Kerkor “Kirk” Kerkorian was a self-made American billionaire businessman, investor, and philanthropist who played a monumental role in building modern Las Vegas.
Kerkorian founded MGM Resorts International and owned MGM Grand, the company that acquired Wynn’s Mirage Resorts.
By the time he died in 2015, Forbes estimated Kerkorian’s net worth to be around $4.2 billion.
This article explores Kirk Kerkorian’s net worth, life, and impact on the hospitality and entertainment industries.
Kirk Kerkorian bio
| Full name | Kerkor “Kirk” Kerkorian |
| Date of birth | June 6, 1917 |
| Death | June 15, 2015, aged 98 |
| Nationality | American of Armenian descent |
| Known for | Casinos, Hotels, MGM, Aviation, Auto Industry Investments |
| Net worth at death | $4.2 billion |
| Major ventures | MGM, Las Vegas Hotels, Trans International Airlines |
| Philanthropy | Donated over $1 billion to Armenian causes |
Early life and career beginnings
Kerkor “Kirk” Kerkorian was born on June 6, 1917, in Los Angeles, to Armenian parents. His early life was far from the luxury he grew up to build. After the eighth grade, Kerkorian dropped out of school to work and support his family. Despite his limited formal training, he demonstrated a unique ability to adapt and succeed in different environments.
As a teenager, Kerkorian competed as a skilled amateur boxer named Riffle Right Kerkorian. However, unlike many teenagers, he had his eyes on a higher prize. During these early years, Kerkorian developed an interest in the aviation business, which would later play a key role in his rise to financial dominance.
As World War II escalated, Kerkorian learned that the aviation business was a potential path to success. He trained as a pilot and, after earning his commercial pilot’s certificate, joined the British Royal Air Force, flying military planes from Canada to war zones across Europe. This job was dangerous but lucrative, allowing Kerkorian to save and invest in his first major business venture.
Aviation industry and wealth accumulation
After World War II, Kerkorian learned of the potential for profits in the aviation industry. He used his savings to acquire a small aircraft and offered chartered flights across North America. This move marked the beginning of Trans International Airlines, a venture that eventually made him a millionaire.
After selling the airline in 1968, Kerkorian’s life took a transformative turn. He joined the Las Vegas property business, movie studio, and hotel and casino industries, becoming one of the most influential businessmen of the 20th century.
Las Vegas real estate and hotel empire
By the 1960s, Kirk Kerkorian had built a massive net worth through his airline company, Trans International Airlines, and was eyeing the rapidly growing Las Vegas real estate industry. He realized Las Vegas was growing into a goldmine for investment thanks to its tourism and entertainment industries. His first move in Vegas was to acquire a vast plot of land on the Las Vegas Strip.
In 1967, Kerkorian worked with architect Martin Stern Jr. to design and raise the International Hotel, which opened two years later. The establishment featured over 1500 rooms—the world’s largest hotel at the time. The International Hotel, now Bally’s Las Vegas, redefined the casino industry, setting new standards for luxury and scale. It became a hot spot for top entertainers, including Elvis Presley, who stayed at the resort for seven years.
After the International Hotel, Kerkorian purchased a controlling stake in MGM Studios and brought the studio brand into the hospitality business. He then developed the MGM Grand Hotel, which opened in 1973. It was a massive establishment with nearly 2100 luxury rooms, surpassing the International Hotel to become the largest hotel in the world. Besides the extensive accommodation facilities, the original MGM Grand Hotel boasted extravagant concert halls and upscale entertainment.
Unfortunately, a massive fire broke out at the original MGM Grand Hotel, leaving 85 people dead and an unfathomable loss of property. Despite the tragedy, Kerkorian rebuilt and sold MGM to Hilton Hotels Corporation. The hotel was later renamed Bally’s Las Vegas.
Once again, Kirk Kerkorian returned with an even bigger vision, opening the new MGM Grand in 1993. The new establishment featured over 5000 luxury rooms and an entertainment complex with a theme park, making the latest MGM Grand the world’s largest hotel. This groundbreaking move placed Kirk Kerkorian’s net worth among the highest in the casino industry. The MGM Resorts International was undoubtedly a dominant force in the business.
MGM Resorts continued expanding over the years, making strategic acquisitions and stretching outside the United States. Some of his momentous acquisitions include Caesars Palace, the Flamingo Hotel, and a stake in MGM China. Kerkorian’s ability to purchase, develop, and sell properties at a profit made him one of the sharpest investors in the history of the Las Vegas property industry.
Hollywood investments: United Artists and MGM Mirage
Besides transforming Las Vegas real estate, Kerkorian was interested in the movie studio business. After purchasing MGM Studios, he expanded his entertainment business by acquiring United Artists in 1981. However, like in the hotel business, Kerkorian’s time in Hollywood was marked by cycles of buy and sell.
Kerkorian sold MGM to Ted Turner in 1986 but bought back key assets later when Turner got into financial struggles, retaining control over the company’s film library. Kirk later merged MGM with United Artists to strengthen his influence in the entertainment industry.
By the late 1990s, MGM Grand Inc. had expanded beyond the hotel and casino industries. After acquiring Mirage Resorts from Steve Wynn in 2000, he rebranded to MGM Mirage, making MGM Mirage International one of the largest hotel and casino operations globally, further boosting Kirk Kerkorian’s net worth.
MGM has also made moves in the igaming space. Its digital betting brand, BetMGM, is a huge name in sports betting and is considered one of the top real money online casinos for US players.
Auto industry investments: Chrysler and GM
In addition to dominating the Las Vegas real estate and entertainment industries, Kirk Kerkorian also made bold moves in the auto industry. His first significant move was in the 1990s when he attempted to acquire Chrysler Corporation. He purchased nearly 14 percent of Chrysler through his private holding company, Tracinda, becoming the company’s largest shareholder.
In 1995, he partnered with a former Chrysler Corporation executive, Lee Iacocca, and launched a hostile takeover of the company with a $22.8 billion bid. The bid was designed to restructure the firm and increase shareholder value. However, Chrysler fought back, and after a lengthy battle, the deal failed.
After Chrysler Corp merged with Daimler-Benz, Kerkorian sued, citing undervaluation of shareholders. The merger was announced on May 7, 1998, forming DaimlerChrysler AG. Although Kerkorian lost the suit, his impact was felt across the auto industry.
Not to be deterred by one failed move, Kerkorian returned in 2005, this time going after General Motors (GM). He purchased a GM stake worth nearly 10 percent, pushing for significant changes, including a possible merger with Renault-Nissan. Once again, his plan fell through, and Kerkorian eventually sold his stake after a fallout with GM’s management.
Despite the failed attempts in the automotive business, Kirk Kerkorian’s net worth continued expanding, proving his ability to navigate from industry to industry. His legacy and impact are felt beyond the Las Vegas real estate and entertainment industries. He influenced the auto industry and global finance.
Kerkorian’s personal life and philanthropy
Despite building such great wealth, Kirk Kerkorian kept his personal life private. He avoided the limelight and rarely granted media interviews. He often let his business deals speak for him. He had multiple relationships and marriages. He was married to Hilda Schmidt from 1942 to 1951 and to Jean Maree Harbour-Hardy from 1954 to 1984. He had a one-month-long marriage with Lisa Bonda in 1999 and a 57-day marriage to Una Davis in 2014. Kerkorian has two children, Linda Kerkorian and Tracy Kerkorian.
Beyond his business and personal life, Kerkorian was a generous man who, through his private holding company, Tracinda, gave over $1 billion to charitable causes in Armenia. His contributions supported education, disaster relief, and cultural preservation.
This mirrors the actions of another wealthy online gambling heavyweight, bet365 owner Denise Coates, whose large net worth has enabled her to make significant charitable donations over the years.
Kerkorian died on June 15, 2015, in Beverly Hills, aged 98. He left his 2 billion estate primarily to charitable causes, reinforcing his legacy as a shrewd businessman who not only shaped industries but also gave back to society.
Net worth at the time of his death
When Kirk Kerkorian died in June 2015, Forbes estimated his net worth at $4.2 billion. He left his 2 billion estate to philanthropic causes. His influence carries on through MGM Resorts and MGM China.
Posthumous financial legacy
Kerkorian’s net worth and influence go beyond his lifetime. His contributions to the transformation of Modern Las Vegas and the entertainment industry remain visible even in his absence. His philanthropic legacy continues to change people’s lives across the globe.
