Forbes’ list of richest Americans reflects gaming’s woes

By Steve Green

Thursday, Oct. 1, 2009 | 9:32 a.m.

Difficulties facing the casino resort industry are reflected in Forbes' new list of the richest Americans, with MGM Mirage's Kirk Kerkorian seeing his ranking fall the most among top gaming titans.

MGM Mirage investor and director Kerkorian is ranked at No. 97 in the list published Wednesday at Forbes.com with a net worth of $3 billion, down from No. 27 and $11.2 billion in last year's list.

Forbes noted Kerkorian's stake in MGM Mirage was worth more than $11 billion two years ago.

"Today it's worth $1.8 billion as shares have fallen 90 percent from their October 2007 high," Forbes said, adding Kerkorian is "betting big on CityCenter, (the) near-completed $8.5 billion gambling mecca in Vegas."

Also falling in this year's list were Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson and Wynn Resorts Chairman and Chief Executive Steve Wynn.

Adelson is ranked No. 26 at $9 billion, down from No. 15 and $15 billion.

"Cabdriver's son has seen his fortune drop $19 billion in two years; shares of his Las Vegas Sands casino outfit down 90 percent from 2007 highs as gamblers stay away from Vegas and Macau. Remains optimistic: 'Once the markets start believing our company won't go into bankruptcy, our stock will be up to $75 a share again.' Shares up 1,000 percent from March lows; now $16 apiece," Forbes said of Adelson.

Wynn, called the "king of Las Vegas" by Forbes, is ranked No. 141 at $2.3 billion, down from No. 118 and $3.4 billion.

"Shares of Wynn Resorts fell 80 percent between last August and March as gamblers stayed home in America and Asia; up 300 percent since as investors take on more risk. Opened $2.3 billion Encore casino in Sin City next to his $2.7 billion Wynn Las Vegas in December; says he wishes he hadn't had to open during an economic downturn. Trying to avoid layoffs; slashing pay and hours, bonuses and 401(k) match," Forbes said.

Also on the list are gaming industry players Carl Icahn (No. 22, $10.5 billion); Donald Trump (No. 158, $2 billion); Treasure Island owner Phil Ruffin (No. 193, $1.85 billion), and Silverton owner Ed Roski Jr. (No. 236, $1.5 billion).