From The Hollywood Reporter · Erik Hayden · · 50s
Barry Diller Drops $18 Billion MGM Takeover Plan
Barry Diller cancels $18 billion plan to take over MGM Resorts after failed bid for casino giant.
In brief
Barry Diller cancels $18 billion plan to take over MGM Resorts after failed bid for casino giant. Barry Diller abandoned his $18 billion takeover bid for MGM Resorts International, retaining 27% ownership while MGM plans to stay independent. Originally reported by The Hollywood Reporter.
Barry Diller
Barry Diller's People Inc dropped its $18 billion plan to take over MGM Resorts International.
MGM Resorts
MGM Resorts owns the MGM Grand, Aria, Bellagio, Cosmopolitan, Mandalay Bay, New York-New York, Luxor, Excalibur and other Las Vegas properties.
Diller's Reason
Diller said the bid mix wasn't coming together as hoped and he has 27% ownership of MGM Resorts.
MGM's Stance
MGM Resorts board says it will stay independent with BetMGM's growth and international properties.
BetMGM
MGM Resorts' BetMGM online sportsbook has seen dramatic growth with FanDuel and DraftKings competing.
The short version
Barry Diller abandoned his $18 billion takeover bid for MGM Resorts International, retaining 27% ownership while MGM plans to stay independent.
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