Published on: March 31, 2026, 07:57 AM.
Updated on: March 31, 2026, 07:57 AM.
- IAC has recently increased its investment in MGM by acquiring one million more shares
- Barry Diller’s firm previously held approximately 23% of the casino titan
- The latest acquisitions amounted to a total of $37.22 million
Barry Diller’s IAC/InterActiveCorp (NASDAQ: IAC) has recently expanded its ownership in MGM Resorts International (NYSE: MGM), which is recognized as the largest casino operator on the Las Vegas Strip.
An official Form 4 filing with the U.S. Securities and Exchange Commission (SEC) reveals that on March 23, IAC acquired 550,000 shares of the Cosmopolitan operator. The following day, Diller’s company, which already held the largest share of MGM, purchased an additional 450,000 shares of the gaming stock.
With these two transactions, valued at a total of $37.22 million, IAC now holds 66.82 million shares of MGM, translating to over 23% ownership of the casino operator. Notably, MGM shares surged 3.56% this month, contrasting with a 5.27% decline in the S&P 500. Year-to-date, the gaming stock has risen by 1.37%, while the S&P 500 has dropped by 4.65%.
IAC: A Committed MGM Investor
IAC initially acquired a 12% stake in MGM, valued at $1 billion, back in August 2020. Since then, their ownership has nearly doubled due to both stock purchases and MGM reducing its float through buybacks.
To date, IAC, known for its strategic investments in internet-based companies, has maintained a passive investment approach in MGM, even as the stock has fallen 3.19% over the past five years, while the S&P 500 has gained nearly 65%.
Diller has openly endorsed MGM, labeling it a “forever asset.” Analysts covering the media conglomerate believe MGM is undervalued. However, rumors in the investment and casino industries suggest that Diller has privately shown frustration regarding MGM’s stock performance, although he has not publicly acknowledged such feelings.
Both Diller and former IAC CEO Joey Levin serve on MGM’s board of directors.
Diller Fulfills His Commitment to MGM
The SEC filing surfaced 13 months after Diller indicated IAC might consider increasing its MGM investment, affirming that the media mogul has followed through on his promise regarding a stock he previously likened to a Patek Philippe watch.
IAC does not currently hold any other gaming companies, but reports from last year suggested the firm had explored other potential acquisitions within the wagering sector. There is no exclusivity agreement preventing IAC and MGM from investigating additional opportunities in the live betting arena.
The shares of MGM are not the only recent acquisition by Diller. He recently purchased a penthouse at the Carlyle Hotel in Manhattan, a historic site once frequented by President John F. Kennedy, for an impressive $11 million.