Updated with approval: The Nevada Gaming Commission has granted MGM Resorts International shareholder Barry Dealer a limited license to operate in the state’s casino industry, following an investigation by billionaire IAC chairman and former media mogul into a federal investigation into the acquisition of Activision Blizzard shares.
MGM Resorts has a 14% stake in IAC. Dealer and CEO of IAC Joey Levin is on the board. The dealer, his stepchildren Alexander von Furstenberg and David Geffen reportedly acquired stock of the videogame giant before it was acquired by Microsoft earlier this year, boosting the stock. The dealer says he has no knowledge of the upcoming deal.
According to the WSJ, the commission voted 4-1 for a two-year license while the investigation was pending, instead of giving the dealer a full license.
Previously: The Nevada Gaming Commission today returned the gambling license applications of IAC Chairperson Barry Dealer and CEO Joey Levine to the Nevada Gaming Control Board for “further investigation and investigation.”
The Nevada gambling regulator’s decision comes in the wake of federal prosecutors and SEC investigating dealers, Alexander von Furstenberg and David Geffen, who called the Activision Blizzard Alternative Trade an “unrealistic” trade-off before Microsoft’s videogame was labeled in January. 18.
An IAC representative said in an email response to the deadline, “Mr. Dealer’s license application was not rejected; the matter was only delayed. We do not expect any problems with Mr. Dealer’s application.” IACOf. “
The decision to delay the dealer’s license application was made by Nevada Gaming Commission Chairperson Jennifer Togliatti at a public meeting that was also broadcast live on YouTube. Applications will be put on hold until the April board meeting.
Prominent casino shareholders and executives must be licensed to operate in the Nevada gambling industry. The Nevada Gaming Control Board investigates the background of such people. The whole process is aimed at curbing corruption and criminal activity in the gambling circles of the state. IAC’s involvement with MGM Resorts is to help drive casinos into the online gambling sector.
Dealers Geffen and Von Furstenberg bought shares of Activation at $ 40 a pound, while video game developer and publisher stocks were trading at about $ 63. Activation shares were priced at around $ 80 when their profits were cut The Wall Street JournalIts report.
At the time of the March 8 report, the dealer confirmed that he was under investigation by the DOJ, and said WSJ None of the three had personal information about the merger. “It was just a lucky bet,” he said WSJ. “We have not acted on any information from anyone. It’s one of those coincidences. “
Jill Goldsmith contributed to this report