Kirk Kerkorian

$4.20 B

Ranked #393 in World

About Kirk Kerkorian

Kirk Kerkorian, a seminal figure spanning multiple industries, was born to Armenian parents in Fresno, California, in 1917. His eclectic career journey began with a profound impact on aviation during WWII, notably ferrying planes for the British Royal Air Force. Transitioning his ambition to Las Vegas in the 1960s, Kerkorian's investments led to the development of iconic establishments including Caesars Palace and the MGM Grand Hotel. His foray into the film industry saw him at the helm of MGM, steering through strategic acquisitions and sales, further solidifying his influence in Hollywood. Beyond entertainment, Kerkorian ventured into the auto industry, making significant moves with giants like Chrysler and GM. With an estimated net worth peaking at $16 billion in 2008, Kerkorian's legacy extends beyond business through philanthropy, notably via The Lincy Foundation, directing over $1 billion to charitable causes, especially in Armenia. Despite his immense wealth, Kerkorian was known for his privacy, leaving a lasting philanthropic legacy upon his passing in 2015.

Born

June 06, 1917 in Fresno, California, U.S.

Died

June 15, 2015 (aged 98)

Source Of Wealth

Casinos, Investments

Industries

Gaming

Citizenship

United States

Education

Diploma, High School

Spouse

Hilda Schmidt (Married: 1942; Divorced: 1951), Jean Maree Harbour-Hardy (Married: 1954; Divorced: 1984), Lisa Bonder (Married: 1999; Divorced: 1999), Una Davis (Married: 2014; sep. 2014)

Children

Kirk Kerkorian, born on June 6, 1917, in Fresno, California, was the son of Armenian parents who had escaped present-day Turkey during the Armenian Genocide. Armenian was his first language, and he learned English later in life. Following the depression of 1920-21, his family relocated to Los Angeles. Kerkorian dropped out of school in eighth grade and, under his brother's guidance, became a skilled amateur boxer.

Kirk Kerkorian: Aviation Career

During World War II, Kerkorian learned to fly at the Happy Bottom Riding Club in the Mojave Desert. He joined the British Royal Air Force Ferry Command and ferried Canadian-built de Havilland Mosquitos over the North Atlantic, taking the perilous "Iceland Wave" route. He delivered 33 planes, logged thousands of hours, and traveled to four continents during his time with the RAF Ferry Command. After the war, he purchased a Cessna and worked as a general aviation pilot.

Kirk Kerkorian: Las Vegas Ventures

In 1962, Kerkorian ventured into the Las Vegas scene by purchasing 80 acres of land, which led to the construction of Caesars Palace. He further expanded his empire by acquiring 82 acres on Paradise Road and building the International Hotel, which held the title of the largest hotel in the world at the time. Kerkorian also acquired the Flamingo Hotel and eventually sold both hotels to Hilton Hotels Corporation. In 1973, he opened the original MGM Grand Hotel and Casino, which became the world's largest hotel.

Kirk Kerkorian: MGM and Film Industry

In 1969, Kerkorian appointed James Thomas Aubrey Jr. as president of MGM, initiating a period of downsizing and asset sales. He sold MGM's distribution system in 1973 and gradually distanced himself from daily operations. In 1981, he acquired United Artists from Transamerica, forming MGM/UA Entertainment Company. Kerkorian sold MGM to Ted Turner in 1986, who later sold United Artists back to him.

In 1996, he reacquired MGM from Crédit Lyonnais and expanded the company through various acquisitions. In 2005, he sold MGM to a consortium led by Sony, retaining a stake in MGM Mirage.

Kirk Kerkorian: Auto Industry Involvement

Kerkorian made significant attempts to influence the auto industry. In 1995, he attempted a takeover of Chrysler Corporation but later canceled his plans. He owned 9.9% of General Motors (GM) and suggested that Renault acquire a stake in GM. In 2006, he sold a significant portion of his GM stake, leading to a decline in GM's share price. He made a bid for the Chrysler Group in 2007 but lost to Cerberus Capital Management. In 2008, he invested in Ford Motor Company but sold his stake due to market conditions.

Kirk Kerkorian: Wealth and Personal Life

At the peak of his wealth in 2008, Kerkorian's net worth was estimated at $16.0 billion, making him the 41st richest person in the world. Despite his immense wealth, he was known for his intense privacy, rarely giving interviews or appearing in public. Kerkorian was an avid tennis player and associated with other players like Lornie Kuhle and Alex Yemenidjian. He was married four times, with short-lived marriages to Lisa Bonder and Una Davis. Kerkorian established The Lincy Foundation, named after his daughters, and donated over $1 billion to charitable causes.

Kirk Kerkorian: Philanthropy and Recognition

The Lincy Foundation, established by Kerkorian, provided substantial funding for infrastructure projects in Armenia, including highways, schools, and cultural institutions. After 22 years of charitable activities, he dissolved The Lincy Foundation in 2011. Upon his passing, most of his $2 billion estate was left to charity, with a committee tasked with distributing the funds within three years. In recognition of his contributions, Armenia issued a Kirk Kerkorian stamp in 2017, and the city of Gyumri unveiled a statue of him in 2018.

Kirk Kerkorian: Trivia

Kerkorian was a licensed pilot and owned several aircraft, including a Gulfstream V jet.

He was a close friend of former US President Ronald Reagan and supported his political campaigns.
Kerkorian was known for his love of gambling and was a high roller in Las Vegas casinos.
He was a major shareholder in Metro-Goldwyn-Mayer (MGM) for over four decades.
Kerkorian was inducted into the Gaming Hall of Fame in 2006.

Wealth History

Timeline

June 6, 1917

Kirk Kerkorian is born in Fresno, California, to Armenian parents who escaped present-day Turkey during the Armenian Genocide.

1920-21

Kerkorian's family moves to Los Angeles following the depression.

N/A

Kerkorian drops out of school in eighth grade and becomes a skilled amateur boxer under his brother's tutelage.

World War II

Kerkorian learns to fly at the Happy Bottom Riding Club in the Mojave Desert.

N/A

Kerkorian ferries Canadian-built de Havilland Mosquitos over the North Atlantic for the British Royal Air Force, taking the risky "Iceland Wave" route.

N/A

Kerkorian delivers 33 planes, logs thousands of hours, and travels to four continents during his time with RAF Ferry Command.

Post-war

Kerkorian purchases a Cessna and works as a general aviation pilot.

1962

Kerkorian buys 80 acres in Las Vegas, leading to the building of Caesars Palace.

N/A

Kerkorian purchases 82 acres on Paradise Road and builds the International Hotel, the largest hotel in the world at the time.

N/A

Kerkorian acquires the Flamingo Hotel and eventually sells both hotels to Hilton Hotels Corporation.

1973

Kerkorian opens the original MGM Grand Hotel and Casino, which becomes the largest hotel in the world.

1969

Kerkorian appoints James Thomas Aubrey Jr. as president of MGM, downsizing the studio and selling off assets.

1973

Kerkorian sells MGM's distribution system and gradually distances himself from daily operations.

1981

Kerkorian purchases United Artists from Transamerica, forming MGM/UA Entertainment Company.

1986

Kerkorian sells MGM to Ted Turner, who later sells United Artists back to Kerkorian.

1996

Kerkorian reacquires MGM from Crédit Lyonnais and expands the company through various acquisitions.

2005

Kerkorian sells MGM to a consortium led by Sony, retaining a stake in MGM Mirage.

1995

Kerkorian attempts a takeover of Chrysler Corporation but later cancels his plans.

N/A

Kerkorian owns 9.9% of General Motors (GM) and suggests that Renault acquire a stake in GM.

2006

Kerkorian sells a significant portion of his GM stake, leading to a decline in GM's share price.

2007

Kerkorian makes a bid for the Chrysler Group but loses to Cerberus Capital Management.

2008

Kerkorian invests in Ford Motor Company but sells his stake due to market conditions.

2008

Kerkorian's net worth is estimated at $16.0 billion, making him the 41st richest person in the world.

N/A

Kerkorian is known for his intense privacy, rarely giving interviews or appearing in public.

N/A

Kerkorian is an avid tennis player and associated with other players like Lornie Kuhle and Alex Yemenidjian.

N/A

Kerkorian is married four times, with short-lived marriages to Lisa Bonder and Una Davis.

N/A

Kerkorian establishes The Lincy Foundation, named after his daughters, and donates over $1 billion to charitable causes.

2011

Kerkorian dissolves The Lincy Foundation after 22 years of charitable activities.

N/A

Most of Kerkorian's $2 billion estate is left to charity, with a committee distributing the funds within three years.

2017

Armenia issues a Kirk Kerkorian stamp in his honor.

2018

The city of Gyumri in Armenia unveils a statue of Kirk Kerkorian.

Kirk Kerkorian : FAQs

What is Kirk Kerkorian's net worth?

As of 2015, Kirk Kerkorian's net worth was $4.20 billion.

What are Kirk Kerkorian's main sources of wealth?

Kirk Kerkorian's main source of income comes from Casinos, Investments.

In which industry does Kirk Kerkorian primarily operate?

Kirk Kerkorian is primarily involved in the Gaming industry.

What is Kirk Kerkorian educational background?

Kirk Kerkorian holds a Diploma from High School.

Is Kirk Kerkorian dead?

Yes, Kirk Kerkorian died on June 15, 2015 (aged 98).

How many children does Kirk Kerkorian have?

Kirk Kerkorian has 2 children.

Who was Kirk Kerkorian and why is he significant in the business world?

Kirk Kerkorian was a prominent American businessman known for his significant investments in the aviation, automotive, and entertainment industries, including the founding of MGM Resorts International and attempts to influence the auto industry with stakes in GM, Chrysler, and Ford.

How did Kirk Kerkorian contribute to the development of Las Vegas?

Kirk Kerkorian played a pivotal role in the development of Las Vegas by purchasing land and building iconic properties such as Caesars Palace, the International Hotel (the world's largest at the time), and the original MGM Grand Hotel and Casino, transforming Las Vegas into a premier entertainment destination.

What were Kirk Kerkorian's major moves in the film industry?

Kerkorian was instrumental in the film industry through his ownership of MGM, where he appointed James Thomas Aubrey Jr. as president, sold off MGM's distribution system, and later acquired United Artists, forming MGM/UA Entertainment Company. He sold MGM to Sony in 2005, continuing to impact the entertainment landscape significantly.

What role did Kirk Kerkorian play in the auto industry?

Kirk Kerkorian was actively involved in the auto industry, notably attempting a takeover of Chrysler in 1995, owning a significant stake in General Motors, suggesting Renault acquire a stake in GM, bidding for Chrysler Group in 2007, and investing in Ford Motor Company in 2008, showcasing his interest and influence in the sector.

How did Kirk Kerkorian's philanthropic efforts impact Armenia?

Kirk Kerkorian's philanthropy greatly impacted Armenia through The Lincy Foundation, which funded numerous infrastructure projects including highways, schools, and cultural institutions. His legacy continued with significant donations to charity after his passing, including the establishment of a statue and a commemorative stamp in Armenia, highlighting his contributions to his ancestral homeland.