Anyone heard from Kirk?

It seems every analyst, pundit and investor has weighed in on the financial situation faced by MGM Mirage.

One voice has been silent.

MGM Mirage majority shareholder, founder and board member Kirk Kerkorian has stayed behind the scenes as MGM Mirage faces its largest financial hurdle since he started the company in 1993.

The national recession and stock market swoon have zapped the fortunes of the Los Angeles billionaire, who turns 92 in June.

Forbes magazine dropped Kerkorian from 41st to 98th on its list of the world’s richest people. His 54 percent stake in MGM Mirage, 148.8 million shares, once valued at $15 billion, has shrunk to less than $400 million.

Kerkorian has always been media-shy. A spokeswoman for Tracinda Corp., his privately held investment arm, said he doesn’t normally discuss MGM Mirage matters.

Kerkorian wasn’t commenting last week when the Strip casino giant avoided violating loan covenants for at least two months. MGM Mirage still faces a potential bankruptcy filing to restructure $13.5 billion in debt.

That’s not to say he isn’t wielding some influence.

"He is an active board member and concerned citizen of our community," MGM Mirage Chairman and Chief Executive Officer Jim Murren said. "As much as anyone, I think Kirk understands the gravity of the situation and seriousness. He has great empathy with what Las Vegas is going through."

But is Kerkorian involved in negotiations with the company’s lenders?

"No," Murren said.

Still, Kerkorian is not sitting around waiting for MGM Mirage’s next step.

One gaming analyst said Kerkorian and Senate Majority Leader Harry Reid, a close friend, have been calling financial institutions to try and raise the remaining $1.2 billion needed to complete the $9.1 billion CityCenter development.

"Murren probably talks to Kirk once a day or every other day to discuss strategy," said one source.

In the past, Kerkorian had direct involvement in the company’s major transactions. He negotiated the $6.4 billion buyout of Mirage Resorts with Steve Wynn in 2000.

More recently, Kerkorian arranged last week’s $775 million sale of Treasure Island to Phil Ruffin.

"Kirk is a smart man, and I negotiated the deal with him," Ruffin said. "He’s absolutely involved."

In the past, Kerkorian has taken steps to prop up MGM Mirage whenever the company’s stock lagged, such as offering to buy more shares or taking pieces of the company private.

Right now, its too late for artificial steps.

"Whatever happens will be done with Kirk’s approval," one observer said.

Howard Stutz’s Inside Gaming column appears Sundays. E-mail him at hstutz@reviewjournal.com or call 702-477-3871. He blogs at lvrj.com/blogs/stutz.