Casino News

MGM Mirage boss 'wants bigger stake in Ford'

2008-04-28 15:54:27

The owner of MGM Mirage Kirk Kerkorian has announced he wishes to buy further shares in car giant Ford.

Mr Kerkorian - whose casino empire has helped him become the world's 41st richest person, according to Forbes magazine estimates - was cited by the Associated Press as wanting to increase his stake in the firm to 5.6 per cent through his investment company Tracinda.

He stated his belief that Ford is starting to improve under the leadership of chief executive Alan Mulally.

As the force behind MGM Mirage, Mr Kerkorian is one of the most powerful people in Las Vegas and is often credited with helping to turn the city into the hugely popular gaming destination it is today.

MGM is the second largest gambling operator in the world with close to 30 casinos in its portfolio.

Despite its successes, its shares have been flagging in recent months and Bloomberg reported last week that Mr Kerkorian may be tempted to increase his holding in the company in order to boost share prices.