Barry Diller’s IAC Takes $1 Billion Stake in MGM Resorts With Eye on Online Gaming
Photo Credit: The Bellagio Hotel in Las Vegas, New Mexico, is part of MGM Resorts International. MGM Resorts
Skift Take
Jackpot.
Barry Diller's IAC/InterActive said Monday it had taken a 12 percent interest in global hospitality and entertainment company MGM Resorts International. IAC estimated the stake's value at $1 billion, making it a minority investor.
Diller, chairman of the board and senior executive of IAC, has been leading a reorganization of IAC, a New York-based conglomerate. IAC is known for its creative investments at the nexus of technology, media, and commerce.
The online gaming component of MGM clearly stirred interest for Diller.
"What initially attracted us to MGM, besides its leadership in leisure hospitality and gaming
