Barry Diller’s People Inc. has offered to take MGM Resorts International private in a cash deal valuing the casino giant at more than $18 billion, putting one of the largest US gaming operators in play.
People Inc., the media group formerly known as IAC, proposed on June 1, 2026 to buy the 73.9% of MGM Resorts it does not own for $48.30 per share. The offer values MGM at more than $18 billion, including roughly $5.6 billion in debt, and would take the owner of the Bellagio, MGM Grand and BetMGM private. MGM’s board has said it will review the non-binding proposal with its advisers.
Key Facts:
• People Inc. offered $48.30 per share in cash for the 73.9% of MGM Resorts it does not own, valuing the company at more than $18 billion — CBS News
• The bid is a 24.1% premium to MGM’s 30-day volume-weighted average price and 10.6% over its May 29, 2026 closing price — People Inc. letter
• People Inc., the former IAC, already holds 26.1% of MGM, a stake worth about $2.9 billion — SEC filing
• MGM confirmed receipt on June 1, 2026; the proposal is non-binding and under board review — MGM Resorts
What People Inc. has offered
The all-cash proposal of $48.30 per share is a 24.1% premium to the 30-day volume-weighted average price of MGM stock to May 29, 2026, more than 30% over the 90-day average, and 10.6% over the most recent close. People Inc. began building its position about six years ago and now owns 26.1% of the company, so the bid covers the remaining 73.9%.
Because the proposal is non-binding, MGM’s board can reject it, push for a higher price, or open the process to rival bidders. The company confirmed only that “its board will review the offer with financial and legal advisors,” giving no timetable. Any change of control would also require sign-off from gaming regulators including the Nevada Gaming Control Board.
Why Diller wants MGM
Barry Diller, chairman and senior executive of People Inc., framed the bid as a bet that MGM is undervalued on the public market. “We believe that MGM’s assets and businesses are not currently realizing their full potential in the public markets and that it will be difficult to correct this situation in MGM’s current form as a public company,” he wrote in his letter to the board.
Diller also pointed to the mix of physical resorts and digital gaming as the draw. “We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities,” he wrote. The reference to digital growth points at BetMGM, the online betting and iGaming joint venture MGM runs with Entain.
What it means for BetMGM and customers
For now, nothing changes for MGM customers or BetMGM users: this is an opening offer, not a completed deal. The longer-term question is what a private owner would do with BetMGM, which People Inc. has flagged as a core “digital growth opportunity.” A take-private removes quarterly market pressure and could free up online investment.
The consumer-protection angle is regulatory. A change of control at a licensed operator triggers suitability reviews across every US state where MGM and BetMGM hold licences, scrutinising ownership, funding and compliance history before any transfer is approved. That review is the main gate between the bid and any change customers would notice.
What happens next
The next move sits with MGM’s board, which can accept, negotiate, reject, or run a wider sale process; a counter-bid cannot be ruled out given MGM’s scale. If a deal is agreed, gaming-regulator approvals would follow and could take many months. Watch for the board’s formal response and any rival approaches.
FAQ
Q: How much is Barry Diller offering for MGM Resorts?
A: People Inc. has offered $48.30 per share in cash for the 73.9% of MGM it does not own, valuing the company at more than $18 billion including debt.
Q: Is the MGM takeover a done deal?
A: No. The proposal is non-binding and under board review, and any deal would also need gaming-regulator approval.
Q: What does it mean for BetMGM?
A: There is no immediate change. People Inc. has singled out MGM’s digital growth, including the BetMGM venture with Entain, as a key reason for the bid.
For more on consolidation across the sector, see our coverage of Bally’s Intralot’s approach for Evoke and the latest Macau gaming revenue figures.
This article is informational only and is not financial or betting advice.
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