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MGM Resorts adds IAC leaders to board of directors

24th August 2020 7:10 am GMT
MGM Resorts

New York-listed casino operator MGM Resorts International has expanded its board of directors following the significant investment in the company by InterActiveCorp (IAC).

IAC acquired a 12 per cent stake in MGM Resorts earlier this month, leading to the appointment of IAC chairman and senior executive Barry Diller and CEO Joey Levin to the MGM board, which is now comprised of 14 members.

“We couldn't be more excited to welcome Barry and Joey to our board and to benefit from their collaboration as MGM Resorts continues developing innovative products and elevating our leadership in digital experience,” said MGM Resorts chairman Paul Salem.

“IAC's significant investment, expertise and support come at a pivotal time and will play a key role in MGM's strategy to seize emerging opportunities and lead the industry with unparalleled in-person and digital experiences.”

Diller was CEO of IAC from1995 to late 2010 and now serves as IAC chairman and senior executive, a role he also performs for Expedia. He was previously chairman and CEO of Paramount Pictures Corporation and Fox Inc, where he was responsible for the creation of Fox Broadcasting Company, in addition to Fox's motion picture operations. He also serves on the board of The Coca-Cola Company.

Current IAC chief executive Levin has served in various roles at IAC since he joined the company in 2003, assuming his first operating leadership role in 2009 as CEO of Mindspark Interactive, a division of IAC. He was appointed CEO in 2015.

Levin also currently serves as chairman of New York-listed Match Group and ANGI Homeservices Inc, and serves on the board of Turo.

He was previously a director at Groupon, LendingTree, and The Active Network through its IPO and up until its sale to Vista Equity Partners.

“We are excited to collaborate with IAC,” said MGM Resorts CEO and president Bill Hornbuckle. “We believe that Barry and Joey bring the know how and vision to help us to marry our online and resort-based experiences and build brand loyalty to increase our wallet share in each area. 

“We could not ask for more talented people to bring this expertise to our board room and all of our shareholders will benefit from their presence. Barry and Joey are joining a board of incredibly diverse and talented individuals and this addition brings new skill sets that the entire group will benefit from. The possibilities for growth are significant and we look forward to what the future holds.”

Shares in MGM Resorts International (NSQ:MGM) closed 1.58 per cent higher at $21.16 per share in New York Friday.

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