Barry Diller has submitted a non-binding proposal to acquire all outstanding shares of MGM Resorts International that People Inc. does not already own [1].
The move would effectively take the Las Vegas-based casino operator private. This bid signals a significant strategic shift for Diller, who recently overhauled his business holdings by renaming IAC to People Inc. [1].
The proposal, announced June 1, 2026, values the company at between $18 billion [1] and nearly $19 billion [2], including debt. The variation in valuation across reports reflects the scale of the acquisition and the current market volatility of the gaming sector.
Diller believes the company is a prime candidate for privatization. He said, "I believe MGM's assets are materially undervalued by the market" [3].
By taking the company private, Diller intends to create value that he believes is not being realized under the current public trading structure [3]. MGM Resorts International operates as a major player in the global gaming and hospitality industry, with its primary headquarters located in Las Vegas, Nevada [1].
People Inc. has not yet detailed the specific financing terms for the buyout. The proposal remains non-binding, meaning the board of MGM Resorts International must still review and approve the offer before any formal agreement is reached [1].
“I believe MGM's assets are materially undervalued by the market.”
This bid represents a transition for Barry Diller from a diversified media and internet conglomerate strategy toward a more concentrated bet on physical luxury assets and gaming. By attempting to take MGM private, Diller is betting that the company's long-term intrinsic value exceeds its current stock market valuation, seeking to avoid the short-term pressures of quarterly public earnings reports.
