People Inc Bids $18 Billion for MGM Resorts as Barry Diller Bets on Hard Assets
Updated
Updated · Financial Times · Jun 10
People Inc Bids $18 Billion for MGM Resorts as Barry Diller Bets on Hard Assets
3 articles · Updated · Financial Times · Jun 10
Summary
$18 billion is what People Inc is offering to buy the 74% of MGM Resorts it does not already own, in an all-cash bid of $48.30 a share.
Barry Diller said MGM's resorts and casinos are undervalued in public markets and argued physical experiences and hard assets gain appeal in an AI-driven economy.
People Inc already owns about 26% of MGM and has been building the stake since 2020; Diller said he had been weighing a full takeover for six months.
Las Vegas tourism remains soft — visitors fell 7.5% in 2025 — but Diller blamed Trump administration policies and weaker Canadian travel rather than a lasting demand problem.
The bid also fits People Inc's push to lean on MGM as a hedge against digital publishing pressures after the company posted a $72 million first-quarter loss on $423 million in revenue.
With tourism falling and online rivals surging, can MGM's physical assets justify Diller's massive $18 billion price tag?
Is an $18B bet on casinos a genius move against AI or a massive gamble against the future of digital worlds?
Barry Diller’s $18 Billion Bid for MGM Resorts: Strategic Rationale, Industry Impact, and the Future of Casino Consolidation
Overview
Barry Diller’s People Inc., recently rebranded from IAC, is preparing an $18 billion bid to acquire full control of MGM Resorts International. Already holding a 26.1% stake and two board seats, People Inc. is in a strong position to block rival offers. Diller believes MGM is undervalued, pointing to its valuable assets in major gaming hubs and strong digital growth prospects. While the bid is still being finalized and could be delayed or scrapped, this move highlights Diller’s strategic vision to unlock value and capitalize on MGM’s potential in both physical and digital gaming markets.