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