August 27, 2022 7:05 PM
IAC has increased its position in MGM Resorts, and now owns about 16.5% of the casino and gaming giant.
IAC paid $41.7 million in August to acquire another 1.19 million shares, the company divulged in an SEC filing. The stock, acquired in a series of open market transactions, is just the latest investment that Barry Diller’s internet and media company has made in MGM over the past few years. It remains MGM’s largest shareholder.
The MGM Resorts portfolio includes 32 hotel and gaming properties around the globe, with clusters in Las Vegas and China. Its iGaming and sports betting endeavors are held inside BetMGM, a 50-50 joint venture with Entain.