Kirk Kerkorian’s biography: MGM’s former boss!
One of the biggest names in the global casino gaming industry is Kirk Kerkorian. Deceased on June 15, 2015 and affectionately known by Americans as “Captain Kirk”, he was a businessman with an exceptional flair, whose vision transformed this sector.
Model of self- denial and intelligence, Kerkorian is the perfect example of the self-made man who, starting from nothing, conquered the world.
A difficult beginning
Kirk Kerkorian was not born from a wealthy family; on the contrary. Son of immigrants, he was born on June 6, 1917 in Fresno (California) where his family settled a few years earlier after having lost everything in Armenia. The family struggled to go to the USA and it was hard for little Kerkorian to integrate there.
He begins to speak English only very late, on the streets. He also fails at school and starts, at the age of 13, washing windows to make money. Then, his older brother Nish leads him to the world of boxing. His skills in boxing make him win an Amateur League. But in 1939 “Rifle Right Kerkorian” leaves his gloves despite a promising career with 29 crushing victories out of 33 fights. Kerkorian then decides to become a professional poker player.
War, aviation, his first big business
The Second World War rages in Europe in 1939, and a few years later the United States take part in it. He is then forced to review his plans. In order not to be enlisted in the infantry, he passes a pilot’s license and puts himself at the service of the Royal Air Force for transatlantic transport.
Thanks to the money he earned during this period, Kerkorian begins, at the end of the war, to buy, refurbish and resell old military aircrafts. Being aware of the needs of the new class of wealthy Americans, he buys a very small airline and starts to transport Hollywood stars to Las Vegas, the new chic destination of the time. It’s a big success and the company flourishes fast. In 1968, he sells it for $ 104 million.
Kirk Kerkorian : king of Vegas
In 1962, Kerkorian purchases 32 hectares of land in Las Vegas, on the outskirts of the Strip. He leases them at Caesar’s Palace and earns in 6 years, $9 million. This money will help him to buy the Flamingo, one of the largest hotels of the time. But the powerful businessman dreams of a much bigger Las Vegas with huge casino-hotels.
He will dedicate all his efforts, starting by the construction of the International Hotel in 1969. At its opening, it is the largest hotel-casino in the world with its 1,512 rooms. In 1973, the International hands over the control to the MGM Grand Hotel & Casino which is named after the MGM movie studios, purchased in the meantime. He reissues it some years later in 1993, with the MGM Grand which also beats all records at its launch.
Throughout his career, Kirk Kerkorian will also increase redemptions and re-sales of hotel-casinos, achieving huge gains. However, he keeps in his portfolio several iconic casinos such as Bellagio and The Mirage, bought from Steve Wynn and the Mandalay Bay Casino. Although he could not become a boxing professional player, Kirk Kerkorian built his empire by winning big poker strikes.
Macau and the rest of the world
Like his peers Sheldon Adelson and Steve Wynn, Kirk Kerkorian will also benefit from the opening of the Macanese gaming sector. In 2007, he builds the MGM Macau in the new eastern Vegas.
Other casinos such as the MGM Cotai, opened in 2018, the MGM Grand Australia and the MGM Grand Sanya in China are also part of his group.
Private life and personal fortune
During his lifetime, Kerkorian was one of the richest men on the planet. When he passed away his personal fortune worth about $ 4 billion according to Forbes. His empire, formed by many casinos and several large companies in the automotive and oil industry is led by his two daughters, Tracy and Linda, via the Tracinda Corp.