{"id":1590,"date":"2020-08-13T10:31:06","date_gmt":"2020-08-13T10:31:06","guid":{"rendered":"https:\/\/www.casinousa.com\/?p=1590"},"modified":"2020-08-13T10:31:06","modified_gmt":"2020-08-13T10:31:06","slug":"mgms-online-presence-to-be-pushed-after-interactivecorps-stake-purchase","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/mgms-online-presence-to-be-pushed-after-interactivecorps-stake-purchase","title":{"rendered":"MGM&#8217;s Online Presence To Be Pushed After IAC&#8217;s $1bn Stake Purchase"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2017\/01\/mgm-resorts-international.jpg\" alt=\"MGM Resorts International\" title=\"MGM's Online Presence To Be Pushed After IAC's $1bn Stake Purchase\" width=\"300\" class=\"alignleft size-full wp-image-642\" \/>The Internet and media conglomerate <a href=\"https:\/\/www.iac.com\">InterActiveCorp<\/a> (IAC) announced that they have purchased a 12% stake worth more than $1 billion in <a href=\"https:\/\/www.casinousa.com\/news\/mgm-resorts-to-sell-bellagio-and-circus-circus-due-to-downturn\">MGM Resorts International<\/a>. <\/p>\n<p>IAC also received a seat on the board of MGM. IAC is an American holding company with interests in a series of media and online properties. <\/p>\n<p>IAC has made no secret about their plans to expand their online gambling portfolio. <\/p>\n<p>Analysts have noted that the MGM does not focus their market strategy on the online sphere, which raises the question of why IAC chose to invest in MGM, instead of other casino firms with stronger online gambling presences.<\/p>\n<p><strong>Barry Diller<\/strong>, IAC\u2019s Chairman and Senior Executive, announced that their investment in MGM was made with the intention of renewing MGM\u2019s interest in the online gaming sphere, as well as facilitating IAC\u2019s own entry into the industry.<\/p>\n<p><strong>Bloomberg Markets and Finance<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/C0TpWfkTMnQ?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Diller said that, while MGM currently has little in the way of online gambling in their portfolio, IAC believes that increasing MGM\u2019s online gambling offerings will result in large revenue gains. IAC paid a total of $1.02 billion for 59 million shares of MGM, with more than half of their purchase having been made in the last two weeks.<\/p>\n<p>Diller and IAC\u2019s CEO <strong>Joey Levin<\/strong> wrote a letter to their shareholders explaining their MGM investment. Diller and Levin stated that MGM\u2019s current online gaming revenue is low, but that the firm is well-positioned to capitalize on a legislative landscape that often requires online gaming firms to partner with land-based casinos to operate in legal markets.<\/p>\n<p>Diller and Levin said that MGM could become a pivotal force in the direct marketing of online gambling in the same way they did for the <a href=\"https:\/\/www.casinousa.com\/states\">land-based casino industry<\/a>.<\/p>\n<h2 id=\"betmgm-set-for-tennessee-launch\">BetMGM Set For Tennessee Launch<\/h2>\n<p>MGM currently has its <strong>BetMGM<\/strong> online platform readying for launch in a number of states. One state that is being considered is Tennessee. While Tennessee does not require online gaming firms to partner with casino operators, IAC plans on using its board seat to push for MGM\u2019s increased presence in the online casino and <a href=\"https:\/\/www.casinousa.com\/games\/sports-betting\">sportsbook industry<\/a>, under its BetMGM brand.<\/p>\n<p>Current estimates by IAC state that BetMGM will be operational in 11 states by the end of 2020. The BetMGM website says that the BetMGM mobile app will be available across Tennessee soon.<\/p>\n<p>MGM investors have been happy about the IAC stake purchase so far. MGM shares rose 14% soon after the news was released.<\/p>\n","protected":false},"excerpt":{"rendered":"The Internet and media conglomerate InterActiveCorp (IAC) announced that they have purchased a 12% stake worth more than $1 billion in MGM Resorts International. IAC also received a seat on the board of MGM. IAC is an American holding company with interests in a series of media and online properties. IAC has made no secret [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,6,5],"tags":[],"class_list":["post-1590","post","type-post","status-publish","format-standard","hentry","category-news","category-financial","category-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGM&#039;s Online Presence To Be Pushed After IAC&#039;s $1bn Stake Purchase<\/title>\n<meta name=\"description\" content=\"InterActiveCorp have announced that they have purchased a 12% stake worth more than $1 billion in MGM Resorts International.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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