Billionaire John Paulson is now second-largest MGM Mirage shareholder | Yogonet International
After its founder Kirk Kerkorian

Billionaire John Paulson is now second-largest MGM Mirage shareholder

2010-05-19
United States
Reading time 53 seg
(US).- Paulson & Co. said it acquired 40 million shares of MGM Mirage and 4 million of Boyd Gaming Corp. in the first quarter, making the fund manger one of the biggest owners of the two Las Vegas-based casino companies. Billionaire John Paulson’s Paulson & Co., the hedge fund that made us$ 15 billion betting on the decline in subprime mortgages in 2007, becomes MGM Mirage’s second-biggest shareholder after founder Kirk Kerkorian.

Billionaire John Paulson’s Paulson & Co., the hedge fund that made us$ 15 billion betting on the decline in subprime mortgages in 2007, becomes MGM Mirage’s second-biggest shareholder after founder Kirk Kerkorian, the 92-year-old Los Angeles-based billionaire, and Boyd Gaming’s fourth-largest owner, according to Bloomberg data. The investments were disclosed today in a regulatory filing.

Kerkorian, who serves on the company’s board of directors, controls 37 % of MGM Mirage, which is the biggest casino owner on the Las Vegas Strip, with 10 resorts, along with casinos in Reno, Macau, Detroit and Mississippi.

Boyd operates casinos in Nevada, New Jersey, Mississippi, Louisiana, Indiana and Illinois.  Dubai World, the investment arm of the Persian Gulf emirate, owns just below 10 % of MGM Mirage’s common stock

Shares of MGM Mirage closed at us$ 13.32 on the New York Stock Exchange Monday, down 33 cents. Boyd Gaming closed at us$ 13.24 on New York Stock Exchange, up 4 cents.

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