- Nevada Gaming Commission shelved MGM Resorts International (NYSE: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 (NASDAQ:ATVI).
- In 2020, Diller and his internet holding company, IAC/InterActiveCorp (NASDAQ: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.
