Barry Diller Moves to Take Over MGM Resorts in $18 Billion Deal

Key Points

• Barry Diller's People Inc is planning an $18 billion takeover bid for MGM Resorts, offering $48.30 per share for the remaining stake.
• Diller already owns 26.1% of MGM and holds significant board influence, giving him leverage over rival bidders.
• The bid highlights renewed interest in Las Vegas assets, following recent takeover moves in the hospitality and gaming sector.

Summary

Barry Diller's People Inc is preparing a cash bid to acquire the remaining 73.9% of MGM Resorts it does not already own, valuing the company at over $18 billion. Diller's current stake and board presence give his company significant influence, and the proposed $48.30 per share offer represents a premium over recent trading prices. The move comes amid a surge in merger and acquisition activity on the Las Vegas Strip, reflecting Diller's long-standing interest in travel and leisure and a strategic pivot toward hard assets in an unpredictable digital landscape.