Business: A Run of Bad Luck in Gambling Stocks

Monday, Apr. 20, 1970
  • Share

(3 of 3)

All along the Strip, a small army of investigators—the D.A.'s men, SEC investigators, IRS and FBI agents—are getting in one another's way searching for information on cases ranging from suspected murder to income tax evasion, blackmail, embezzlement and stock fraud. It is probably no coincidence that some hotel and casino officials have left town in a hurry. Pierre P. Mottoros, an analyst with Equity Research Associates, explains the entire situation with deliberate understatement: "I'm afraid that Las Vegas and casinos still have an image that deters conservative money."

* Since their highs of last year, the paper value of Kerkorian's controlling holdings in International Leisure, Western Air Lines and MGM have shrunk by some $497 million to an estimated $147 million. But Kerkorian has never been known to panic at a run of bad luck. He paid only $4 each for his 5.4 million shares of International Leisure, and even after a 79% drop in market value, he is still nearly $73 million ahead.

Most Popular »

Full List »
  1. Facebook's Secret Code
  2. Tiger Gets Mulligan from the TV Networks
  3. Uganda's Anti-Gay Bill: Inspired by the U.S.
  4. The Troubles at Kroger: Frugal Consumers
  5. TIME's Top 10 Medical Breakthroughs of 2009
  6. The Growing Backlash Against Overparenting
  7. Why Greece Could Be the Next Dubai
  8. Why Does Google Search Love Examiner.com?
  9. Putin: Yes, I May Run Again. Thanks for Asking
  10. Family Feud Imperils a Prized Spanish Art Collection
  1. Uganda's Anti-Gay Bill: Inspired by the U.S.
  2. Facebook's Secret Code
  3. The Job Market: Is a College Degree Worth Less?
  4. The Troubles at Kroger: Frugal Consumers
  5. Why Greece Could Be the Next Dubai
  6. TIME's Top 10 Medical Breakthroughs of 2009
  7. Tiger Gets Mulligan from the TV Networks
  8. Remarks of President Barack Obama: Acceptance of the Nobel Peace Prize
  9. Humanure: Goodbye, Toilets. Hello, Extreme Composting
  10. Family Feud Imperils a Prized Spanish Art Collection

Time.com on Digg

POWERED BY digg

More on TIME.com

Top Stories on TIME.com

Quotes of the Day »

"Getting the water is not dangerous at all. We worked it all out with the military."
LEE SANG-HYO, Lotte Chilsung Beverage Co. spokesman, on the company's DMZ 2km bottled water which comes straight from the Demilitarized Zone between North and South Korea
More Quotes »
For use in rail of Articles page or Section Fronts pages. Duplicate and change name as necesssary to distinguish.