SCHEDULE: IAC Boosts MGM Stake to 24.07% with $40M Share Purchase

IAC Inc. has increased its beneficial ownership in MGM Resorts International to 24.07% through open market purchases and the impact of MGM's share repurchase program.

Summary

• IAC Inc. filed Amendment No. 5 to its Schedule 13D, reporting an increased beneficial ownership in MGM Resorts International.
• IAC now beneficially owns 65,822,350 shares of MGM Common Stock, representing approximately 24.07% of the outstanding shares.
• The percentage is calculated based on 273,506,440 shares of MGM Common Stock outstanding as of October 27, 2025, as reported in MGM's Quarterly Report on Form 10-Q.
• The increase in ownership percentage is attributed to two factors: MGM's ongoing share repurchase program, which reduced the total number of outstanding shares, and IAC's direct purchase of additional shares.
• On December 5, 2025, IAC purchased 1,098,748 shares in a series of open market transactions for a total purchase price of approximately $40,011,018, including brokerage commissions.
• IAC's current portfolio includes category-leading businesses such as People Inc. and Care.com, and strategic equity positions in MGM Resorts International and Turo Inc.

Sentiment

Score: 7

Explanation: IAC Inc. increased its stake in MGM Resorts International through a significant open market purchase and benefited from MGM's share repurchase program, indicating continued confidence in MGM's value. This is a positive signal from a major investor.

Positives

• IAC Inc. increased its beneficial ownership in MGM Resorts International, signaling continued confidence in the company's value and prospects.
• The increase in percentage ownership was partly due to MGM's share repurchase program, which can be viewed as a positive sign of effective capital management by MGM.
• IAC's direct investment of over $40 million in additional MGM shares demonstrates a strong financial commitment to its strategic equity position.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance regarding MGM's future performance or IAC's long-term strategy beyond maintaining its strategic equity position.

Industry Context

IAC Inc., a diversified holding company with interests in various internet and media businesses, continues to hold a significant strategic equity position in MGM Resorts International, a global hospitality and entertainment company. This filing reflects IAC's ongoing investment strategy in key industry players, reinforcing its commitment to its existing portfolio companies.

Legal Proceedings

• Neither IAC Inc. nor, to the best knowledge of IAC Inc., any of its directors or executive officers have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws during the preceding five years.

Stakeholder Impact

• Shareholders (MGM): Increased ownership by a major institutional investor (IAC) could be viewed positively, signaling confidence in MGM's future prospects and potentially reducing the public float.
• Shareholders (IAC): The additional investment in MGM is part of IAC's strategic equity portfolio, impacting IAC's overall asset allocation and potential returns from its investment in the hospitality sector.

Key Dates

Keywords

MGM Resorts International, IAC Inc., Schedule 13D, Share Ownership, Equity Stake, Investment, Casino, Hospitality, Stock Purchase, Beneficial Ownership, SEC Filing