Kirk Kerkorian
This self-made billionaire began life in 1917 about as far removed as possible from his future place on the Forbes 400 List of richest Americans. He was a 4-year-old when he and his Armenian immigrant parents were evicted from the family’s debt-laden farm near a place called Weed Patch in California’s San Joaquin Valley.
Running out on landlords would become a familiar pattern during lean years that stretched deep into the Great Depression.
He was often the new kid in school, fending off bullies bare fisted and learning English on the streets of Los Angeles. Kirk’s formal education ended with the eighth grade in a school for problem kids.
Kirk Kerkorian, (Kerkor Kerkorian), American financier (born June 6, 1917, Fresno, Calif.—died June 15, 2015, Beverly Hills, Calif.), bought, sold, and traded shares in airlines, hotels, casinos, movie studios, and car companies with tremendous success and became one of the wealthiest people in the U.S. Kerkorian cut his formal education short to work at a series of odd jobs. Home Kirk Kerkorian Biography Kerkorian flanked by Mike Tyson (right) and Ron Falahi, Mr. K’s fitness guru-valet, chef, occasional bodyguard and right-hand-man for 30+ years. This self-made billionaire began life in 1917 about as far removed as possible from his future place on the Forbes 400 List of richest Americans. Kirk Kerkorian was an Armenian-American businessman, investor, and philanthropist. Known as one of the significant figures who shaped Las Vegas, he is also hailed as the ‘father of the mega resort’ along with architect Martin Stern Jr. LAS VEGAS (AP) — Billionaire Kirk Kerkorian, an eighth-grade dropout who built Las Vegas' biggest hotels, tried to take over Chrysler and bought and sold MGM at a profit three times, has died. Kirk Kerkorian (b. June 6, 1917 - June 15, 2015) was an Armenian-American billionaire and president/CEO of the modern incarnation of MGM, which today is still a motion picture studio as well as a resort properties corporation. Kerkorian wholly owned Tracinda Corporation, his private holding company based in Beverly Hills, California.
He helped support his struggling family as a teen by clearing brush in the Sierras with the Civilian Conservation Corps and then as an amateur boxer known as “Rifle Right Kerkorian.” He intended to go pro… but discovered his love for flying. He was a daring aviator during World War II and earned his first fortune after the war operating a small charter air service and flying junkets to Las Vegas. He was in his mid-40s before he broke into the ranks of American millionaires.
He built the world’s biggest hotels three different times, made Elvis Presley a Vegas icon and roiled Wall Street in headline-making business deals with Ted Turner, Lee Iacocca, Steve Wynn and Michael Milken. One of his best friends was actor and business associate Cary Grant.
His is the unlikely tale of a scrappy kid who gambled with pennies and bottle caps as a newsboy and ended up owning the world’s richest casinos… who sneaked into movie theaters with his pals and ended up a movie mogul… who studied car repair in junior high shop class and later tried to buy the “Big Three” U.S. automakers…who grew up hearing tales of suffering and oppression from fellow Armenians only to be proclaimed a national hero and honorary citizen of his ancestral home for helping to restore roads, housing and hope to an earthquake-ravaged Armenia.
At the height of his wealth the intensely private Kerkorian had an estimated net worth of about $20 billion. He gave away hundreds of millions without fanfare or personal credit. He rejected requests to name buildings, boulevards and public squares in his honor. When he died in 2015 at the age of 98, he left an estate of about $2 billion, all but a few million of that he also earmarked for charity.
1991 Inductee
Kirk Kerkorian
Industry Leader
Kirk Kerkorian (1917-2015) was a financier and investor who built the world's biggest casino hotel three times, and who was the primary owner of one of the world's largest gaming companies.
Kerkorianstarted in the gaming industry as landlord of Caesars Palace--he owned the land on which Jay Sarno built his groundbreaking casino in 1966. He decided that he wanted to build his own casino, and in the next year began building the International on Paradise Road, next to the Las Vegas Convention Center.
Kirk Kerkorian
To train the staff needed to run what promised to be a huge resort, Kerkorian bought the Flamingo. When the International opened in July 1969, he brought over much of the Flamingo's management team with him.
The International, with over 1500 rooms, was the world's biggest hotels, and it immediately became one of the top casinos in the world. Elvis Presley provided an unbeatable star attraction, even after Kirkorian sold the hotel to Hilton hotels in 1971; it then became the Las Vegas Hilton.
In 1973, Kerkorian returned to the gaming industry with the MGM Grand. With 2100 rooms it was, again, the world's biggest hotel. Kerkorian sold it, and the MGM Grand Reno, to Bally in 1986. But he remained active in the industry, buying the Sands, Desert Inn, and Marina casinos on the Las Vegas Strip.
By 1993, Kerkorian had sold the Sands and Desert Inn to focus his efforts on his latest project, a new MGM Grand, which incorporated the existing Marina. This casino giant, with 5,005 rooms at its 1993 opening, was again the largest hotel in the world.
Kerkorian then started a buying spree which culminated in the acquisitions of Mirage Resorts (2000) and the Mandalay Resort Group (2005). The resulting company, MGM Mirage (later renamed MGM Resorts International), was by some measures the world's biggest gaming operator.
MGM Resorts continued to push the envelope with its development of CityCenter, one of the largest and most ambitious casino developments ever undertaken. In 2011, Kerkorian stepped back from full-time involvement with MGM, serving as Director Emeritus, though he continued to advise the company's leaders.
Kirk Kerkorian passed away on June 15, 2015 at the age of 98. Current MGM Chairman and CEO Jim Murren said the following:
MGM Resorts and our family of 62,000 employees are honoring the memory of a great man, a great business leader, a great community leader, an innovator, and one of our country’s greatest generation. Mr. Kerkorian combined brilliant business insight with steadfast integrity to become one of the most reputable and influential financiers of our time. Personally, he was a friend and coach, who taught me the importance in looking forward, and to look back only to understand how things could be done better.'
