Kirk Kerkorian casino speculations help NASDAQ to record high

The interest expressed by Kirk Kerkorian in two Las Vegas casinos from MGM Mirage Inc. (NYSE:MGM) proved healthy for the NASDAQ numbers.

Kirk Kerkorian casino speculations help NASDAQ to record high The NASDAQ Composite Index gained 9.23 points to close at 2,588.02.

The announcement of Kirk Kerkorian that he may be looking into expanding his 56.3% stake in MGM Mirage by buying the Bellagio Casino and the CityCenter complex on the Las Vegas Strip. Following this news, MGM stock went up over 27% to close at $79.98, but this was not all.

Shares of rival casino companies also followed suit, and fueled by more take-over speculations Wynn Resorts Ltd. (NASDAQ:WYNN) went up 7.4% at $101.15, and Las Vegas Sands Corp. (NYSE:LVS) added 5.6% to its value to close at $80.19. Another big winner was Starwood Hotel & Resorts Worldwide Inc. (NYSE:HOT), which stock gained 1.2% to close at $69.20 today.

Tracinda Corp., owned by Kirk Kerkorian, filed with the Securities and Exchange Commission late yesterday for the purchases of Bellagio Casino and the CityCenter.

05/22/2007