{
  "id": 9543885,
  "title": "MGM Resorts shares tumble after Diller’s People withdraws $18 billion bid",
  "url": "https://urgent.news/2026/09/24/mgm-resorts-shares-tumble-after-dillers-people-withdraws-18-billion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T11:18:47.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/mgm-resorts-shares-tumble-after-dillers-people-withdraws-18-billion-bid-4915120"
  },
  "original_language": "en",
  "account": "On Thursday, MGM Resorts' shares plummeted by 9% after media mogul Barry Diller's People Inc pulled its $18 billion bid to acquire the casino operator. The stock opened at $34.40, signaling a potential seven-month low, and erased all gains since the People initially announced the bid. People, which holds a 27% stake in MGM, had proposed purchasing the remaining shares for $48.30 each in June, pushing the company's stock to an 18-year high. The deal aimed to broaden Diller's group's portfolio, which includes well-known brands like People magazine and Travel + Leisure. However, Diller stated they did not feel the merger was progressing as they had anticipated. This was the second take-private offer for a casino operator this year, following Tilman Fertitta's deal to buy out Caesars Entertainment in May. Analysts believed that MGM Resorts could potentially perform better under People's less short-term focused investor scrutiny. Despite People's stock falling by a fifth since the initial proposal, its shares remained relatively unchanged before trading began. MGM owns significant Las Vegas Strip properties, representing about 40% of the strip's total. However, the company's growth has been inconsistent, with domestic foot traffic declining while its digital operations and Chinese assets have thrived. MGM's stock is currently rated as a \"hold\" on average, on par with its peer Caesars, while smaller competitors Las Vegas Sands and Wynn Resorts have a \"buy\" rating.",
  "summary": null,
  "key_points": [
    "MGM Resorts shares drop 9% after People Inc withdraws $18 billion bid",
    "Barry Diller's People Inc held 27% stake in MGM before bid",
    "Deal aimed to expand Diller's portfolio but faced progress concerns"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}