- Nevada Gaming Commission shelved MGM Resorts International 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 ATVI.
- In 2020, Diller and his internet holding company, IAC/InterActiveCorp 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in