Forbes’ list of richest Americans reflects gaming’s woes

MGM Mirage investor and director Kerkorian is ranked at Number 97 in the list published Wednesday at Forbes.com with a net worth of us$ 3 billion, down from number 27 and us$ 11.2 billion in last year's list.

Forbes noted Kerkorian's stake in MGM Mirage was worth more than us$ 11 billion two years ago. "Today it's worth us$ 1.8 billion as shares have fallen 90 % from their October 2007 high," Forbes said, adding Kerkorian is "betting big on CityCenter, (the) near-completed us$ 8.5 billion gambling mecca in Vegas."

Also falling in this year's list were Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson and Wynn Resorts Chairman and Chief Executive Steve Wynn. Adelson is ranked number 26 at us$ 9 billion, down from number 15 and us$ 15 billion.
 
"Cabdriver's son has seen his fortune drop us$ 19 billion in two years; shares of his Las Vegas Sands casino outfit down 90 % from 2007 highs as gamblers stay away from Vegas and Macau. Remains optimistic: “Once the markets start believing our company won't go into bankruptcy, our stock will be up to $75 a share again.” Shares up 1,000 % from March lows; now us$ 16 apiece," Forbes said of Adelson.

Wynn, called the "king of Las Vegas" by Forbes, is ranked number 141 at us$ 2.3 billion, down from number 118 and us$ 3.4 billion. "Shares of Wynn Resorts fell 80 % between last August and March as gamblers stayed home in America and Asia; up 300 % since as investors take on more risk.

Opened us$ 2.3 billion Encore casino in Sin City next to his us$ 2.7 billion Wynn Las Vegas in December; says he wishes he hadn't had to open during an economic downturn. Trying to avoid layoffs; slashing pay and hours, bonuses and 401(k) match," Forbes said.

Also on the list are gaming industry players Carl Icahn (number 22, us$ 10.5 billion); Donald Trump (number 158, us$ 2 billion); Treasure Island owner Phil Ruffin (number 193, us$ 1.85 billion) and Silverton owner Ed Roski Jr. (number 236, us$ 1.5 billion).