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Over the past decade or so, Dubai has placed big bets on its ability to become the world's top tourist destination. Now Dubai is taking its plans to sin city itself, Las Vegas. Dubai World, which is the investment holding firm of the Dubai government, has decided to invest $5 billion in MGM Mirage (NYSE: MGM) for a 9.5% stake.

In addition, Dubai World will also be getting a 50% interest in the yet to be finished CityCenter development project.

Continue reading Dubai gambles on Las Vegas (MGM)

Dubai gambles on Las Vegas (MGM) originally appeared on BloggingStocks on Wed, 22 Aug 2007 09:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>dealsDubaiDubai WorldDubaiWorldfeaturedgamblingKirk KerkorianKirkKerkorianLas VegasLasVegasmgmmgm grandMgmGrandSultan Ahmed Bin SulayemSultanAhmedBinSulayemThe PalmThe World IslandsThePalmTheWorldIslandsWed, 22 Aug 2007 09:45:00 EST<![CDATA[GM down 3.4%, can't seem to put on the brakes]]>http://www.bloggingstocks.com/2006/11/22/gm-down-3-4-cant-seem-to-put-on-the-brakes/http://www.bloggingstocks.com/2006/11/22/gm-down-3-4-cant-seem-to-put-on-the-brakes/http://www.bloggingstocks.com/2006/11/22/gm-down-3-4-cant-seem-to-put-on-the-brakes/#commentsFiled under: , , , , , , , ,

General Motors Corp. (NYSE:GM) was down nearly 3.5% by midday, reaching a double-digit drop for the week. GM stock started the week trading at $35.37 and it is now at $31.49. Despite the restructuring plans that were accepted favorably by investors, there have been many issues hitting GM lately, and this week was no different.

Today started with news of United Auto Workers President, Ron Gettelfinger, vowing to save job banks and "fight" for the union members come union negotiations. The job banks would be a difficult issue for GM as it means guarantees of nearly full pay for laid-off workers.

Another news item from today that doesn't sit well with investors has to do with billionaire Kirk Kerkorian. Tracinda Corp., the investment firm controlled by Kerkorian, said it plans a tender offer for $825 million of stock of MGM Mirage Inc. (NYSE:MGM). What does this have to do with GM? Well, this investment in MGM will increase Tracinda's stake in the company to 61.7%, scaring investors the billionaire might shift his attention there. Tracinda has 9.9% of GM and Kerkorian has been key in lobbying for the good changes at GM.

Finally, GM also announced today it is scrapping plans to develop a new family of minivans due to the company's shift in product strategy, focusing on the growing crossover segment. The minivan segment has been shrinking and GM plans to phase out current minivan models later in the decade. The company was planning to have redesigned minivan models by 2009. Does that mean now they will phase out the minivan segment completely?

GM down 3.4%, can't seem to put on the brakes originally appeared on BloggingStocks on Wed, 22 Nov 2006 12:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motorsGeneralMotorsgmkerkorianmgm grandMgmGrandtracindaWed, 22 Nov 2006 12:40:00 EST