MGM Founder And Multi Billionaire Kirk Kerkorian Passes Away At 98 Years

Kirk Kerkorian was a multi-billionaire who has a number of credentials to his name including being the founder of MGM Resorts International, owning more than half the hotel rooms in Las Vegas and constructing the world’s biggest hotel in Las Vegas during 1969, 1973 and 1993.

Yet Kerkorian was not one to hog the limelight or try to build a huge public persona. His father and mother were Armenian immigrants who had to work hard to make two ends meet. Kerkorian had within him a risk taking streak and was known for his gambling instincts. He made his fortune in Las Vegas during the 1950s and 1960s and was known for his deal making skills.

Forbes magazine did a piece on Kerkorian in May 2015 and estimated his fortune to be around $4.2bn. Back in 2008, his fortune was estimated to be around $16bn but due to market conditions, his wealth declined by close to 70%. Kerkorian was never really interested in building, developing and growing a company but preferred to buy and sell companies and capitalize on the profits that came out of the deal.

Kerkorian considered himself to be a gambler at heart. He used his skill and his drive to make billions of dollars and once stated that a self made man has a drive that is a lot stronger and different when compared to someone who inherits their wealth. He was also at one point of time the largest stakeholder in MGM Resorts International.

In a statement, MGM chief executive Jim Murren said

MGM Resorts and our family of 62,000 employees are honoring the memory of a great man, a great business leader, a great community leader, an innovator, and one of our country’s greatest generation

MGM also released a statement which read

Mr. Kerkorian was a quiet but powerful force behind the transformation of the Las Vegas Strip into one of the world’s most popular tourist destinations. He was also a generous humanitarian who donated hundreds of millions of dollars to charities worldwide

Kerkorian learnt business and deal making by observing and taking risks. He dropped out of school when he was sixteen and had ventured into a number of different industries including the casino industry, the movie industry, the airline industry and the auto industry. He was married thrice and his longest married was to Jean Maree Hardy who he married in 1954 and divorced in 1983.