Kerkorian to Transfer $200 Million Lincy Fund to UCLA

Kirk Kerkorian, the billionaire investor in MGM Resorts International, will transfer his $200 million charitable foundation to the University of California, Los Angeles, reports Bloomberg.

The Lincy Foundation’s assets will establish the Dream Fund, to be managed by the UCLA Foundation and used to support medical research and academic programs at the university as well as other “charitable projects throughout the United States,” the school said in a statement on its website today. UCLA is part of the 10-campus University of California system, which faces $500 million in budget cuts.

Kerkorian, 93, is the chief executive officer of the Tracinda Corp., which owns 27 percent of MGM Resorts, the casino company that operates the Bellagio and Mirage hotels in Las Vegas. The Lincy Foundation was founded in 1989 and has given more than $1.1 billion to schools, hospitals and Armenian charities, according to the statement. The Lincy Foundation and Tracinda are named after Kerkorian’s daughters, Tracy and Linda.