Over the past few months New York-based IAC has accumulated a 12% stake in global hospitality and entertainment company MGM Resorts International for $1 billion.
MGM Resorts is a leader in leisure, hospitality and gaming, but IAC is zeroing in on an area that comprises a tiny portion of its revenue—online gaming, according to Barry Diller, chairman and senior executive of IAC. "IAC's foundational concept of seeking opportunities to build interactive businesses is our base rationale—there is a digital first opportunity within MGM Resorts' already impressive offline businesses, and with our experience we hope we can strongly contribute to the growth of online gaming," he said in prepared remarks.
Diller also said that IAC has $3.9 billion of cash, no debt, and "opportunistic zeal".
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
