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Kirk Kerkorian will know where to stay when he wishes to spend his holidays in Kuala Lumpur : MGM Mirage, the company of which he owns 39%, has a new investor none other than a Malaysian group specialising in casinos and hotels, a leader in Asia in this domaine.

The Genting group, the largest owner of Asian casinos, acquired 3.2% of MGM for 100 million dollars, when a billion dollars worth of shares were put on the market in mid-May. Kirk Kerkorian also subscribed to the operation for the same amount which allowed him to keep his share at 39%. Before the operation the investor, of Armenian origin, held 53.8% of the shares.

For MGM Mirage, which isn't in the best condition, the arrival of Genting into the capital has come at a good time and could open new horizons for it. This hypothesis is upheld by the words of Jim Mirren, the director of MGM. In an interview with the Wall Street Journal (12/06), he declared that he started negotiations with Genting with a view to setting up strategic partnerships. But the discussions are only at a preliminary stage.

MGM could open the doors of Macao to Genting, who is said to be very interested by this very lucrative territory. It could be part of the joint venture formed by MGM Mirage and Pansy Ho, following warnings from the gaming authorities in New Jersey concerning Pansy Ho.

But at the beginning of the month of June, a MGM director reconfirmed his confidence in Pansy Ho and Jim Murren explained that he didn't speak to Genting about the joint venture. They will however « explore all the options in Macau in the light of the report » of the New Jersey authorities.  

With Genting MGM can approach a promising market.
MGM wants to set up in Japan and in Taiwan, where the government plans to authorise gaming. A director of MGM declared during a conference that they were in talks with investors to build casinos. Also, still according to the Wall Street Journal (20/05) MGM has signed contracts enabling it to open luxury hotels in Thailand, China and Egypt.