People Inc., the digital media company chaired by Barry Diller, has proposed buying MGM Resorts International in a deal valuing the casino and hotel operator at more than $18 billion. The offer marks another major takeover attempt in the U.S. gaming sector, arriving days after Tilman Fertitta’s Fertitta Entertainment agreed to acquire Caesars Entertainment in a $17.6 billion transaction.
People Inc., formerly known as IAC, already owns 26.1% of MGM’s outstanding common stock. The company is offering $48.30 per share in cash for the remaining shares, representing a premium of about 10.6% to MGM’s most recent closing price before the offer became public. Under the proposed structure, People expects to own just over 50.1% of MGM’s equity, while other investors would hold minority interests.
MGM confirmed it had received the proposal and said its board would review the offer with financial and legal advisers before deciding on next steps. The company’s shares rose above the offer price after the announcement, suggesting investors may expect a higher bid, competing interest or a prolonged review process.
For Diller, the proposal is the latest step in a long-running bet on MGM. His interest dates back to the Covid-19 pandemic, when IAC began accumulating shares while casino and travel stocks were under pressure from shutdowns and travel restrictions. Diller has since argued that MGM is undervalued, pointing to its real-world assets, digital gambling exposure and international growth opportunities.
The offer would also diversify People Inc. beyond its core digital media business, which includes publications such as People and Food & Wine. Diller has experience in travel and leisure through Expedia, which he acquired under IAC in 2002 and later spun off after building it into a major global online travel company.
MGM remains one of the most important operators on the Las Vegas Strip, with marquee properties that account for roughly 40% of hotel, resort and casino assets in the destination. Its portfolio includes major hospitality, entertainment, convention and gaming venues, making it deeply tied to both leisure travel and business events.
The timing is complicated. Las Vegas has faced weaker visitation trends, softer consumer spending and pressure from declining international travel. MGM and other resort operators have been responding with new value propositions, including recent all-inclusive packages at Excalibur and Luxor aimed at travelers seeking more predictable trip costs.
At the same time, MGM has stronger growth stories outside traditional Las Vegas gaming. Its Macau operations have benefited from Asia’s recovery, while BetMGM has become one of the leading U.S. online sportsbook and digital gaming brands. Those digital and international assets are central to the argument that MGM may be worth more than public markets have recognized.
The proposed buyout also reinforces a broader shift in gaming and hospitality ownership. With casino stocks under pressure and debt burdens high across the sector, strategic buyers are looking for scale, iconic assets and digital upside. If completed, the People Inc. offer would place MGM under the influence of a media and travel-focused investor at a time when casinos are increasingly competing as entertainment, hospitality and data-driven consumer platforms.
For the travel industry, the deal would be more than a casino transaction. It would reshape ownership of one of the largest hotel and resort portfolios in Las Vegas, a destination where gaming, events, entertainment and hospitality remain tightly connected.
