IAC Gambles $1 Billion into MGM Resorts International
Posted on 08/10/2020
Barry Diller’s IAC accumulated a 12% minority interest in global hospitality and entertainment company MGM Resorts International for an aggregate of approximately US$ 1 billion.
“With the separation of Match Group from IAC, and ‘new’ IAC emerging with $3.9 billion of cash, no debt, and its opportunistic zeal intact, we are energized and excited to make this investment in MGM. What initially attracted us to MGM, besides its leadership in leisure, hospitality and gaming, was an area that currently comprises a tiny portion of its revenue – online gaming,” said Barry Diller, Chairman and Senior Executive of IAC in a press release. “IAC’s foundational concept of seeking opportunities to build interactive businesses is our base rationale – there is a digital first opportunity within MGM Resorts’ already impressive offline businesses, and with our experience we hope we can strongly contribute to the growth of online gaming.”
Diller sees opportunity in MGM Resorts and the opportunity for them to move more online.
