Advertisement
YOU ARE HERE: LAT HomeCollectionsMgm Mirage Company
IN THE NEWS

Mgm Mirage Company

FEATURED ARTICLES
BUSINESS
January 18, 2001
* MGM Mirage Inc. said it's delaying a development adjacent to its Bellagio casino in Las Vegas to focus on a new resort next to a $1-billion hotel and casino that it's building in Atlantic City, N.J. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at: http://www.latimes.com/bizstaff.
ARTICLES BY DATE
BUSINESS
October 6, 2009 | From A Times Staff Writer
MGM Mirage will slash prices of its high-end CityCenter condos by 30%, the company said Monday, a move intended to mollify buyers who were unsure they could close on units purchased during the Las Vegas real estate boom. The price cuts underscore the reversal of fortunes on the Las Vegas Strip. Just a few years ago, condominiums were being touted as the next stage in its seemingly unstoppable growth. Although the reductions mark a significant reversal by the gaming giant, which took deposits on about half of its 2,400 residential units, it was unclear whether the cuts were deep enough to satisfy some buyers.
Advertisement
BUSINESS
June 9, 2005 | From Bloomberg News
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.
BUSINESS
May 5, 2009 | Times Wire Reports
MGM Mirage said it booked a first-quarter profit including a hefty gain from selling its Treasure Island hotel and casino in Las Vegas, but its revenue suffered from an increase in convention cancellations at its resorts on the Strip. MGM Mirage shares jumped 74 cents, or 7.8%, to $10.18 in after-hours trading, after gaining $1.58, or 20.1%, to close the regular session at $9.44. For the quarter that ended March 31, MGM Mirage earned $105.2 million, or 38 cents a share. But those results include a 44-cent-a-share one-time gain from selling the casino and smaller one-time gains related to a fire at MGM Mirage's Monte Carlo resort and casino.
BUSINESS
February 2, 2005 | From Associated Press
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.
BUSINESS
November 2, 2005 | From Bloomberg News
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.
BUSINESS
January 6, 2007 | From Bloomberg News
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.
BUSINESS
May 23, 2007 | Martin Zimmerman, Times Staff Writer
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.
BUSINESS
February 10, 2006 | From Reuters
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.
BUSINESS
December 14, 2006 | From the Associated Press
Casino operator MGM Mirage Inc. said it was talking with Diaoyutai State Guesthouse in Beijing to create a joint venture to develop luxury nongambling hotels and resorts in China. Las Vegas-based MGM Mirage announced similar talks last week with United Arab Emirates-based Mubadala Development Co., also to develop nongambling resorts.
BUSINESS
November 19, 2008 | TIMES WIRE REPORTS
MGM Mirage, the casino company majority-owned by billionaire Kirk Kerkorian, named Jim Murren to replace Chief Executive and Chairman Terry Lanni. Murren, 47, is the Las Vegas company's chief operating officer and was Lanni's pick to succeed him. The appointment is effective Dec. 1, an MGM spokesman said.
BUSINESS
October 30, 2008 | times wire services
Shares of MGM Mirage, the casino company majority-owned by billionaire Kirk Kerkorian, rose the most in almost 19 years after it shelved two planned casino developments and outlined cost reductions that would save $500 million a year. Chief Executive Terrence Lanni said most of the expense cuts were permanent. He is halting work on the company's planned MGM Grand Atlantic City casino resort and indefinitely delaying a joint venture on the Las Vegas Strip with Kerzner International Ltd., the owner of the Atlantis casino in the Bahamas.
BUSINESS
October 11, 2007 | From the Associated Press
atlantic city, n.j. -- MGM Mirage Inc. plans to build a mega-casino resort worth as much as $5 billion that will dwarf anything Atlantic City has seen before, the company said Wednesday. The move is part of a gamble by casino operators to polish Atlantic City's image and attract upscale customers who want to do more than just bet money. The project, which will be called MGM Grand Atlantic City, will cost $4.
BUSINESS
October 9, 2007 | From Bloomberg News
Dubai World's offer to buy 14.2 million shares of MGM Mirage, the world's second-largest casino company, expired with investors selling less than 3% of the stock the firm was seeking. The investment company, run by Dubai's government, said Monday that it would still buy 14.2 million MGM shares directly from the Las Vegas-based company at $84 each. The firm said last week that it might purchase more stock on the open market.
BUSINESS
June 21, 2007 | Martin Zimmerman, Times Staff Writer
Never mind. Billionaire investor Kirk Kerkorian has abandoned his effort to buy two of MGM Mirage's premier Las Vegas developments, the Bellagio casino-resort and the $7-billion CityCenter development. The announcement Wednesday by Kerkorian's Tracinda Corp.
BUSINESS
May 23, 2007 | Martin Zimmerman, Times Staff Writer
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.
BUSINESS
June 17, 2004 | From Bloomberg News
MGM Mirage plans to sell a casino in Detroit to try to win regulatory approval for its $4.8-billion purchase of Mandalay Resort Group, which would create the world's largest casino resort company. Mandalay accepted the offer of $71 a share Tuesday from MGM Mirage, which also would assume $2.5 billion in Mandalay debt, the companies said. MGM Mirage owns the MGM Grand casino in Detroit and would sell Mandalay's 54% stake in the MotorCity casino. Shares of Mandalay fell 8 cents to $67.80.
BUSINESS
April 20, 2007 | From the Associated Press
Casino company MGM Mirage Inc. said it agreed to buy several pieces of land on the north end of the Las Vegas Strip for $575 million that would give it a 78-acre site to plan a "major integrated resort destination." The company said it agreed to buy a 26-acre parcel from Gordon Gaming Corp. for $444 million and eight acres from Concord Wilshire Acquisitions for $131 million. MGM Mirage also owns the adjacent Circus Circus hotel casino, which the firm said it would "expand and enhance."
BUSINESS
April 4, 2007
MGM Mirage signed an agreement for a joint venture with Diaoyutai State Guesthouse in Beijing to develop nongambling luxury hotels in China.
Los Angeles Times Articles
|