the Las Vegas Hilton caught fire, killing eight people. In 1986, Kerkorian sold the MGM Grand hotels in Las Vegas and Reno for $594 million to Bally Manufacturing. The Las Vegas property was subsequently renamed Bally's. Spun off from Metro-Goldwyn-Mayer, MGM Resorts International owns and operates several properties, including the Bellagio, the current MGM Grand, The Mirage, the New York-New York, Circus Circus, Mandalay Bay, The Luxor, Excalibur, Monte Carlo and the newly completed CityCenter complex in Las Vegas.
  • 1967
    Age 49
    In 1967, he bought of land on Paradise Road in Las Vegas for $5 million and, with architect Martin Stern, Jr., built the International Hotel, which at the time was the largest hotel in the world; The first two performers to appear at the hotel's enormous Showroom Internationale were Barbra Streisand and Elvis Presley.
    More Details Hide Details Presley brought in some 4,200 customers (and potential gamblers), every day, for 30 days straight, breaking in the process all attendance records in the county's history. Kerkorian's International Leisure also bought the Flamingo Hotel; eventually both hotels were sold to the Hilton Hotels Corporation and were renamed the Las Vegas Hilton and the Flamingo Hilton, respectively.
  • 1962
    Age 44
    In 1962, Kerkorian bought in Las Vegas, across the Las Vegas Strip from the Flamingo, for $960,000.
    More Details Hide Details This purchase led to the building of Caesars Palace, which rented the land from Kerkorian; the rent and eventual sale of the land to Caesars in 1968 made Kerkorian $9 million.
  • 1947
    Age 29
    After spending much time in Las Vegas during the 1940s, Kerkorian quit gambling and in 1947 paid $60,000 for Trans International Airlines, which was a small air-charter service that flew gamblers from Los Angeles to Las Vegas.
    More Details Hide Details He then bid on some war surplus bombers, using money on loan from the Seagram family. Gasoline, and especially airplane fuel, was in short supply at the time, so he sold the fuel from the planes' tanks, paid off his loan, and still had the airplanes. He operated the airline until 1968 when he sold it for $104 million to the Transamerica Corporation.
  • 1944
    Age 26
    He worked as a general aviation pilot, and made his first visit to Las Vegas in 1944.
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    In May 1944, Kerkorian and his Wing Commander John de Lacy Wooldridge rode the wave and broke the old crossing record.
    More Details Hide Details Wooldridge got to Scotland in six hours, 46 minutes; Kerkorian, in seven hours, nine minutes. In two and a half years with RAF Ferry Command, Kerkorian delivered 33 planes, logged thousands of hours, traveled to four continents and flew his first four-engine plane. After the war, having saved most of his wages, Kerkorian spent $5,000 on a Cessna.
  • 1942
    Age 24
    Kerkorian was married three times, first to Hilda Schmidt from 1942 to 1952.
    More Details Hide Details His next, to Jean Maree Hardy, lasting from 1954 to 1984. The two had met at the Thunderbird resort in Las Vegas. Ms. Hardy, a dancer from England, traveled the world instructing dance troupes. They met and fell in love while she was sent to check opportunities to choreograph a performance in Las Vegas. The marriage produced Kerkorian's two daughters, Tracy and Linda, whose names serve as a portmanteau for Kerkorian's personal holding company, Tracinda Corporation, likewise, his charitable organisation, the Lincy Foundation. Although divorced, they remained close friends and confidants. Kerkorian's short-lived third marriage (1999) was to professional tennis player Lisa Bonder, 48 years his junior, which lasted only one month. The two had signed a prenuptial agreement before marrying. Kerkorian subsequently was involved in a breach of privacy suit filed against him by Steve Bing. Kerkorian claimed Bing was the father of Bonder's daughter, which was later established by DNA paternity testing.
  • 1920
    Age 2
    His family moved to Los Angeles following the depression of 1920–21.
    More Details Hide Details Dropping out of school in eighth grade, Kerkorian became a fairly skilled amateur boxer under the tutelage of his older brother Nish Kerkorian, fighting under the name "Rifle Right Kerkorian" to win the Pacific amateur welterweight championship. Kirk Kerkorian also had a younger sister, Rose Kerkorian. Sensing the onset of World War II, and not wanting to join the infantry, Kerkorian learned to fly at the Happy Bottom Riding Club in the Mojave Desert—adjacent to the United States Army Air Corps's Muroc Field, now Edwards Air Force Base. In exchange for flying lessons from pioneer aviator Pancho Barnes, he agreed to milk and look after her cattle. On gaining his commercial pilot's certificate in six months, Kerkorian learned that the British Royal Air Force was ferrying Canadian-built de Havilland Mosquitos over the North Atlantic to Scotland. The Mosquito's fuel tank carried enough fuel for, while the trip directly was. Rather than take the safer Montreal–Labrador–Greenland–Iceland–Scotland route (although, going further north could mean the wings icing, and the plane crashing); Kerkorian preferred the direct "Iceland Wave" route, which blew the planes at jet-speed to Europe—but it wasn't constant, and could mean ditching. The fee was $1,000 per flight. While accounts claim the risk was that one in four planes failed to make it, the actual rate was closer to one in forty.
  • 1917
    Kerkor Kerkorian was born on June 6, 1917 in Fresno, California, to immigrant parents of Armenian origin.
    More Details Hide Details Armenian was his first language and he "didn't learn the English language until we hit the streets."
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