Even after striking a deal to buy Mirage Resorts for $6.4 billion, MGM Grand and its billionaire majority shareholder, Kirk Kerkorian, may not have played their final hand.

With industry consolidation expected, Kerkorian watchers say he may bid for another company as gaming expands in Atlantic City, N.J., and elsewhere. While stock prices at other casinos have fallen in recent months, MGM Grand just announced record earnings and cash flow. Some Wall Street analysts figure that gives Kerkorian, 82, the stakes for such companies as Tropicana parent Aztar, Boyd Gaming, or even behemoth Mandalay Resort Group. Kerorkian, who plans to build in Atlantic City, wants to add to his holdings in Las Vegas, Detroit, Australia, and South Africa.

Other companies may also enter the game, including Harrah's and Park Place, which operates Bally's and Caesars. Still, with a personal stake estimated at more than $10 billion and an appetite for growth, it could be hard to outbid Kerkorian.

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