November 19, 2008 |
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.
October 30, 2008 |
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.
August 6, 2008 |
Shares in MGM Mirage Inc. surged after the company said it had secured commitments for $1.65 billion of the final $3 billion in financing for CityCenter, its next major casino project on the Las Vegas Strip. The company said last week that a deal was delayed because of tight financial markets. Executives had expected the deal to be in place in June or July but said Tuesday that it would be done in the third quarter. MGM Mirage shares leaped $4.85, or 15.7%, to $35.85 the same day the company reported a 68.6% drop in second-quarter profit.
October 11, 2007 |
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.
October 9, 2007 |
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.
August 23, 2007 |
The Persian Gulf emirate of Dubai anted up Wednesday, announcing it would invest $5.1 billion in MGM Mirage for a 50% stake in the massive Las Vegas CityCenter project now in development and a 10% interest in the gaming company. The deal continues Dubai's investments in name-brand and hospitality destinations around the world, but also infuses Las Vegas-based MGM Mirage with cash to quickly pursue other projects without being laden with debt.