UCLA Receives Benefits Of Gambling Funds From Kirk Kerkorian
Kirk Kerkorian showed once again this week that gambling revenue can be used in a variety of ways to help future generations. Kerkorian, the majority shareholder in MGM Resorts International, has donated $100 million to UCLA.
The agreement was announced on Monday , and $200 million will be transferred from the Lincy Foundation, to the newly created Dream Fund. Of the $200 million, half will be available for use by UCLA on medical research.
"Mr. Kerkorian has tremendous confidence in their ability to use these funds in a responsible and productive way for the types of charitable purposes that the Lincy Foundation has always pursued," said Lincy President Jay Rakow, when asked why Kerkorian would choose this landing spot for the money.
Kerkorian has been one of the driving forces behind the worldwide gaming expansion of the past decade. MGM is one of the most recognized names when it comes to casino gambling, and expansion into the Asian market has helped MGM and other gaming companies regain their traction after an economic slide in the US.
Last month, Meyer Luskin and his wife, Renee, also donated $100 million to the university. The $100 million donations by Kerkorian and Luskin are the second highest ever for UCLA. In 2002, David Geffen made a $200 million donation to the university.
Casino gambling has been a cause of concern for many lawmakers as expansion became more prevalent in recent years. For every legislator that argued about the dangers of gambling, there were those who pointed to acts of generosity such as the one Kerkorian exhibited on Monday.
February 16, 2011
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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