Kirk Kerkorian, billionaire Las Vegas mogul, dies at 98

Kirk Kerkorian owned some of the biggest and best-known hotels in Las Vegas

Kirk Kerkorian, the son of Armenian immigrants who became a billionaire Las Vegas mogul, has died at the age of 98.

The veteran US businessman was the largest shareholder in MGM Resorts International, which owns the MGM Grand and Bellagio hotels in Las Vegas.

He was well known for buying and then selling the MGM film studio three times, making a profit each time.

Kerkorian was reported to have died on Monday night in Los Angeles but no cause of death has been given.

"Mr Kerkorian was a quiet but powerful force behind the transformation of the Las Vegas Strip into one of the world's most popular tourist destinations," MGM Resorts said in a statement.

In May this year, Forbes magazine estimated Kerkorian's wealth at $4.2bn (£2.7bn) after taking a hit on his investments during the financial crisis in 2008, when the magazine said he was worth $16bn.