Barry Diller receives unlimited gaming license in Nevada
Date: 2024-05-17 Author: Alex Crawford Categories: PEOPLE
Barry Diller, IAC chairman and media mogul, was awarded an unrestricted gaming license at a Nevada Gaming Commission (NGC) meeting on Thursday. The decision follows a recommendation from the Nevada Gaming Control Board (NGCB) late last month.
NGCB Recommendation
In April, the NGCB recommended granting Diller an unrestricted gaming license as a member of the board of directors of MGM Resorts International. This decision was based on his years of experience and significant contributions to the media industry. According to Forbes, Diller's net worth is estimated at approximately $4.1 billion.
License condition
However, NGC placed a condition on Diller's license related to the Securities and Exchange Commission (SEC) investigation. The SEC was looking into purchases of Activision Blizzard stock that Diller, Alexander von Furstenberg and David Geffen made in January 2022, days before Microsoft announced it would acquire Activision Blizzard.
SEC investigation closed
At his last meeting with NGC, Diller advised that the SEC investigation was closed and that no further action was required. He explained that the process was labor-intensive and required the provision of a significant amount of information. According to Diller, he gave one interview to representatives of the SEC, and they were satisfied with his answers.
Licensing Solution Support
Abby Silver, a new NGC member, expressed confidence that no additional license conditions would be necessary. Silver, a former Nevada Supreme Court justice, was appointed to NGC by Gov. Joe Lombardo in April. She noted that the SEC's letter and investigation were sufficient to satisfy her.
NGC Voting
The NGC vote ended 4:1 in favor of granting Diller an unlimited gaming license. The lone holdout was Rosa Solis-Raney, who expressed concerns about the lack of a provision requiring Diller to meet with the Commission again in the event of prosecution or settlement.
Barry Diller currently serves as Chairman of the Board of IAC/Interactive Corp., an American holding company that owns media and Internet brands in more than 100 countries. IAC is MGM Resorts' largest shareholder, owning a 20% stake. Obtaining an unrestricted gaming license in Nevada strengthens Dealer and IAC's position in the gaming industry and confirms their commitment to further growth in the sector.
