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Benzinga
Benzinga
Politics
Anusuya Lahiri

Regulator Defers MGM Stakeholder's Nevada Gaming License By 1 Month

MGM IAC Barry Diller Activision Blizzard Inc ATVI DOJ MGM Resorts International NYSE SEC United States
  • Nevada Gaming Commission shelved MGM Resorts International (NYSE:MGM) stakeholder Barry Diller’s licensing by a month until an April commission meeting, the Wall Street Journal reports.
  • The move coincided with insider-trading investigations by federal authorities into his share purchases of Activision Blizzard Inc (NASDAQ:ATVI).
  • In 2020, Diller and his internet holding company, IAC/InterActiveCorp (NASDAQ:IAC), admitted spending over $1 billion for a 12% stake in MGM to tap the budding online gambling industry in the U.S.
  • Also Read: DOJ, SEC Investigate Possible Insider Trading Violation On Microsoft-Activision Deal: WSJ
  • IAC’s stake in the casino operator has since grown to about 14%.
  • IAC admitted that the matter was “simply delayed” and looked to a clean chit concerning Diller and IAC.
  • Price Action: MGM shares traded lower by 0.41% at $41.77 in the premarket on the last check Friday.
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