Barry Diller's People Inc. Withdraws $18 Billion Bid for MGM Resorts

Barry Diller's People Inc. has withdrawn its roughly $18 billion proposal to take MGM Resorts International private at $48.30 per share, ending months of speculation about a full buyout. People, which already owns about 27% of MGM, said it "didn't feel the mix was coming together" and passed on the deal "at this time," though Diller indicated the firm remains "open to and interested in" a future strategic transaction.

The withdrawal comes as MGM navigates softening Las Vegas demand among budget-conscious visitors; Strip occupancy was flat in the second quarter while average daily room rates fell 4%. The company's BetMGM division has continued expanding elsewhere, recently launching new game titles in Alberta and Ontario and signing on as the official sports betting and online casino partner of the Minnesota Vikings in Canada.

MGM will now continue as a standalone public company, at least for now, leaving investors to weigh the casino operator's Las Vegas exposure against its digital betting growth.