MGM MIRAGE (MGM-NYSE) is seeing shares down over 10% in pre-market activity after the company has confirmed that Kirk Korkorian’s has changed his mind about the major shareholder Tracinda Corp pursuing an acquisition of the company. Kerkorian had expressed an interest in some of the key Vegas properties last month. Tracinda Corporation advised the Company’s board of directors at yesterday’s regularly scheduled meeting that it had determined not to pursue a possible acquisition of the Bellagio and CityCenter properties in Las Vegas. Pursuant to this withdrawn interest, the board of directors terminated the ‘transactions committee" that had been formed to consider any proposal that Tracinda might choose to make.
Instead of this potential merger, MGM MIRAGE has signed a multi-billion dollar Las Vegas development pact with Kerzner International in a 50/50 joint venture for a behemoth resort property on the las Vegas Strip. The resort will be designed for 40 to 78 acres of land owned by MGM MIRAGE at the corner of Las Vegas Blvd. and Sahara Avenue.
Jon C. Ogg
June 20, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.