People Inc. Withdraws $18 Billion Bid for MGM Resorts

People Inc., led by Barry Diller, withdrew its proposal on September 23, 2026, to acquire the remaining shares of MGM Resorts International. The bid, first initiated in June, valued the casino operator at more than $18 billion with a cash offer of $48.30 per share.

Following the announcement, MGM Resorts shares dropped between 8% and 10% in after-hours trading, with some reports indicating a plunge of up to 22.9% on September 24. People Inc. currently maintains a 27% ownership stake in the company, which it began accumulating in 2020. Diller stated that the company decided not to pursue the takeover because the mix of the deal was not coming together as hoped, though he noted that People Inc. remains open to future strategic transactions.

MGM Resorts Chairman Paul Salem responded that the board is excited to continue operating as a standalone company. Salem cited the strength of the company's Las Vegas properties, BetMGM, and international opportunities in China and Osaka. Despite near-term headwinds in Macau, the company maintains a net leverage ratio of 1.57 and reports improving trends in Las Vegas.