The media billionaire has always been a risk-taker—from HSN to Expedia to Tinder. Now, he’s rolling the dice on MGM’s ability to attract gamblers online.
The pandemic has not been kind to any casino operator. MGM, according to its most recent earnings report, suffered a 91% decrease in net revenues during Q2 compared with the same quarter last year. But one bright spot, the company touts, is BetMGM, its online gaming joint venture with GVC. To date, BetMGM is operating in seven states and it expects to be live in four more by the end of 2020.
The $1 billion investment news gave MGM’s stock price a 14% boost on Monday while IAC’s stock price dropped 5.5%. Currently, IAC owns video platform Vimeo and ANGI Homeservices, which owns home improvement sites Handy, Angie’s List and HomeAdvisor. Late last year, IAC acquired Care.com, an online marketplace to find babysitters and adult caretakers.
All of Diller’s prior success doesn’t mean IAC’s $1 billion investment in MGM is a sure bet. According to a recent report written by Macquarie Insights, MGM, the biggest Las Vegas operator with 30% of all gaming revenue on the Strip—whose properties include the Bellagio and New York, New York—lost a staggering $14.4 million per day during the pandemic lockdown. Analysts predict that Vegas and the casino operators will rebound in three to seven years.
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