MGM Resorts soars 25% after IAC buys 12% stake, calling it 'once in a decade opportunity' (IAC)

John Locher/AP Photo

• MGM Resorts soared as much as 25% on Monday after IAC said it bought a 12% stake in the company for approximately $1 billion.
• IAC Chairman Barry Diller called investing in MGM right now a "once in a decade opportunity."
• IAC has been looking to put cash to work after completing its spinoff of Match Group in June, which netted the internet media company $3.9 billion in cash.
• Diller said in a letter to shareholders that he sees potential for MGM's currently small online gaming business to grow into a meaningful earnings driver over the long term.
• Visit Business Insider's homepage for more stories.

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MGM Resorts jumped as much as 25% on Monday to $23.79 after IAC took a 12% stake in the company for approximately $1 billion, calling the investment a "once in a decade opportunity."

The internet media company has been looking to put cash to work after it completed its spinoff of Match Group, which generated $3.9 billion in cash for IAC.See the rest of the story at Business Insider

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