MGM Resorts Brings IAC Execs Diller & Levin to Board of Directors
- MGM Resorts has announced that two IAC leaders have been appointed to the company’s Board of Directors.
- Joey Levin and Barry Diller have both held numerous high positions and are able to help grow MGM Resorts after the $1 billion investment made by IAC.
- IAC is looking to grow in the digital and resort-based gambling market around the U.S.
LAS VEGAS - MGM Resorts International announced that it has appointed InterActiveCorp (IAC) leaders to the company’s Board of Directors on Thursday.
IAC’s CEO Joey Levin and Chairman and Senior Executive Barry Diller are now a part of 14 members on the MGM Resorts Board.
Levin became the CEO of a division of IAC, Mindspark Interactive, in 2009 and led multiple businesses for IAC before becoming the Chief Executive Officer on the Board of Directors in 2015. Diller is also the Chairman and Senior Executive of Expedia and previously the CEO of Fox, Inc where he created the Fox Broadcasting company in addition to Fox’s motion picture.
"We couldn't be more excited to welcome Barry and Joey to our board and to benefit from their collaboration as MGM Resorts continues developing innovative products and elevating our leadership in digital experience," said Paul Salem, Chairman of the MGM Resorts Board of Directors. "IAC's significant investment, expertise and support come at a pivotal time and will play a key role in MGM's strategy to seize emerging opportunities and lead the industry with unparalleled in-person and digital experiences."
On August 10, IAC announced a $1 billion investment in MGM which gave it a 12% stake in the company. This investment has caused a spike in MGM stock price.
IAC described the investment as an opportunity to own a significant piece of a brand that they believe has all the potential to allow them to grow in the online legal gambling market along with the in land-based options.
"We are excited to collaborate with IAC. We believe that Barry and Joey bring the know how and vision to help us to marry our online and resort-based experiences and build brand loyalty to increase our wallet share in each area. We could not ask for more talented people to bring this expertise to our board room and all of our shareholders will benefit from their presence," said Bill Hornbuckle, CEO and President of MGM Resorts. "Barry and Joey are joining a board of incredibly diverse and talented individuals and this addition brings new skill sets that the entire group will benefit from. The possibilities for growth are significant and we look forward to what the future holds."
The digital growth of the company is coming at a time where online gambling and online sports betting are being embraced amid the ongoing state of the coronavirus pandemic in the country. In the New York Stock Exchange, MGM Resorts shares closed down 0.33 percent at $20.83.