Global casino giant MGM Resorts International has entered into a voting agreement with its largest shareholder – Barry Diller and his company IAC Inc – under which IAC will be guaranteed two board seats its voting power limited under certain situations.
MGM is the controlling shareholder of Macau concessionaire MGM China and is developing the US$10 billion MGM Osaka integrated resort in Japan.
Under the terms of the voting agreement, Diller and IAC have agreed to vote any voting securities they beneficially own that are collectively in excess of 25.73% of the total voting power of the company in the same proportion as the stockholders of the company.
