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June 21, 2007 / Forget it.says 90 year ofd Kirk Kerkorian - calls off Jockey Club,
Jockey Club MGM Loan Default Mar 2009. - MGM Mirage Auditors on March 17th 2009
Construction outside the Jockey Club in Las Vegas





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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.
/%23%23$$mmaarrttsitemaster2010/ImagesTVIPages90s/1997p00Cover108w.jpg•••"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

2006/Imagespeople/%23LasVegasmayorChina108w.jpgMGM 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

07JulyCovKirk108w.jpgPart 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."

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.
••• 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."

/%23%23$$mmaarrttsitemaster2010/ImagesTVIPages90s/1997p00Cover108w.jpg3. 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.

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.

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