Kirk Kerkorian

Kirk Kerkorian

American billionaire
Date of Birth: 06.06.1917
Country: USA

Content:
  1. Biography of Kirk Kerkorian
  2. Early Career in Boxing
  3. Transition to Aviation
  4. Service in the British Royal Air Force
  5. Entry into the Casino Business
  6. Real Estate Ventures in Las Vegas
  7. Formula for Success
  8. Business Ventures and Philanthropy
  9. Later Life and Legacy

Biography of Kirk Kerkorian

Early Life and Education

Kirkor Kerkorian was born on June 6, 1917, in the town of Fresno, California. His parents, Aron and Lyla, immigrated to the United States shortly before from Armenia, escaping the Armenian Genocide of 1915. Kirkor, or Kirk as he was commonly known, was the youngest of four children in the Kerkorian family. Aron made ends meet by trading fruits until the economic downturn of 1921 forced the family to move to Los Angeles.

Early Career in Boxing

At the age of 9, Kirk started earning money to support his family by doing odd jobs such as car washing and furniture moving. After completing eight grades of school, he dropped out to work as a mechanic and pursue a career in boxing. Kirk would find abandoned cars, fix them up, and sell them for a profit of $5-10 each. However, he saw his future in boxing and became a local champion in the welterweight division among amateurs, earning the nickname "Rifle Right Kerkorian."

Transition to Aviation

In 1939, Kirk's plans to turn professional and make a living from boxing were put on hold when he was tasked with helping move a fireplace by Ted O'Flaherty. Kirk and Ted struck up a conversation, and Ted offered to take Kirk for a ride in his two-seater airplane. Within days, Kirk took his first flight and returned to the airfield the next morning to assist with aircraft preparations. This experience sparked his interest in aviation, and he soon obtained his pilot's license.

Service in the British Royal Air Force

In pursuit of his dream of becoming a pilot, Kirk enrolled in the flight school of Florence "Pancho" Barnes, one of the first female pilots, located at the "Happy Bottom Riding Club" ranch in the Mojave Desert. To pay for his flight training, Kirk offered to work on Barnes' ranch, milking cows and cleaning stables. After six months, he not only earned his pilot's license but also became an instructor at the school. However, Kirk grew tired of teaching and found a new job ferrying Canadian-built Mosquito bombers to the British Isles. Despite the risks involved, Kirk successfully completed many flights and accumulated enough money to purchase his own plane, a Cessna.

Entry into the Casino Business

With his own plane, Kirk began training aspiring pilots and providing charter flights across the country. It was during these trips that he first visited Las Vegas, the gambling capital of the United States. Kirk fell in love with the vibrant atmosphere of the city and spent some of the best times of his life there. He also started trading small planes, often selling them to his former students. Within two years, Kirk had enough capital to buy a small charter airline, Los Angeles Air Service, in 1947. This marked his entry into the casino business, as he frequently had to visit Las Vegas for business purposes.

Real Estate Ventures in Las Vegas

In 1962, Kirk tried his hand at real estate in Las Vegas by purchasing approximately 8 acres of land near the Strip for $960,000. Initially, the land was deemed undesirable due to its narrow strip surrounded by other owners' properties. However, Kirk convinced the neighboring landowners to sell their parcels, and within six years, he made $4 million in rental income. In 1968, he sold the entire plot for the construction of a new casino, earning an additional $5 million.

Formula for Success

Kirkor Kerkorian developed a formula for his success, which he often shared with his fellow countrymen who were less fortunate. He believed in making his move when he perceived the profit to be fair, rather than waiting for prices to reach their peak. He stated, "I don't try to squeeze the bone dry. Prices have a habit of unexpectedly dropping. I make my move when the profit seems fair to me."

Business Ventures and Philanthropy

Over the years, Kirkor Kerkorian expanded his business empire, including the acquisition of the famous Hollywood film studio Metro Goldwyn Mayer (MGM) multiple times. Despite facing setbacks and financial challenges, he remained determined and continued to make lucrative deals. Kirkor was also known for his philanthropy, donating $200 million to cultural development in Armenia in 2003, which amounted to half of the country's annual budget.

Later Life and Legacy

As Kirkor Kerkorian approaches his 88th birthday, he continues to be actively involved in his business ventures and remains content with his life. He resides in a luxurious residence in the suburbs of Las Vegas and travels the world in his private jet and yacht. Kirkor's holding company, Tracinda Corporation, is named in honor of his two daughters from his second marriage, Tracy and Linda.

Kirkor Kerkorian's legacy extends beyond his business ventures. His influence can be seen in popular culture, such as the portrayal of his casino, Bellagio, in the film "Ocean's Eleven" released in 2001. Despite his success, Kirkor Kerkorian is known for his humility and aversion to public attention. He prefers the company of longtime friends and is described as a gentle and engaging conversationalist.

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