IAC Chairman Barry Diller Secures Full Nevada Gaming License

Late last month, the Nevada Gaming Control Board (NGCB), recommended Barry Diller, the media mogul with an estimated net worth of approximately $4.1 billion according to Forbes, to receive an unlimited gaming license as a board member of the leading gaming and hospitality company, MGM Resorts International.

Now, the Nevada Gaming Commission (NGC) approved the unlimited license for the billionaire investor and media mogul. Still, the Commission attached a condition on Diller’s license. This condition followed the recommendation made by the NGCB late last month.

The aforementioned condition stemmed from an investigation into the billionaire entrepreneur that was led by the Securities and Exchange Commission (SEC). The probe looked into stock purchases made by Diller back in January 2022. At the time, the media mogul, together with Alexander von Furstenberg and David Geffen purchased stock in Activision Blizzard. The purchase caught the attention of the SEC as it was made a few days before Microsoft announced its acquisition of Activision Blizzard.

However, during the latest meeting with the NGC, Diller informed the regulatory body that the SEC closed the investigation. The billionaire said that the SEC did not require any further action. A letter from the SEC was also sent to the NGC.

During the latest meeting, Diller, who was quoted by the Nevada Independent, said: “The process was very cumbersome in terms of records and all sorts of information that we supplied.” Moreover, the media mogul and billionaire explained: “I did one interview with government representatives, and I think (they were) satisfied with the answers that I gave. I’m glad it’s finished.”

Overwhelming Support for the Media Mogul’s Full License

Abbi Silver, a commission member, spoke during the latest meeting and revealed: “I’m confident there doesn’t even need to be a condition.” Moreover, she added: “I’m satisfied just by the letter and then our further investigation into it.”

The latest meeting marked the first such event for Silver, who was appointed to the NGC back in April by Gov. Joe Lombardo. As an expert with solid experience, she is a retired Nevada Supreme Court Justice.

The NGC vote was held on Thursday. Although the vote concluded 4-1, not everyone agreed to the nonrestricted license granted to Diller. Rosa Solis-Rainey was the sole commissioner to vote against the unlimited gaming license.

She argued that there’s no provision that requires Diller to meet with the Commission again in case there’s prosecution, settlement or other similar events. “In no way do I want to impugn his character (and) his history of service both to his communities or to his businesses,” said Solis-Rainey.

Currently, Diller serves as a chairman at IAC/Interactive Corp., an American holding company that owns media and internet brands in more than 100 countries across the globe. Currently, IAC is the largest shareholder in MGM Resorts, holding a 20% stake.