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#The Wall Street Journal: Barry Diller’s gambling license is delayed by Nevada regulator

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“The Wall Street Journal: Barry Diller’s gambling license is delayed by Nevada regulator”

State gaming board seeks more time in wake of Activision insider-trading investigation

The top gambling regulator in Nevada on Thursday delayed MGM Resorts International
MGM,
-0.55%
stakeholder Barry Diller’s licensing after federal authorities launched insider-trading investigations into his share purchases of Activision Blizzard Inc.
ATVI,
-0.29%.

Nevada Gaming Commission Chairwoman Jennifer Togliatti in a public meeting ordered that Diller’s application to be in the casino industry undergo “further fact-finding and investigation” by the state’s Gaming Control Board. The board’s staff investigates the backgrounds of executives and major shareholders who must be licensed to operate in the state’s gambling industry. State regulators determine applicants’ “suitability” to be licensed, and their regulations are intended to prevent corruption or criminal activity in the industry.

In 2020, Diller and his internet holding company, IAC/InterActiveCorp.
IAC,

+3.06%

,
said it had spent more than $1 billion for a 12% stake in MGM Resorts in pursuit of the growing online gambling industry in the U.S. IAC’s stake in the Las Vegas-based casino operator has since grown to about 14%.

Diller didn’t respond directly to a request for comment. In a statement, IAC said the matter was “simply delayed.” “We expect no issues with respect to Mr. Diller’s application nor with IAC’s,” the company said.

An expanded version of this report appears on WSJ.com.

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