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IAC invests $1 billion in Vegas-based gaming giant Gambling

IAC invests $1 billion in Las Vegas based gaming giant

by Manthra Koliyer Posted on 13 Aug, 2020

Online gambling has made headlines ever since a lockdown had been imposed due to coronavirus. The lockdown has enabled multiple sites and applications to upgrade itself in order to be consumed by a larger audience. Billionaire Barry Diller’s IAC, purchased the stake in MGM because of its outlook on the online gambling market. Despite reporting a 91 percent drop in revenue during the second quarter mostly due to the coronavirus-induced shut downs nationwide MGM Resorts received a 10-figure investment from Barry Diller’s IAC. 

InterActive Corp announced on Monday that it bought a 12 percent stake, worth about $1 billion, in the Las Vegas-based gaming giant, despite a lack of revenue at its brick-and-mortar facilities. IAC is a New York-based company that owns brands in more than 100 countries. “MGM presented a great opportunity for IAC to own a piece of a preeminent brand in a large category with great potential to move online,” said Diller in a letter to shareholders. Diller also stated that he had been looking to enter to online gambling space “for a while” and that the industry was worth $450 billion on a global scale. 

With larger gambling hubs facing a downfall as tourism declines and revenue drops from restrictions stemming due to the new safety protocols, the online space, which is legal has thrived. While casinos in New Jersey were shut down, Garden State online operators reached record levels of revenue and the state’s most successful online casino, Golden Nugget, recently secured a partnership in Michigan. The partnership will allow the company to operate in the state when its online gambling market is launched either later this year or early 2021.

The available data in New Jersey reads that online casinos won $84.9 million from gamblers, sustaining all-time high levels, while Pennsylvania netted $55.8 million. According to analysts, Michigan’s online gaming market is worth $650 million in annual revenue, roughly on par with Pennsylvania’s numbers. West Virginia launched its online casino marketplace in late July. For more updates gaming industry around the world, keep reading GutshotMagazine.com and stay tuned!

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