MGM Resorts International, based in Las Vegas, accepted an announcement by the media and technology firm IAC/InterActiveCorp, founded and headed by businessman Barry Diller, which made a major investment in the Company.
IAC / InterActiveCorp, which functions as a holding company, is based in New York City and has worldwide satellite and market activities as well as five operating divisions and more than 150 brands and products.
Paul Salem, MGM Resorts chairman of the board of directors said: “We could not be more excited to welcome IAC and Mr. Diller as an investor in MGM Resorts. Mr. Diller and Joey Levin, CEO of IAC, bring vast experience in both entertainment and online commerce and we will take full advantage of their experience.
“IAC’s family of brands and digital expertise are a great complement to the direction MGM Resorts has been taking both in leveraging our digital assets to enhance our guests’ experience and building a leading igaming and sports betting business in BetMGM. We welcome IAC as a long-term strategic partner and intend to invite them to join our board of directors.”
Data-driven, interactive and customer-centered developments are a core concept of the MGM 2020 strategy unveiled last year, and MGM Resorts praised IAC’s appreciation of ‘tremendous value creation potential.’
MGM Resorts’ CEO and president Bill Hornbuckle added: “IAC’s expertise in growing and expanding brands online is a natural fit for our focus on enhancing the resort experience through curated and personalised offerings, as well as digital enhancements in sports betting and online gaming.
“We appreciate that they share our long-term strategic vision for growth and maximizing value for our shareholders. We welcome their collaboration and are excited at the possibilities it will bring.”