Barry Diller’s People Inc. Makes $18 Billion Bid for MGM Resorts

Already the largest shareholder, he says the casino and resort business is ‘one with real-world assets that AI cannot easily replicate or disintermediate.’

File photo of the strip on Las Vegas Boulevard in Las Vegas, Nev. Robert Mora/Getty Images

Barry Diller’s People Inc., the largest shareholder of MGM Resorts, has made an all-cash offer to buy the rest of the casino and hotel operator.

People Inc., which holds roughly a 26 percent stake in MGM, offered $48.30 per share for the shares it does not already own—about a 10.6 percent premium to MGM’s prior closing price, the company said on June 1. The proposal implies an equity value of roughly $12.4 billion and an enterprise value of about $18 billion with MGM’s debt included.