IAC Acquires Shares of MGM Resorts International For $41.7M

IAC Acquires Shares of MGM Resorts International For $41.7M

Lou De Aguila

12. September 2022 | UPDATED ON: 12. September 2022
Post Views: 60

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

 

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IAC

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 Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.