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…
Impact and considerations
The withdrawal removes ownership uncertainty around a potential MGM go-private deal and keeps the resort operator as a standalone public company, a relevant signal for hotel and gaming investors, partners and corporate travel buyers. People Inc. retaining roughly 27% and saying it remains open to a strategic transacti…
Key points
- People Inc. withdrew its proposal this week to acquire MGM Resorts International, which will continue as a standalone company.
- People Inc. made a go-private bid in June valuing MGM at more than $18 billion, which a special committee of MGM's board evaluated.
- People Inc. chairman Barry Diller said the mix did not come together as hoped and the company decided not to pursue taking MGM private at this time.
- People Inc. continues to hold 66.8 million MGM shares, about 27%, and Diller expressed total confidence in MGM's management and prospects.
- Diller said People Inc. remains open to and interested in a strategic transaction with MGM.
- MGM board chairman Paul Salem said the board remains excited to lead MGM as a standalone company, citing its Las Vegas position, regional properties and BetMGM momentum.
Sources and time
- Primary source
- Hotel Dive
- Other sources
- 0
- First source publication
- 24 Sept 2026, 08:00
- Page published
- 25 Sept 2026, 02:43
- Last updated
- 24 Sept 2026, 08:00
- Original links
- Hotel Dive Feed：People Inc. drops bid to acquire MGM Resorts (opens in a new tab)Primary source · en · Published 24 Sept 2026, 08:00