{"id":1004470456,"date":"2020-08-11T03:55:52","date_gmt":"2020-08-11T11:55:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004470456"},"modified":"2020-08-11T05:20:54","modified_gmt":"2020-08-11T13:20:54","slug":"iac-makes-1b-investment-in-casino-giant-mgm","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/","title":{"rendered":"IAC Makes $1B Investment in Casino Giant MGM Resorts"},"content":{"rendered":"
\"\"

Bellagio Resort & Casino. Image via Pixabay<\/em><\/p><\/div>\n

Media-centric holding company IAC\/InterActiveCorp has completed an aggregate investment of about $1 billion in MGM Resorts International. IAC\u2019s stake in MGM Resorts was accumulated over a period of several months and totals about 12 percent.<\/p>\n

IAC Chairman and Senior Executive Barry Diller explained in prepared remarks that the attraction of MGM\u2014beyond its market presence in leisure, hospitality and gaming\u2014is the potential of online gaming, which is generating a nearly insignificant portion of MGM\u2019s current revenue. That part of the business has enormous growth possibilities and is a close fit with IAC\u2019s steady focus on interactive businesses, Diller noted.<\/p>\n

\n

READ ALSO: <\/strong>Las Vegas Stripped of Appeal as Casinos Suffer<\/a><\/p>\n

\n

In a letter to IAC shareholders, Diller and CEO Joey Levin called MGM \u201ca \u2018once in a decade\u2019 opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online<\/em>\u201d. And while the COVID-19 outbreak has hit MGM hard<\/a>, the company is well-positioned to ride the pandemic wave until there\u2019s a vaccine. At that point, Diller and Levin noted, MGM will still have more than a third of the guest rooms on the Las Vegas Strip, along with eight regional properties across the U.S., two in Macau, and possibly a presence in Japan.<\/p>\n

Asset-light strategy <\/strong><\/h2>\n

Even before the pandemic upended Las Vegas, MGM was facing serious changes, as it executed some big transactions in pursuit of its asset-light strategy.<\/p>\n

Last October, the company announced deals to offload its Bellagio and Circus Circus properties. A 95 percent interest in the Bellagio was subsequently sold to Blackstone REIT for $4.3 billion<\/a> under a leaseback agreement.<\/p>\n

The Circus Circus Las Vegas hotel and casino, along with a 37-acre festival site, was sold for $825 million<\/a> to an affiliate of casino billionaire Phil Ruffin in December. <\/p>\n

Then this January, MGM entered into a $4.6 billion sale-leaseback<\/a> with Blackstone\u2019s REIT for the MGM Grand and Mandalay Bay.<\/p>\n","protected":false},"excerpt":{"rendered":"

Counting on the potential of online gaming, the media and technology holding company acquired a 12 percent stake in MGM Resorts International.<\/p>\n","protected":false},"author":882,"featured_media":1004470462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,1593,21742,15],"tags":[49981,49978,33131],"class_list":["post-1004470456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-las-vegas","category-latest","category-west","tag-barry-diller","tag-interactivecorp","tag-mgm-resorts-international"],"acf":[],"yoast_head":"\nIAC Makes $1B Investment in Casino Giant MGM Resorts - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IAC Makes $1B Investment in Casino Giant MGM Resorts\" \/>\n<meta property=\"og:description\" content=\"Counting on the potential of online gaming, the media and technology holding company acquired a 12 percent stake in MGM Resorts International.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-11T11:55:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-11T13:20:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Bellagio-Resort-Casino.-Image-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/\",\"name\":\"IAC Makes $1B Investment in Casino Giant MGM Resorts - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Bellagio-Resort-Casino.-Image-via-Pixabay.jpg\",\"datePublished\":\"2020-08-11T11:55:52+00:00\",\"dateModified\":\"2020-08-11T13:20:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-makes-1b-investment-in-casino-giant-mgm\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Bellagio-Resort-Casino.-Image-via-Pixabay.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Bellagio-Resort-Casino.-Image-via-Pixabay.jpg\",\"width\":800,\"height\":620,\"caption\":\"Bellagio Resort & Casino. 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