MGM appoints IAC Chairman and CEO to its board after $1B investment

MGM Resorts International on Thursday appointed IAC/InterActiveCorp (IAC) Chairman and Senior Executive Barry Diller and CEO Joey Levin to the company's Board of Directors, a few days after the media and technology company took a $1 billion stake in the casino operator.

MGM’s board 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," Paul Salem, Chairman of the MGM Resorts Board of Directors, said in a press release. "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."

IAC recently bought a 12% stake in MGM Resorts citing the exciting growth potential of online gaming and sports betting. Diller previously said the casino's BetMGM business —a joint venture with GVC Holdings in the US— currently "rounded down to zero" in terms of the revenue contribution it made to the overall operation, but it was a "unique opportunity... to own a meaningful piece of a preeminent brand in a large category with immense potential to move online."

"We are excited to collaborate with IAC. 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," said Bill Hornbuckle, CEO and President of MGM Resorts. "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."

Diller is the Chairman and Senior Executive of IAC and the Chairman and Senior Executive of Expedia. He also serves on the board of The Coca-Cola Company and is a member of The Business Council.

Levin is the Chief Executive Officer of IAC and serves on IAC's Board of Directors. He is currently Chairman of the boards of Match Group and ANGI Homeservices, and serves on the Board of Directors of Turo.