Dec 9, 2008

BusinessWeek on billionaire Kirk Kerkorian's ill-fated bets on Ford Motor and Las Vegas

It was to be the culmination of Kirk Kerkorian's drive to become Las Vegas' largest player. But the $9.3 billion CityCenter project, a gangly collection of four hotels, an Elvis-themed Cirque du Soleil show, and 2,700 high-priced condos, has become the billionaire's disaster in the desert. Beset by cost overruns, the MGM Mirage project has helped devastate the value of Kerkorian's 54% stake in the casino giant, at a time when he was pledging his casino shares for a line of credit and placing a big bet on Ford Motor stock.

~ BusinessWeek, "Kerkorian's Other Problem," October 22, 2008 (Nov. 3 issue)

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