The Nevada Gaming Control Board has unanimously recommended the approval of media mogul Barry Diller as a director for MGM Resorts International, marking a significant step forward in his licensing process.
Diller, a senior executive at IAC, a company holding a 20 percent stake in MGM, faced some hurdles during the process. However, after appearing before the board online, he received recommendation for approval.
Diller has been serving on the company’s board of directors for two years under conditional licensing from the Nevada Gaming Commission since May 2022. The final approval of unconditioned licensing is set to be considered by the Gaming Commission on May 16.
Diller is the chairman of IAC, a multinational holding company operating primarily in media and internet sectors, and chairman of Expedia Group. He is a former chairman and CEO of major corporations like Fox and Paramount Pictures Corp. Additionally, he sits on the board of The Coca-Cola Company.
His initial conditional licensing approval in 2022 faced challenges due to an announcement of a Securities and Exchange Commission (SEC) investigation into insider trading involving him, his stepson-in-law Alexander von Furstenberg, and film studio executive David Geffen. Despite this, the commission conditionally approved his licensing, allowing him to assume the role of an MGM director but requiring a follow-up two years later.
During Wednesday’s follow-up, Diller shared a fortuitous turn of events: he received an email from the SEC on Tuesday stating it does not intend to recommend enforcement action against him. Control Board Chairman Kirk Hendrick remarked to Diller during the hearing: “As you know, some business transactions are all about timing. This time the timing worked in your favor.”
However, concerns were raised during the hearing. Board member George Assad said that the email from SEC to Diller’s lawyer be made public and cautioned that the communication “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.”
The recommendation for licensing approval was amended to include a condition requiring Diller to promptly notify Nevada regulators if the SEC renews plans for an investigation within 48 hours.
Original article: https://www.yogonet.com/international/noticias/2024/05/02/71982-mgm-resorts-inches-closer-to-licensing-for-media-mogul-barry-diller
