The investment vehicle of multimillionaire Kirk Kerkorian, called Tracinda Corp, has communicated to the SEC that they have abandoned their plans to acquire some of the main real state actives of the casino chain known as MGM Mirage.

The reason for that to happen lays in the announcement made by MGM that they have signed a letter of intention, with Kerzner Intl Ltd, to develop a new project in Las Vegas through a joint venture.

Mr. Kerkorian seems to have decided now, after this agreement reached with Kerzner, that there might be a significant potential to take the best out of the actives of the company.