Barry Diller’s People Incorporated has withdrawn its non-binding $18 billion proposal to take MGM Resorts private, ending months of talks after failing to reach terms with a special committee of MGM’s board. People Inc. will retain its roughly 27% stake (about 66.8 million shares) and says it remains open to future deals, while MGM will stay public and focus on its core operations; the announcement sent MGM shares tumbling in premarket trading.
People Inc withdraws $18B bid for MGM Resorts acquisition People Incorporated has withdrawn its proposal to acquire the shares of MGM Resorts International, ending months of talks over a potential takeover worth around $18 billion. By Alla Basentsyan September 25, 2026 The non-binding proposal from Barry Diller’s People Incorporated to acquire MGM Resorts for $18 billion was first made in June 2026, with the company offering $48.30 per MGM share and already holding around 27% of the casino operator at the time. Under the deal, MGM Resorts would have gone private. However, after months of discussions with a special committee of MGM’s board, People Inc. decided to end the talks, with Diller saying that the proposal was not coming together as expected. Barry Diller commented: “There are lots of ingredients that go into a proposal of this kind on its way to completion. 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.” Now, People Inc. will keep its existing stake in MGM Resorts, which includes around 66.8 million shares, as Diller also said that the company remains interested in MGM and doesn’t rule out a future strategic deal. MGM Resorts, meanwhile, will continue as a standalone company, as MGM Chairman Paul Salem stated that the board remains focused on the company’s business in Las Vegas, its regional properties, BetMGM, MGM China and the upcoming MGM Osaka resort. The end of the takeover talks also affected MGM’s share price, with shares falling sharply after the withdrawal, as Reuters reported a 9% drop in premarket trading on September 24, 2026. MGM Resorts Alla Basentsyan Content Writer As a content writer at AffPapa, Alla focuses on daily coverage of iGaming news, writes in-depth articles on the most relevant topics of the sector, and presents insights from industry professionals through dedicated interviews. She combines her background in research with an engaging and informative approach to help readers stay up-to-date with everything that’s happening in global iGaming markets.
Curated by Taleb Kabbara · Source: affpapa.com
People Incorporated, MGM Resorts International, BetMGM, MGM China, MGM Osaka, People Inc, Paul Salem, Barry Diller, AffPapa, Alla Basentsyan
People Incorporated: People Incorporated is the company that made and then withdrew a non-binding proposal to acquire MGM Resorts International for $18 billion and will retain its existing stake in MGM Resorts.
MGM Resorts International: MGM Resorts International is a casino operator that was the target of a proposed $18 billion acquisition by People Incorporated and will continue as a standalone company with business including Las Vegas operations, regional properties, BetMGM, MGM China and the upcoming MGM Osaka resort.
BetMGM: BetMGM is a betting business that is part of MGM Resorts' operations and is listed among the company’s areas of focus.
MGM China: MGM China is an MGM Resorts business unit operating in China that the MGM board will continue to focus on after the withdrawal of the takeover proposal.
MGM Osaka: MGM Osaka is an upcoming resort project referenced as part of MGM Resorts' portfolio that the company will continue to focus on following the end of takeover talks.
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