MGM Resorts adds 2 IAC executives following $1B investment

After investing around $1 billion in MGM Resorts International, holding company IAC/InterActiveCorp is moving two of its leaders to the casino company’s board of directors.

On Thursday, MGM appointed IAC Chairman and Senior Executive Barry Diller and CEO Joey Levin to its now-14-member board.

Chairman Paul Salem said IAC’s investment and support come at a “pivotal time” and will play a key role in the company’s strategy to grow in-person and digital offerings.

“We couldn’t be more excited to welcome Barry and Joey to our board and to benefit from their collaboration,” he said in a Thursday news release.

IAC’s Aug. 10 investment in MGM represents a 12 percent stake in the company. In a letter to shareholders, the holding company said it was interested in MGM’s moves in online gaming and believed the company’s offerings are poised to develop and thrive.

“We believe MGM presented a ‘once in a decade’ opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online,” according to the letter, filed with the U.S. Securities and Exchange Commission.

MGM President and CEO Bill Hornbuckle said he expects Diller and Levin will help the company build brand loyalty and increase wallet share in online and resort-based experiences.

Diller, who is also chairman and senior executive of Expedia Inc., was previously an executive with QVC, Paramount Pictures Corp. and Fox Inc., where he was responsible for creating the Fox Broadcasting Company. He was also president of Entertainment and Communications Group, which included Simon & Schuster Inc., Madison Square Garden Corp. and SEGA Enterprises Inc.; vice president of Prime Time Television for ABC Entertainment and worked with a host of Broadway shows. He currently is on the Coca-Cola Company board and is a member of The Business Council

Before joining IAC, Levin worked in the Technology Mergers & Acquisitions group for Credit Suisse First Boston, now Credit Suisse. He is also chairman of the boards of Match Group Inc. and ANGI Homeservices Inc. and is on Turo’s board. He had previously been director of Groupon Inc., LendingTree Inc. and The Active Network.

Company shares, traded on the New York Stock Exchange, closed down 0.33 percent Thursday to $20.83.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.