Kirk Kerkorian is a gambling man -- his Tracinda Corp. owns the MGM Grand, Luxor, Bellagio, New York-NewYork, Mandalay Bay and a handful of other hotel-casinos in Las Vegas.
But with his bet on General Motors stock -- Tracinda holds a 9.9 percent stake in the automaker -- Kerkorian is on a cold streak.
Amid rumors about bankruptcy and the vulnerability to a strike at troubled supplier Delphi Corp., GM stock last week dipped to $20.90 -- its lowest point since the stock market crash on Oct. 19, 1987.
Kerkorian paid $1.7 billion for his GM stake of 56 million shares. Based on a closing price of $21.29 for GM stock on Thursday, Nov. 17, the casino mogul's bet has lost $488 million of its value.