Updated with approval: The Nevada Gambling Commission has approved a limited license for MGM Resorts International shareholder Barry Dealer to work in the state casino business after investigating billionaire president IAC and former media mogul over a federal investigation into the acquisition of Activision Blizzard stock .
IAC has a 14% stake in MGM Resorts. IAC distributor and CEO Joey Levine are on board. Distributor, his son Alexander von Furstenberg and David Geffen reportedly bought shares in the video game giant before Microsoft bought it earlier this year, increasing the shares. The trader said he didn’t know about the upcoming deal.
According to the WSJ, the committee voted 4-1 to approve the dealer’s two-year license while the investigation is taking place instead of granting him a full license.
soon: The Nevada Gaming Commission today sent gaming license applications from IAC President Barry Dealer and Executive Director Joey Levine to the Nevada Gaming Control Board “for further investigation and determination of acts.”
The Nevada gaming regulator’s decision comes amid investigations by federal and SEC prosecutors Alexander von Furstenberg and David Geffen, who made $ 60 million in unrealized profits by trading Activision Blizzard options just days before the video game. Microsoft. 18
An IAC spokesperson told Deadline in an email: “Mr. The reseller’s license application was not rejected; The case was simply postponed. We do not expect any problems with Mr. Dealer’s statement either IACHe is. “
Jennifer Togliatti, president of the Nevada Gambling Commission, has decided to postpone the retailer’s license application to a public meeting. Which also went live on YouTube. Questions will be postponed to the April Board meeting.
Casino shareholders and top executives must have a license to operate in the Nevada gaming industry. The Nevada Gaming Control Board is investigating the stories of those people. The whole process aims to prevent corruption and criminal activities within the state gambling circle. The IAC’s involvement with MGM Resorts aims to strengthen the casino in the online gaming industry.
The distributor, Geffen and von Furstenberg bought options to buy Activision stock for $ 40 each, while the game developer and publisher’s stock traded for around $ 63. Their profits were made when the activation shares had respectively priced around $ 80. Wall Street newspaperRelationship.
In a report on March 8, the trafficker confirmed that he is being investigated by the Ministry of Justice and said WSJ That none of the three men had personal information about the upcoming merger. “It was just a lucky bet,” he told her. WSJ. “We act on the basis of any information from any person. This is one of the coincidences ”.
Jill Goldsmith contributed to this report
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
