The alliteratively named Kirk Kerkorian may have something planned for MGM Mirage.

As far as what it is, though, no one can say. Kerkorian's company, Tracinda, released a short and vaguely worded statement yesterday that announced it has plans to negotiate for the purchase of the Bellagio Hotel and Casino and City Center properties. The statement goes on to say, the company "also wishes to pursue strategic alternatives with respect to its investment in MGM MIRAGE which may include financial restructuring transactions involving all or a substantial portion of the remainder of the Company."

Kerkorian's Tracinda has a controlling stake in MGM Mirage, who incidentally owns the Bellagio and City Center properties. The brief statement concludes with a caveat: "Tracinda has made no decision with respect to any such restructuring transactions and reserves the right not to engage in or approve any transaction."

That didn't stop after-hours traders from noticing. Shares of MGM Mirage rose 15% after the market closed yesterday.

Kirk Kerkorian said this afternoon that he planned “to pursue strategic alternatives” for his controlling stake in MGM Mirage, the giant hotel and casino company. Mr. Kerkorian also said that he planned to enter talks to buy Bellagio Hotel and Casino and City Center properties from MGM Mirage. The brief, three-sentence statement from Mr. Kerkorian’s holding company, Tracinda, has caused a lot of head scratching at DealBook about his intentions, but that hasn’t stopped investors from bidding up shares of MGM Mirage by more than $9, or 15 percent, in after-hours trading. It is unclear whether he plans to put his controlling stake up for sale or whether he is considering buying up the outstanding public shares, either himself or with a partner.

(Continue reading this story on DealBook)

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