MGM Resorts International CEO Bill Hornbuckle signaled at the Global Gaming Expo that the casino operator remains open to pursuing an acquisition of People Inc., the publishing and holding company controlled by Barry Diller. This represents a notable shift following People Inc.’s decision to withdraw its proposal to take over MGM at $48.30 per share. Hornbuckle emphasized that MGM would continue evaluating opportunities to unlock shareholder value, citing the company’s portfolio of assets including its sports betting platform, casino operations in Macao, a resort under development in Japan, and Las Vegas properties.
People Inc., which owns approximately 27% of MGM and serves as the casino operator’s largest shareholder, had announced its withdrawal last week. Diller stated that the various factors necessary to complete the acquisition had not aligned as anticipated, though he expressed continued interest in potential strategic transactions with MGM. MGM shares were trading near $32 at the time of the discussion, considerably below the price People Inc. had offered in June. Hornbuckle praised Diller and People Inc. as excellent shareholders and noted Diller’s confidence in Las Vegas, characterizing the city as uniquely positioned to maintain its appeal in an era of advancing artificial intelligence.
The MGM developments occur amid broader dealmaking activity in the casino industry. Caesars Entertainment shareholders approved a $17.6 billion take-private transaction with Fertitta Entertainment, which would combine Caesars’ operations with Golden Nugget casinos and other hospitality assets. Caesars CEO Tom Reeg indicated that private ownership would allow for longer-term strategic planning rather than operating on quarterly cycles. The transaction faces extended antitrust review by the Federal Trade Commission, which has requested additional information.
Wynn Resorts CEO Craig Billings reported that construction of Wynn Al Marjan Island in the United Arab Emirates continues on schedule despite a roughly $600 million budget increase attributable partly to regional conflict and supply chain disruptions. Billings stated the resort remains positioned to open in September 2027. He emphasized the importance of customer quality over broad visitation metrics in Macao, describing the region as the world’s largest gaming market. MGM continues developing its Osaka resort on a man-made island, with the project proceeding on schedule and within budget.
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