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Kerkorian Drops Talks After MGM Forms Casino Venture
Wednesday, June 20, 2007 at 11:58:01 PM
Billionaire investor Kirk Kerkorian abandoned efforts to buy two of MGM Mirage's Las Vegas casino complexes after the company disclosed plans to build another resort in the city. MGM shares dropped the most in 10 months.
The moves damped speculation that MGM, the world's second- largest casino company, may be for sale. The possibility of a buyout had driven the stock price up 37 percent since May 21, when Kerkorian, 90, said he may try to buy the Bellagio Hotel & Casino and CityCenter, a hotel, condo and casino project.
Kerkorian's Tracinda Corp., the owner of a 56 percent stake in MGM Mirage, said today it will ``continue to monitor'' its investment, which dates back to 1986 when he founded MGM Grand. The statement came after MGM said it would join with Kerzner International Holdings Ltd. to build the new casino.
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