The shares, purchased between 11 to 23 August, work to increase IAC’s stake in MGM Resorts to 16.5%, as the company looks to take advantage of the burgeoning online gambling and sports betting industry.

The move could be a strategic one, given recent fluctuations in share price. They have ranged between $27 and $35 over the past two months, falling from prices of between $45 and $48 seen at the start of the year.

In February, MGM Resorts International and IAC each purchased 4.5 million common shares in MGM Resorts, sold by management and investor relations firm Corvex Management. 

At that time, the shares were valued at $45 each, with the two companies spending a combined total of $405m to purchase them.

Previously, IAC purchased 12% worth of shares of MGM Resorts, in a 2020 deal valued at over $1bn.

This most recent move is indicative of IAC’s sustained interest in MGM Resorts, as the company continues to grow and expand into the online gambling vertical.

IAC Chairman and Senior Executive Barry Diller was granted approval to work in the casino business by the Nevada Gaming Commission (NGC) in May of this year.

The decision came despite the NGC having recently questioned Diller regarding suspicious bets placed on Activision Blizzard sales, shortly after the game developer was acquired by Microsoft in January 2022.