Kirk Kerkorian
Businessman and investor who bought 40% of MGM in 1969 and reshaped the studio.
Kirk Kerkorian, born in Fresno, California, to Armenian parents who had fled the Armenian genocide, was a pivotal figure in the development of Las Vegas and a major force in the entertainment industry. He was the president and CEO of Tracinda Corporation, his private holding company. Kerkorian is credited, alongside architect Martin Stern Jr., as a father of the mega-resort, having built the world’s largest hotel in Las Vegas on three separate occasions: the International Hotel in 1969, the original MGM Grand Hotel in 1973, and the current MGM Grand in 1993. His business career began in aviation; after learning to fly in exchange for farm work, he served with the RAF Ferry Command during World War II, delivering 33 aircraft across the North Atlantic. After the war, he traded aircraft with his sister and purchased Los Angeles Air Service, which he renamed Trans International Airlines. He was the first charter operator to adopt jets, a move he later called the real breakthrough, and sold the airline to Transamerica Corporation in 1968 for a personal profit of $104 million. Kerkorian also invested in and took control of Western Airlines. Through his Lincy Foundation, established in 1989, he donated over $1 billion to charity in Armenia, focusing on rebuilding after the 1988 earthquake. He also funded the film *The Promise*, which depicted the Armenian genocide. In 2000, *Time* magazine named him the 10th largest donor in the United States, and he was declared an honorary citizen and National Hero of Armenia.
- field
- Business, investing
- known_for
- Owning MGM
Verified Timeline
Lore & Background
Kirk Kerkorian bought 40% of MGM in 1969. He hired new management, reduced the studio's output to about five films per year, and diversified its products, creating MGM Resorts International as a Las Vegas–based hotel and casino company. In 1980, Kerkorian split MGM into two separate companies to focus on its hotels and resorts. The studio was rebranded as Metro-Goldwyn-Mayer Film Co., and in 1981, acquired United Artists (UA). In 1986, Kerkorian sold MGM/UA to Ted Turner, who retained the rights to the MGM film library, sold the studio lot in Culver City to Lorimar, and sold the remnants of MGM back to Kerkorian a few months later. After Kerkorian sold and reacquired the company again in the 1990s, he expanded MGM by purchasing Orion Pictures and the Samuel Goldwyn Company, including both of their film libraries. Finally in 2005, Kerkorian sold MGM to a consortium that included Sony Pictures.
Reader's Guide
Kirk Kerkorian's significance lies in his ownership and transformation of MGM. He bought 40% of MGM in 1969 and dramatically changed its operation, reducing output and diversifying into hotels and casinos. He split MGM in 1980, sold it to Ted Turner in 1986, bought it back months later, and sold and reacquired it again in the 1990s, expanding the studio's library by purchasing Orion Pictures and the Samuel Goldwyn Company. He finally sold MGM in 2005 to a consortium including Sony Pictures. His actions directly shaped the studio's trajectory through multiple ownership changes and financial restructurings.
Did You Know?
- Kirk Kerkorian bought 40% of MGM in 1969.
- He created MGM Resorts International as a Las Vegas–based hotel and casino company.
- In 1980, Kerkorian split MGM into two separate companies to focus on its hotels and resorts.
- He sold MGM/UA to Ted Turner in 1986, then bought the remnants back a few months later.
- Kerkorian sold MGM to a consortium that included Sony Pictures in 2005.
Frequently Asked Questions
Who is Kirk Kerkorian?
Kirk Kerkorian was an American businessman and investor best known for his transformative ownership of MGM. He acquired a 40% stake in the studio in 1969 and fundamentally reshaped how the company operated.
What did Kirk Kerkorian do with MGM after buying it?
He brought in new management, slashed the studio's film output to roughly five pictures a year, and pivoted the company toward Las Vegas hospitality by creating MGM Resorts International. In 1980 he split the business into separate hotel and film entities to sharpen each division's focus.
How did Kirk Kerkorian's MGM ownership story end?
After selling MGM/UA to Ted Turner in 1986, Kerkorian repurchased the remaining assets just months later and repeated a similar sell-and-reacquire cycle in the 1990s. His repeated divestitures and buybacks made his relationship with the studio one of the most unconventional in Hollywood history.
Why is Kirk Kerkorian important to business and entertainment history?
He demonstrated that a single investor could redirect a major Hollywood studio and spin it into a global hospitality empire. His strategy of cutting film production while building a Las Vegas resort brand became a blueprint for later media-entertainment conglomerates.
What was Kirk Kerkorian's primary field?
His core expertise lay in business and investing, with a particular focus on the entertainment and hospitality sectors. His most recognized achievement remains his ownership and restructuring of MGM.
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