Billionaire Kerkorian sells 5 million MGM shares to Dubai world
29.12.2007 Source: URL:
rld-0
By Margarita Snegireva.
State-owned investment company Dubai World
( d/) said on Friday it
bought 5 million shares of MGM Mirage, the world’s No. 2 casino
company, raising its stake to 6.5 percent.
MGM Mirage is a Las Vegas, Nevada-based business engaged in the
development, ownership and operation of hotels and casinos throughout
the world. The company began operations on May 31, 2000 after the
completion of a merger of MGM Grand Inc. and Mirage Resorts, Inc. It
is currently the second largest gaming company in the
world. Billionaire Kirk Kerkorian
( ian/) and his Tracinda
Corporation are currently the majority owners of MGM Mirage.
Kerkorian was also the former owner of the Metro-Goldwyn-Mayer movie
studio, from which the predecessor corporation MGM Grand, Inc. derived
its name.
As of 2005, the company owns 831 acres (3.4 km²) of property on the
Las Vegas Strip. Its yearly revenue is around $7.4 billion USD.The
company also owns the recently completed hot spot MGM Grand Detroit ,
in downtown Detroit, Michigan.
Dubai World, which is seeking to become a high stakes player on the
Las Vegas Strip, paid $424 million, or $84.80 each, for the shares,
according to a U.S. Securities and Exchange Commission filing.
The seller was the Lincy Foundation, a charity founded by billionaire
investor Kirk Kerkorian, whose Tracinda Corp holds more than 51
percent ofMGM Mirage shares.
Dubai World is an investment company that manages and supervises a
portfolio of businesses and projects for the Dubai Government across a
wide range of strategic industry segments and projects that make Dubai
a leading hub for commerce and trading.
Dubai World was established under a decree ratified on March 2, 2006
by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President
& Prime Minister of UAE and Ruler of Dubai.
© 1999-2006. «PRAVDA.Ru».
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From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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