Two legendary investors are preparing to face off in a high-stakes game whose outcome could reshape the face of Las Vegas.
Activist investor Carl Icahn is pushing casino operator MGM Mirage to restructure in bankruptcy court, according to people familiar with the matter. The gambit pits him against Kirk Kerkorian, MGM Mirage's largest owner and a swashbuckling investor who won and lost fortunes with big gambles in Las Vegas, Hollywood and Detroit.
Mr. Icahn and private-equity fund Oaktree Capital Management separately have acquired hundreds of millions of dollars in MGM Mirage debt in recent months. They told MGM Mirage, which must make a new equity payment by Friday on a big Las Vegas project, that they would support a restructuring in bankruptcy court, these people said.
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