WYNN: MIRAGE SALE RUMORS AN ILLUSION.Byline: Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News Mirage Resorts Inc. Chairman and Chief Executive Stephen Wynn said that the third-largest U.S. casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. company isn't for sale, despite speculation it could be acquired by rival MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Grand Inc. Billionaire investor Kirk Kerkorian Kerkor "Kirk" Kerkorian (Armenian: Քըրք Քըրքորյան) (born June 6, 1917) is an American billionaire, and president/CEO of Tracinda Corporation, his private holding , who controls MGM Grand, told Wynn that he bought a less-than-5 percent stake in Las Vegas-based Mirage, Wynn said. Kerkorian said his investment is passive, Wynn said. Wynn said he's not interested in selling his company and that he could thwart any hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. attempt. Mirage was considered a possible target after its shares fell to a four-year low last week on the disappointing returns it's getting from investments in two big, new gambling resorts. ``You can't buy Mirage,'' Wynn said in an interview. ``Everybody knows that.'' Wynn, who owns about 12 percent of Mirage stock, could probably get his board of directors to reject any bid that he didn't approve of, said Donaldson, Lufkin & Jenrette Inc. analyst Brian Egger. And MGM Grand isn't seeking acquisitions, Egger said. The company has said it considers the stock prices of other gambling companies to be too high and MGM Grand's own stock to be a better investment, Egger said. MGM Grand, also based in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , has bought back 12 million of its own shares over the past year and said last month that it will buy back as many as 5 million more, or 8.9 percent of its shares outstanding. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion