June 9, 2005 |
Alex Yemenidjian, former chief executive of film studio Metro-Goldwyn-Mayer, has resigned from the board of billionaire Kirk Kerkorian's MGM Mirage to seek another position in the casino industry, the company said. Yemenidjian served as president of the casino company before taking over the MGM studio for Kerkorian, eventually selling it to an investment group led by Sony Corp.
February 2, 2005 |
MGM Mirage Inc. reported a more than 25% drop in fourth-quarter earnings Tuesday but still beat analyst expectations thanks to increased gambling at the company's Las Vegas Strip properties. For the three months ended Dec. 31, the gambling giant earned $67.9 million, or 47 cents a share, down from $91.7 million, or 62 cents, a year earlier.
November 2, 2005 |
Mandarin Oriental International Ltd., the luxury hotel arm of Asia's Jardine Matheson Holdings Ltd., said it planned to open a 400-room hotel in Las Vegas in 2009 with MGM Mirage. The hotel will be part of the $5-billion Project CityCenter that MGM Mirage is building on the Las Vegas Strip. The Mandarin chain will have a management contract and won't be taking an equity stake.
January 6, 2007 |
Billionaire investor Kirk Kerkorian said he would purchase an additional 444,573 shares of MGM Mirage, less than 3% of the original 15 million shares he sought through a tender offer. Kerkorian, through his Beverly Hills-based Tracinda Corp. investment company, will buy the shares for $55 each, or $24.5 million, increasing his stake in the world's second-largest casino company to 55.9%. Kerkorian now has a stake worth $9.07 billion based on Thursday's closing price of $57.10, an increase of $1.
May 23, 2007 |
Does Kirk Kerkorian have a hot hand? Wall Street thinks so. Investors went "all in" on shares of MGM Mirage on Tuesday, the day after Kerkorian's Tracinda Corp. disclosed that he wanted to buy two of the hotel and gaming company's prime Las Vegas assets. MGM Mirage's stock zoomed more than 27% despite few specifics from the billionaire investor concerning his plans. Other gaming stocks rallied as investors bet that Kerkorian was on to something.
February 10, 2006 |
MGM Mirage Inc. said Thursday that it had decided to increase the size of its planned CityCenter project on the Las Vegas Strip, boosting its cost to $7 billion. The 66-acre development would include more residential space than planned, MGM President James Murren said. "They're higher and we keep tweaking the unit sizes to hit the sweet spot in the market," he said of the planned residential towers.