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BEVERLY HILLS, Calif., May 21 (UPI) -- U.S. billionaire Kirk Kerkorian's private investment corporation said Monday it wants to take over two of the MGM Mirage's biggest Las Vegas properties.
Tracinda Corp. said in a statement it intended "to enter into negotiations with MGM Mirage to purchase the Bellagio Hotel and Casino, and CityCenter properties."
Kerkorian, of Beverly Hills, Calif., holds a 56-percent stake in publicly held MGM Mirage.
The Bellagio is a luxurious casino and hotel, and the nearby CityCenter is a $7 billion residential and commercial development project currently being built.
Tracinda also said it was interested in pursuing "strategic alternatives with respect to its investment in MGM Mirage." The options include a financial restructuring involving all or most of the rest of the company, the Tracinda statement said.
Kerkorian's move puts at least a third of the Las Vegas Strip in play, The Wall Street Journal reported. MGM Mirage owns half the Strip's hotel rooms.
MGM Mirage, which holds its annual meeting Tuesday, said its board would "begin its review of Tracinda's filing and its implications for the company, and will respond in due course."
MGM Mirage added it was "mindful of its obligations, including to its shareholders, lenders, employees and the communities in which the company operates."
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