MGM Resorts International Welcomes IAC As A Significant Investor
MGM Resorts International (NYSE: MGM) announced a substantial investment from IAC/InterActiveCorp, led by Barry Diller. This collaboration is expected to enhance MGM's digital and customer-centric strategies, particularly in iGaming and sports betting through BetMGM. MGM aims to leverage IAC's expertise in online brand growth to improve guest experiences and maximize shareholder value. The partnership aligns with MGM's 2020 plan, emphasizing data-driven innovations and sustainable practices. Additionally, IAC is invited to join MGM's Board of Directors, marking a strategic long-term relationship.
- IAC's investment signifies strong confidence in MGM's growth strategy.
- The partnership aims to enhance MGM's digital assets and customer experience.
- IAC's expertise is expected to bolster MGM's iGaming and sports betting initiatives.
- Continued impact of COVID-19 on travel and entertainment sectors could pose risks.
- Potential competition from other destination travel locations may affect market share.
LAS VEGAS, Aug. 10, 2020 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today welcomed the announcement that IAC/InterActiveCorp (IAC), the media and technology company founded and led by renowned business leader Barry Diller, has made a significant investment in MGM Resorts International.
"We could not be more excited to welcome IAC and Mr. Diller as an investor in MGM Resorts. Mr. Diller and Joey Levin, CEO of IAC, bring vast experience in both entertainment and online commerce and we will take full advantage of their experience," said Paul Salem, MGM Resorts Chairman of the Board of Directors. "IAC's family of brands and digital expertise are a great complement to the direction MGM Resorts has been taking both in leveraging our digital assets to enhance our guests' experience and building a leading iGaming and sports betting business in BetMGM. We welcome IAC as a long-term strategic partner and intend to invite them to join our Board of Directors."
Data-driven, digital and customer-centric innovations are a key principle of the MGM 2020 plan announced last year and MGM Resorts' executive leadership is excited that IAC recognizes the tremendous value creation potential.
"IAC's expertise in growing and expanding brands online is a natural fit for our focus on enhancing the resort experience through curated and personalized offerings, as well as digital enhancements in sports betting and online gaming," said CEO and President Bill Hornbuckle. "We appreciate that they share our long-term strategic vision for growth and maximizing value for our shareholders. We welcome their collaboration and are excited at the possibilities it will bring."
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" initiative, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding its ability to execute on its strategic plans, including MGM 2020, and the Company's ability to maximize value for its shareholders. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the continued impact of the COVID-19 pandemic on the Company's business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
MGM RESORTS CONTACTS: | |
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BRIAN AHERN | CATHERINE PARK |
Director, Media Relations | Executive Director, Investor Relations |
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SOURCE MGM Resorts International
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