645: The Investor Came Knocking | Glenn Schiffman, CFO, IAC/InterActive
There’s little question that 2020 will long be remembered as a year of crisis for the casino industry.
Commercial gaming revenues in the U.S. were down 79 percent during the second quarter when compared to Q2 2019, a fact that made IAC/Interactive’s August announcement that it was purchasing 12 percent of hospitality and gambling giant MGM all the more headline-grabbing.
“We think we found a once-in-a-decade opportunity to find a meaningful position in an iconic brand,” explains IAC/InterActive CFO Glenn Schiffman, who says IAC’s balance sheet remains flush with cash (more than $3 billion)…
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