The Bonus Book of the Week is “The Gambler, How Penniless Dropout Kirk Kerkorian Became the Greatest Deal Maker in Capitalist History” by William C. Rempel, published in 2018.
Born in Fresno, CA in June 1917, Kerkorian was the youngest of four children of Armenian extraction. In the first half of the twentieth century, he pursued his passions of amateur boxing and piloting planes. His entrepreneurial spirit led him to go into the chartered airplane business. He began associating with unsavory characters when he bet on sports in 1961. His FBI dossier related this factoid that was learned via wiretapping.
Kerkorian dreamed big and took the outrageous risks required to fulfill them. Thanks to his cultivating friends in high places, in the early 1960’s, he managed to borrow a steep $5 million to purchase a DC-8 (jetliner) to expand his transcontinental shuttle service for the U.S. military and other lucrative clients.
In 1963, Kerkorian got into the casino business. He launched an IPO for his holding company in 1965. Then he became aggressive in acquiring companies against their will. Like Western Air Lines. He also opened the biggest hotel/casino in the world in July 1969. He got international celebrities to provide entertainment on opening night just to rub it in the faces of the competition, such as Howard Hughes.
However, one casino Kerkorian took over had been run by the Mob. In late 1969, the IRS forced him to sell a yacht and a plane to pay back-taxes. In 1972, a German bank was dunning him for an amount of money he couldn’t possibly pay. He didn’t worry. He simply ordered that his financially struggling company, MGM, issue a ginormous dividend to himself, and all other holders of the company’s stock. This way, he could pay off his personal bank debt; never mind that MGM risked going bankrupt. Of course some shareholders sued.
Read the book to learn of Kerkorian’s many other adventures in business and pleasure.