LAS VEGAS, Aug. 26 (UPI) -- Kirk Kerkorian, the largest shareholder in the MGM Grand in Las Vegas, has donated $14 million to found an institute to improve social conditions in Nevada.
The Lincy Institute at the University of Nevada Las Vegas is to have 10 staffers dedicated to finding public and private grants for the improvement of the quality of life in Nevada, the Las Vegas Sun reported. The institute will also fund 12 faculty fellowships for research in education, healthcare and other academic fields in Nevada.
Kerkorian, who divides his time between Los Angeles and Winchester, Nev., says the gift is in honor of Senate Majority Leader Harry Reid, D-Nev., an old friend.
The gift was to be formally announced at a news conference Wednesday.
Kerkorian, 92, has been investing in Las Vegas since 1962. In the late 1960s, he bought MGM and built the first MGM Grand hotel and casino. The Lincy Foundation, his philanthropic arm, and Tracinda Corp., his personal holding company, are named after his two daughters, Tracy and Linda.