MGM Resorts International will remain a standalone company after Barry Diller-owned media conglomerate People Incorporated withdrew its proposal to acquire the resort operator this week, according to a Wednesday news release from MGM.
People Inc. made a bid to acquire MGM in June, proposing a go-private deal that valued the resort operator at more than $18 billion. Over the past several months, a special committee formed by MGM’s board of directors has evaluated the proposed transaction.
Following negotiations between the companies, People Inc. withdrew its offer to acquire all of the outstanding shares of MGM that it does not already own.
“There are lots of ingredients that go into a proposal of this kind on its way to completion,” Diller, who serves as chairman and senior executive at People Inc., said in a Wednesday statement. “We didn’t feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time.”
People Inc. continues to hold 66.8 million MGM shares, representing approximately 27% of the company, according to Diller. He said that People Inc. has “total confidence” in both MGM’s management and company prospects going forward.
“We at People Incorporated remain open to and interested in the possibility of a strategic transaction with MGM Resorts and look forward to considering a range of alternatives,” he said.
MGM Board Chairman Paul Salem said in the company’s release that MGM’s board “remains excited to continue to lead MGM Resorts as a standalone company.”
“Our leading position in Las Vegas, our best-in-class regional properties and BetMGM's continued momentum highlight the value we bring to our shareholders,” Salem said.
MGM saw 1% year-over-year consolidated net revenue growth in the second quarter of 2026, bolstered by strength in Las Vegas, according to a July earnings report.
Also in Las Vegas, MGM competitor Caesars Entertainment received a go-private offer from Fertitta Entertainment in May, which Caesars shareholders approved Tuesday.
