IAC Acquires Shares of MGM Resorts International For $41.7M

IAC Acquires Shares of MGM Resorts International For $41.7M

According to a filing with the Securities and Exchange Commission, digital media and internet services provider InterActive Corp (IAC) has acquired shares of casinosports betting and hotel & resort giant MGM Resorts International worth approximately $41.7m.

 

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Capitalizng on the Booming of Online Casino and Sports Betting

The shares were acquired between August 11 and August 23 to increase IAC’s stake in MGM Resorts to 16.5% as the company seeks to capitalize on the booming online gambling and sports betting industries. 

The move may be strategic, given recent share price fluctuations. In the past two months, they have fluctuated between $27 and $35, falling from between $45 and $48 at the beginning of the year.

In February, MGM Resorts International and IAC acquired 4.5 million common shares of MGM Resorts from Corvex Management, a management and investor relations firm. At that time, each share was valued at $45, and the two companies spent a total of $405 million to acquire them.

The company Continued to Grow After Succeeding in the Acquisition

Previously, IAC acquired 12% of MGM Resorts’ shares in a 2020 transaction valued at over $1 billion. This most recent action demonstrates IAC’s continued interest in MGM Resorts as the company grows and expands within the online gambling vertical. 

In May this year, the Nevada Gaming Commission (NGC) permitted IAC Chairman and Senior Executive Barry Diller to work in the casino industry.

The decision was made even though the NGC had recently questioned Diller about suspicious bets on Activision Blizzard sales shortly after Microsoft acquired the video game developer in January 2022.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.