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Sep 25Fri
  1. Hotel Dive Feed

    People Inc. withdraws bid to acquire MGM Resorts

    People Inc. withdrew its proposal this week to acquire MGM Resorts International, leaving the resort operator to continue as a standalone public company. People Inc. made a go-private bid in June valuing MGM at more than $18 billion, and a special committee of MGM's board evaluated the proposed transaction over several months. Barry Diller, chairman and senior executive of People Inc., said the mix of ingredients did not come together as hoped, but the company still holds 66.8 million MGM shares, roughly 27%, expressed total confidence in MGM's management and prospects, and remains open to a strategic transaction. MGM board chairman Paul Salem said the board remains excited to lead MGM as a…

  2. Hotel Dive Feed

    Caesars shareholders approve Fertitta Entertainment's $17.6B acquisition

    Caesars Entertainment shareholders voted at a special meeting to approve Fertitta Entertainment's acquisition of the resort and casino operator. About 143.28 million shares, or 70.3% of outstanding stock, cast votes, with the majority in favor of advancing the $17.6 billion deal. Fertitta will pay roughly $5.7 billion for Caesars and assume about $11.9 billion of debt. The deal still requires antitrust clearance from the Federal Trade Commission and approvals in each jurisdiction where Caesars has gaming operations, which could take up to 10 months. Shareholders would receive $31 in cash per share if the deal closes by June 26, 2027.