People Inc, led by Barry Diller, has shelved its proposed $18bn acquisition of MGM Resorts International, reportedly. Diller said the proposal was not coming together as hoped, while his confidence in the casino and resort business remained undiminished.
The shelved proposal ends the current path to a potential change of ownership at MGM Resorts International.
Quarter ended 30 September 2026
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The Nevada Gaming Commission approved licences, amended registration orders and shelf offerings for separate proposed take-private transactions involving MGM Resorts International and Caesars Entertainment. Caesars is being acquired by Fertitta Entertainment in a $17.6 billion deal, subject to shareholder, competition and gaming-jurisdiction approvals; the commission also approved licences for two Fertitta Entertainment executives. MGM remains in discussions with Barry Diller’s People Inc., with further details expected on its second-quarter earnings call, the company’s legal counsel said.
MGM executive Chandler Pohl told the Nevada Gaming Control Board that he could provide no further information about People Inc’s proposed acquisition of MGM shares. People Inc has made a non-binding cash offer of $48.30 per share for the shares it does not already own, valuing the proposal at $18bn; MGM has not announced a decision.
MGM Resorts chief executive Bill Hornbuckle said People Inc. withdrew its acquisition offer after it could not assemble a syndicate that met its objectives. MGM reported third-quarter 2026 revenue of $4.2bn, down 1% year on year, and a net loss of $17m; the company said it would refocus on its business.
J.P. Morgan analyst Daniel Politzer said gaming stocks fell 7% in August, while the S&P 500 rose 3%. He cited several possible factors, including the Iran conflict, higher rates and sector uncertainty; Churchill Downs gained 3%, while Penn Entertainment fell 17%.
It was reported that People Inc.’s plan to buy MGM Resorts drew questions from Nevada Gaming Commission members. Commission members expressed concern because MGM employs more private-sector workers than any other Nevada employer.