Posts Tagged ‘Kirk Kerkorian’

Paperwork Mishaps at MGM and Wynn

by , Mar 4, 2012 | 10:49 am

Investors received the latest financial news from the world’s largest casino companies last week. And while Dan was thinking standard SEC filings from Caesars were signs of impending online poker happiness, it was the unexpected word from MGM and Wynn that really had tongues wagging.

MGM: Documents Shredded and Shares Dumped

Back in the day, gambling establishments made their problems disappear somewhere out in the Nevada desert. Perhaps that’s where we’ll find MGM’s legal documents?

MGM has been embroiled in a years-long legal battle with City Center’s general contractor Perini Building Company. The case took a bizarre turn last week when MGM notified the court that a rogue warehouse manager sold more than 500 boxes of legal documents to a paper recycler for roughly $800. 
Overall, it wasn’t a great news week for MGM. Billionaire Kirk Kerkorian, continued to dump shares of the casino company he founded. He reportedly raked in $268 million for the 20 million shares he sold on February 27. 
Wynn: Stock Halted after Premature/Erroneous Filing

The messy divorce between Wynn Resorts and one-time (?) partner Kazou Okada continues to be the fodder of many news stories. But that isn’t what temporarily halted the shares of Wynn from trading on the stock exchange on March 2.

Wynn filed a document with the SEC about getting the concession to build a new casino in Macau, the world’s hottest gaming territory. Wynn’s share price soared on the news. But minutes later, the SEC filing was pulled and shares were halted. Apparently Wynn jumped the gun on the announcement, failing to jump through one last legal hoop. Poker and investment maven Kid Dynamite goes Sherlock Holmes on Wynn’s premature 8-K ejaculation.