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ReturnTop top top top top • MORE
UPDATES MORE
UPDATES \ • TVI
Magazine HOLLYWOOD
BEAT LookRadio AMAZON SoulFind NBS100 120
PIXELS 3 columns Exactly what
happened to Kerkorian's plans that was taking place
during the last 4 months isn't known. It was just
one of those things, the Beverly Hills-based
Tracinda said in a regulatory filing Monday that it
wanted to start talks with MGM Mirage to buy the
Bellagio casino-resort and the CityCenter
development, a $7-billion mega-resort scheduled to
open in late 2009. PHOTO IMAGE665: The 1997 proposed ChinaExpo
Forbidden City project featured on TVI's 1997
cover. The new CityCenter Boardwalk Project -- is
slated to be closed by January 9, 2006, to make
room for MGM Mirage Boardwalk project. The project
would replace the Forbidden City project and
structures shown in insert photo. The photo depicts
pop dancers entertaining in Beijing's Forbidden
City, and being seen simultaneously in Las Vegas by
webcast. 4.
Related Stories 02
TVInews - 1996. A Special Jockey Club Money
Magazine Issue - China Expo 2000 - Jockey Club
Alliance Group Issue 03
A Fall ISSUE - 1996 - A Special Jockey Money
Magazine Issue •
MORE
STORY - LAS VEGAS HISTORY / JOCKEY
CLUB TVI Magazine Issues /
Related Stories MORE
MOVIE Segments of Hong Kong Triad / Jockey Club TVI Magazine is not
responsible for the content of external InterNet
sites More
Articles • Converging
News JUNE 2007 / TeleCom BuyOuts,
Spinoffs
and Asset Seizure Boom Respectfully
Submitted • • top top top top 40 40+110+570=720
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JUNE- 2007
JOCKEY CLUB
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1.
Feature Story / 2009 -
WHAT WILL HAPPENED NEXT TO KIRK & THE JOCKEY
CLUB?
•Jockey
Club MGM Loan Default Mar 2009. - MGM Mirage
Auditors on March 17th
2009 raise doubts
about the casino operator ability to pay off
JockeyClub MGM Loan Default, which had a
$1.15-billion 2008 loss.
•••
Auditors raised "substantial doubt" about
MGM Mirage's ability to continue, the largest
casino owner on the Strip said on March 17th 2009,
in a regulatory filing. The company also reported a
$1.15-billion fourth-quarter loss after writing
down properties because of shrinking gambling
revenue.
•••
Casino Operator MGM Mirage who's in charge of the
Jockey Club - Las Vegas City Walk project, won a
two-month bank court reprieve to restructure its
debts.
••• The
auditors' comments increase the likelihood that MGM
Mirage will seek bankruptcy protection. Banks
granted waivers on the $7-billion bank-loan
facility until May 15. The company said March 3
that it was in talks to avert a potential breach of
covenants.
••• In
exchange for the temporary covenant waivers, MGM
Mirage is prohibited from prepaying or repurchasing
other long-term debt or selling assets. The company
will also repay $300 million of the fully drawn
revolving loan, and it accepted a 100-basis-point
increase in the interest rate.
••• MGM
Mirage, controlled by billionaire Kirk Kerkorian,
can also fund construction of its Las Vegas City
Center - Jockey Club project only if partner Dubai
World also finances its half of the costs, the
company said in the filing. The casino company
reiterated Tuesday that it would finish the project
on schedule.
•
Dubai
partner sues MGM Mirage over Jockey Club - City
Center in Vegas
April
•••Associated
Press reported that Infinity World seeks to exit
the joint venture, saying that the casino
operator's statements about its debt put the
$8.6-billion project at risk.
•••March
24, 2009 Las Vegas -- The Dubai developer building
an $8.6-billion complex on the Las Vegas Strip with
casino company MGM Mirage Inc. is suing MGM Mirage
because it's worried about the project's
viability.
•••"What
we are attempting to do is complete this
project," Dalton said.
•••Dalton
said the state-owned company "had no choice" but
to file suit.
•••"We're
not saying MGM won't be involved," Dalton added.
"We're anxious to work with them, but we need to
see them come out of their financial
problems."
••••"If
MGM can't manage its bank debt, how is MGM going to
make more equity contributions?" Cohen said.
"Maybe the answer is, well, that gives Dubai
World leverage, and they want to control much more
than half of this joint venture when it's all
over." CLICK
FOR MORE DUBAI
SUIT
•
Jockey
Club MGM, Deutshe Bank City Walk Project 2009 -
MGM, Deutsche talks said to
fail
- March - 2009 MGM Mirage and Dubai World
failed to reach agreement with Deutsche Bank and
talks on a $1.2-billion loan to complete the Las
Vegas CityCenter project collapsed, according to
five people with knowledge of the
matter.
•••
Deutsche Bank was seeking equity and debt stakes in
the $11.2-billion development on the Las Vegas
Strip in return for the loan. MGM Mirage and Dubai
World are now holding talks with other parties, one
of the people said. -- times wire
reports
MGM
CEO, Terry Lanni, stepped aside in Nov 2008, just
as questions continued to swirl about his
resume.
He leaves as MGM
Mirage and other casinos struggle with the
worst financial crisis since the Great Depression.
Its shares have plunged 87% this year as it has
tried to get enough cash to cover loans and finish
the $11.2-billion CityCenter project on the Las
Vegas Strip.
••• MGM
Mirage, the casino firm majority-owned by
billionaire Kirk Kerkorian, said Chairman and Chief
Executive Terry Lanni retired in November as
questions about his resume surfaced. Lanni says the
USC business degree listed on his company bio is
honorary.
•••
"It's time for a younger generation to take
over," Lanni said in a telephone interview. He also
cited a desire to spend more time with his family.
CLICK
FOR MORE CITY WALK JOCKEY CLUB
NEWS
/ CLICK
Construction outside the Jockey Club in Las
Vegas
/ MORE
2005 TCS China STORY
Part
02
June
21, 2007 / Forget it. This months TVI magazine's
person of the month, the 90 year ofd Billionaire
investor Kirk Kerkorian has called off his plans to
take over the Jockey Club,
and Bellagio casino
sites. His two years efforts to buy two of MGM
Mirage's premier Las Vegas developments, the Jockey
Club - Bellagio properties sitting in between the
$7-billion CityCenter development and Flamingo Road
-- "is a forgotten deal for
now,"
says Troy Cory, of the
Jockey Club Alliance
Group.
SEE
TVI 1997 Forebidden City STORY.
•
•
The announcement Wednesday
by Kerkorian's Tracinda Corp. -- a Beverly Hills
investment firm that owns 56% of MGM Mirage shares
-- came as MGM Mirage unveiled plans for a
multibillion-dollar casino-hotel on the Vegas Strip
that would be built in a 50-50 joint venture with
casino developer Kerzner International.
•
•
That deal "demonstrates that
there is significant potential to unlock value for
[MGM Mirage] shareholders through a variety
of strategic transactions," Tracinda said in a
statement.
•
•
"Just four weeks ago, says
Troy, Kerkorian's interest in the Las Vegas
properties sent MGM Mirage stock up more than 27%
in a single day and boosted the value of Tracinda's
stake in the company by about $2.7 billion.
•
•
News that the 90-year-old
investor was pulling back from the negotiating
table pushed the shares down almost 7% to $80.60 --
above the closing price of $79.98 achieved after
Tracinda signaled that it wanted to start talks
with MGM Mirage.
•
•
Analysts said the company's
stock was being buoyed in part by investors' belief
that MGM Mirage might be ripe for a takeover.
•
•
"Mr. Kerkorian's withdrawal
makes an acquisition by another private equity firm
a real possibility," Justin Sebastiano, senior
gaming analyst at Nollenberger Capital Partners
Inc., wrote in a note to clients. "We could even
see a bidding war ensue."
•
•
Times Staff Writer's
reported that Sebastiano raised his target price on
MGM Mirage to $91 a share from $76 and reiterated
his "buy" rating on the stock.
•
•
Investors also were cheered
by the implication that MGM Mirage intended to
enter into joint ventures to realize the value of
some of its excess land holdings in America's
gaming capitals, said Dennis Forst, gaming analyst
at KeyBanc Capital Markets.
•
•
The project with Kerzner is
planned for a largely vacant 40-acre site owned by
MGM Mirage at Las Vegas and Sahara boulevards on
the north end of the Strip, across the street from
the Sahara Hotel & Casino. MGM Mirage valued
the land at $20 million an acre.
•
•
The company owns an
additional 200 acres of land on the Strip that is
either vacant or under-developed. Forst placed the
value of those holdings at about $3 billion. The
company also owns almost 90 acres of prime,
undeveloped property in Atlantic City, N.J.
•
•
Kerzner, based in the
Bahamas, is an international casino-resort
developer and manager with a resort in the Bahamas
and properties under construction in Dubai and
Morocco.
•
•
Tracinda said in its
statement that it would "continue to monitor its
investment" but gave no further indication of its
plans.
•
•
"Mr. Kerkorian is
inscrutable," Forst said. "He has left every door
open. He could come back with an offer for
something. He could sell his whole stake. Or
anything in between."
•
•
In the meantime, Forst said,
"people still want to ride along with Kerkorian."
•••
Kirk Kerkorian desire for
the Jockey Club and the Belagio properties, raises
the price of MGM Mirage stock on Wall Street / Does
Kirk Kerkorian need both the Jockey Club and the
Belagio to complet his "City Walk' project?
•••
Wall Street analysts think so, as well as the
owners of condos and stock in Belagio Hotel.
Investors went "all in" on shares of MGM Mirage on
Tuesday, the day after Kerkorian's Tracinda Corp.
disclosed that he wanted to buy two of the hotel
and gaming company's prime Las Vegas assets.
•••
MGM Mirage's stock zoomed more than 27% despite few
specifics from the billionaire investor concerning
his plans. Other gaming stocks rallied as investors
bet that Kerkorian was on to something.
•••
"Kirk's move is a public testament that he believes
MGM's stock is undervalued, and it's valued
similarly to the other casino stocks," analyst
Robert LaFleur of Susquehanna Financial Group said.
"So if he thinks MGM is undervalued, then everybody
else must be undervalued too."
•••
One thing's for certain: The flurry of excitement
beefed up Kerkorian's winnings. The jump in MGM
Mirage's stock from $62.95 to $79.98 added about
$2.7 billion to the value of Tracinda's stake in
the company.
•••
MGM Mirage said its board had formed an independent
committee to study Tracinda's proposal and consider
strategic alternatives.
•••
"There can be no assurances that this process will
result in any specific transactions," MGM Mirage
said in a statement late Tuesday.
•••
Tracinda said the deal would be part of a strategic
restructuring of its 56% stake in MGM Mirage, which
owns 23 casino-resorts worldwide, including half of
the Vegas Strip. That "appears to suggest a wider
range of possibilities," J. Cogan, an analyst at
Banc of America Securities, wrote in a research
report.
•••
Representatives of MGM Mirage and Tracinda couldn't
be reached for comment.
•••
Kerkorian, 89, has been a member of the MGM Mirage
board since 1987. He launched a tender offer in
November for 15 million shares of the gaming
company at $55 a share. Only 445,000 shares were
tendered, increasing Tracinda's stake to 158.8
million shares.
•••
But the offer helped push MGM Mirage's stock from
the mid-$50s to around $75 a share. Much of the
gains remained several weeks after the expiration
of Kerkorian's offer, which may be encouraging
investors this time, said LaFleur of
Susquehanna.
•••
"This could conceivably amount to nothing," he
said. "But it could be a case of two steps forward,
one step back."
•••
Another factor buoying the stock: Gaming companies
have been a buyout target lately. Harrah's
Entertainment Inc. and Station Casinos Inc. are
being taken private. Speculation of further
buyouts, fanned by Tracinda's filing, drove shares
of Las Vegas Sands Corp. up $4.28, or 5.6%, to
$80.19 on Tuesday, while Boyd Gaming Corp. gained
$2.60, or 5.5%, to $49.64.
•••
If takeovers don't materialize, investors could get
burned, LaFleur warned. With new hotels and casinos
going up around the world, he said, competition for
gamblers could get fierce.
•••
He described the current gaming market as "good,
not great," but said that "at the end of the day,
an asset is worth what someone will pay for
it."3.
Editor's 2005 Notes
/
Casino owner MGM Mirage,
placing greater value on the land under the
Boardwalk than the casino itself, said last
November it will shutter the beachside
midway-themed resort on Jan. 9,
2006.
•
•
The Boardwalk's 749
employees learned of the pending closure Friday,
the company
said.
•
•
MGM Mirage is working to
transfer those affected to similar roles within its
other properties. Those placed elsewhere will keep
their existing hire dates as related to benefits
and accrued vacation
time.
•
•
Long rumored for a date with
a wrecking ball, the Boardwalk's fate was sealed in
November when MGM Mirage announced it would clear
the site to make room for Project CityCenter, a $5
billion development slated to rise on a largely
vacant 66-acre parcel between Bellagio and Monte
Carlo. It will include a 60-story, 4,000-room
hotel-casino; boutique hotels; a major shopping
mall; and 1,640 luxury condominium
units.
MORE STORY
2005 -
Jockey Club MGM Mirage BOARDWALK PROJECT
UpDates:
PHOTO
IMAGE665: 108 The
1997 proposed ChinaExpo Forbidden City Jockey Club
project featured on TVI's 1997 cover. The new
CityCenter Boardwalk Project -- is slated to be
closed by January 9, 2006, to make room for MGM
Mirage Boardwalk project.
MORE
STORY ABOUT THE OWNERS SHOWING THE JOCKEY CLUB
DEED.
•
TVI
MAGAZINE - 1996 / Page
00
•
TVI
MAGAZINE - 1996 / Page
73
•
TVI
MAGAZINE - 1996 / Page
95
•
TVI
MAGAZINE - 1996 / Page
96
•
TVI
MAGAZINE - 1997 /
p00
•
TVI
MAGAZINE - 1997 /
p95
•
TVI
MAGAZINE - 1997 / p96
Segment
One
Segment
Two
Segment
Three
Segment
Four
Segment
Five
Josie
Cory
Publisher/Editor
TVI Magazine
•
• TVI
Magazine, tviNews.net, YES90, Your Easy Search,
Associated Press, Reuters, BBC, LA Times, NY Times,
VRA's D-Diaries, Industry Press Releases, They Said
It and SmartSearch were used in compiling and
ascertaining this Yes90 news
report.
•
• ©1956-2007.
Copyright. All rights reserved by: TVI
Publications, VRA TelePlay Pictures, xingtv and Big
Six Media Entertainments. Tel/Fax: 323
462.1099.
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• / Feature
Story / • 108MGMJockeyKerkorianProj.htm
/
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