Barry Diller’s IAC group has bought a $1bn stake in MGM Resorts, the casino company, for the billionaire mogul’s latest bet in online media: gaming.
Mr Diller revealed on Monday that he had accumulated a 12 per cent stake in MGM Resorts in recent months, believing that an established casino operator would be able to transform itself with a substantial online business.
MGM Resorts operates Las Vegas casino resorts such as Aria, The Bellagio and Mirage. While admitting that online gaming only makes up a small portion of the company’s revenues now, Mr Diller said there was a “digital first opportunity within MGM Resorts' already impressive offline businesses”.
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