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May 26, 2024
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Billionaire Barry Diller Granted Another Chance for Nevada Casino License

Billionaire Barry Diller Granted Another Chance for Nevada Casino License

Media mogul Barry Diller, known for his prominent role in the entertainment industry, will have another opportunity to secure a full gaming license in Nevada. The decision comes as the Nevada Gaming Control Board (NGCB) voted to reconsider Diller’s application, marking a significant development in his pursuit of entering the casino industry.

The Billionaire Faced Setbacks in 2022

Diller, whose IAC/InterActiveCorp is the largest shareholder in MGM Resorts International, faced challenges during his previous appearance before the gaming commission due to an investigation into insider trading allegations by the Securities and Exchange Commission and the Justice Department. He only received a limited gaming license, which did not meet his ambitions.

Despite recommendations from the Gaming Control Board for a full license, concerns arose following reports suggesting Diller’s involvement in acquiring shares of Activision Blizzard stock shortly before Microsoft acquired the company. While Diller maintained his innocence and expressed willingness to return the shares, the allegations prompted the commission to impose limitations on his license.

During the previous hearing, Diller emphasized his commitment to ethical conduct and denied any wrongdoing, stating that he would never engage in fraudulent activities, especially at his stage in life. He regarded the NGCB’s previous decision as unfair but focused on other projects while waiting for a new opportunity to enter the gaming sector. 

A Full License Could Disrupt Nevada’s Gaming Sector

The decision to grant Diller another chance for a full gaming license could have substantial implications for Nevada’s gaming industry. His ties to companies like MGM, Fox Broadcasting Company, and USA Network can provide a stable foundation for his planned gaming venture. The billionaire has not shared his plans, but his previous projects show he is not one to spare expenses.

If Diller receives the coveted full license, he will enter Nevada’s gaming market at a dynamic moment. Despite a small Q1 2024 drop in revenue, the state’s gambling industry remains robust and has demonstrated room to grow. However, current market players have mostly consolidated their positions, meaning that a newcomer must offer a unique and compelling offering.

As Diller prepares for his upcoming hearings before the NGCB, industry observers will closely monitor the outcome, eager to see how the regulatory process unfolds for one of the entertainment world’s most prominent figures. A gaming license is considered a privilege, and the commission’s cautious approach reflects its commitment to upholding integrity within the industry.

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