MGM Resorts Founder, Kirk Kerkorian, Passes Away; Casino Stocks React

Kirk Kerkorian, the infamous president and CEO of Tracinda Corporation, has passed away at the age of 98 on Monday night. Tracinda owns an 18.6 percent stake in MGM Resorts International MGM, founded by Kirk in the early 1990’s. Shares of MGM are up $0.22 to $19.45 (1.14 percent increase) in Tuesday’s mid-day session, along with Las Vegas Sands Corp. LVS and Wynn Resorts, Limited WYNN

Kerkorian has invested in many diversified industries throughout his career, including:

• airliners
• automotives
• film studios

But, none of these industries enlightened Kirk like the gaming industry. He played a paramount role in building ‘The Strip’ and Las Vegas.

Kirk came from humble beginnings, dropping out of the eighth grade. He was a very humble man, born to Armenian immigrants. He invested in Las Vegas properties very early on, and was named the 41st richest man in the world, according to Forbes, before the 2008-2009 market recession.

Kirk has built an empire and has shaped Las Vegas to the powerhouse it is today.