Kerkorian Abandons Efforts To Buy MGM Mirage
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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% since May 21, when Kerkorian, 90, said he may try to buy the Bellagio Hotel & Casino and City-Center, a hotel, condo and casino project.
