Billionaire Kerkorian sells 5 million MGM shares to Dubai world

Billionaire Kerkorian sells 5 million MGM shares to Dubai world

29.12.2007 Source: URL:

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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