{"id":214501,"date":"2022-05-20T09:05:53","date_gmt":"2022-05-20T16:05:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=214501"},"modified":"2022-05-20T10:20:07","modified_gmt":"2022-05-20T17:20:07","slug":"ngc-approves-diller-for-limited-license-amid-insider-trading-probe","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/","title":{"rendered":"MGM Investor Barry Diller Gets Limited License from Nevada Gaming"},"content":{"rendered":"

The Nevada Gaming Commission (NGC) has granted a limited license to Barry Diller, the media mogul whose IAC\/InterActiveCorp (NASDAQ:IAC) is the largest shareholder in MGM Resorts International (NYSE:MGM). That’s following an inquiry into a federal investigation of the billionaire\u2019s purchase of Activision (NASDAQ:ATVI) call options ahead of Microsoft (NASDAQ:MSFT) announcing a takeover bid for that video game publisher.<\/p>\n

\"barry
Barry Diller in a 2021 interview. The Nevada Gaming Commission (NGC) approved him for a limited license. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

In March, news broke that the<\/a> US Department of Justice and Securities and Exchange Commission (SEC) are looking into whether or not options trades placed by Diller, his stepson Alexander von Furstenberg, and entertainment executive David Geffen on the video game company could constitute insider trading.<\/p>\n

\n

Prior to the insider trading probe being revealed, the Nevada Gaming Control Board (NGCB) recommended licensing for Diller and IAC. The NGC previously said<\/a> it wants the NGCB to look into Activision options inquiry.<\/p>\n<\/div>\n

At its May 19 meeting, the Commission voted 4-1 in favor of a limited license for Diller and IAC CEO Joey Levin, who is not part of federal regulators\u2019 insider trading investigation.<\/p>\n

For Diller, Limited License Not So Bad<\/h2>\n

For Diller and Levin — both of whom are MGM board members — the limited license isn\u2019t a bad thing. It simply means they have to wait two years before applying for full permits. That time frame could be reduced if the Justice Department and the SEC opt not to charge Diller with any wrongdoing.<\/p>\n

Diller can continue to serve as a board member under the limited license and engage in other business activities tied to MGM. The limited license only restricts the time frame for which he is approved,\u201d<\/strong> according to the Wall Street Journal<\/em>.<\/p><\/blockquote>\n

The NGC\u2019s decision arrives barely more than a week after Levin spoke glowingly about<\/a> IAC\u2019s MGM investment in his annual letter to the conglomerate\u2019s shareholders.<\/p>\n

\u201cWe bought our first share of MGM Resorts International for $12.17. We went on to buy another $1 billion worth of MGM shares over the following twelve weeks because the market provided us with what we described at the time as a once-in-a-decade opportunity to own the largest stake in a category leader at an unreasonably low price relative to risk,\u201d writes Levin.<\/p>\n

New York-based IAC owns 15% of MGM equity.<\/p>\n

Diller Speaks Out<\/h2>\n

Diller, 80, previously commented on the purchase of Activision call options, noting it was no more than a \u201clucky bet.\u201d He attended the NGC meeting, further elaborating on the situation.<\/p>\n

\u201cI recognize that such a neat coincidence, people are going to look at it,\u201d <\/strong>he told the commission. \u201cI thought immediately that they would\u2026I said, \u2018Let\u2019s be certain we keep all the records so that whenever this is investigated, which it surely will be, that facts can be known, which is, we had no knowledge.\u2019 \u201d<\/strong><\/p>\n

Commissioner Ogonna Brown was the lone vote against a limited license for Diller and Levin. But that vote was placed because she supports fully licensing them. She noted at the meeting that there\u2019s no reason to question Diller\u2019s integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nevada Gaming Commission (NGC) has granted a limited license to Barry Diller, the media mogul whose IAC\/InterActiveCorp (NASDAQ:IAC) is the largest shareholder in MGM Resorts International (NYSE:MGM). That’s following an inquiry into a federal investigation of the billionaire\u2019s purchase of Activision (NASDAQ:ATVI) call options ahead of Microsoft (NASDAQ:MSFT) announcing a takeover bid for that […]<\/p>\n","protected":false},"author":46,"featured_media":214503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13592],"tags":[],"acf":[],"yoast_head":"\nNGC Approves Diller For Limited License Amid Insider Trading Probe<\/title>\n<meta name=\"description\" content=\"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NGC Approves Diller For Limited License Amid Insider Trading Probe\" \/>\n<meta property=\"og:description\" content=\"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-20T16:05:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-20T17:20:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/\",\"url\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/\",\"name\":\"NGC Approves Diller For Limited License Amid Insider Trading Probe\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg\",\"datePublished\":\"2022-05-20T16:05:53+00:00\",\"dateModified\":\"2022-05-20T17:20:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"Barry Diller in a 2021 interview. The Nevada Gaming Commission (NGC) approved him for a limited license. (Image: CNBC)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"MGM Investor Barry Diller Gets Limited License from Nevada Gaming\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NGC Approves Diller For Limited License Amid Insider Trading Probe","description":"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"NGC Approves Diller For Limited License Amid Insider Trading Probe","og_description":"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.","og_url":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-05-20T16:05:53+00:00","article_modified_time":"2022-05-20T17:20:07+00:00","og_image":[{"width":2560,"height":1706,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/","url":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/","name":"NGC Approves Diller For Limited License Amid Insider Trading Probe","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg","datePublished":"2022-05-20T16:05:53+00:00","dateModified":"2022-05-20T17:20:07+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Barry Diller approved for limited gaming license by NGC as feds investigate Activision options trade.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/BD-scaled.jpg","width":2560,"height":1706,"caption":"Barry Diller in a 2021 interview. The Nevada Gaming Commission (NGC) approved him for a limited license. (Image: CNBC)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/ngc-approves-diller-for-limited-license-amid-insider-trading-probe\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"MGM Investor Barry Diller Gets Limited License from Nevada Gaming"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/214501"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=214501"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/214501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/214503"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=214501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=214501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=214501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}