Billionaire Barry Diller is mounting an $18bn bid for MGM Resorts, the gaming group that operates Las Vegas casinos including The Bellagio, Aria and Mandalay Bay.
The media veteran’s company People Inc has submitted a cash bid of $48.30 per share for the remaining MGM shares it does not already own, the company said in a statement on Monday. People Inc has a 26 per cent stake and Diller has a seat on the board.
“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real-world assets that AI cannot easily replicate,” Diller said on Monday. Shares in MGM jumped more than 14 per cent in early trading on Monday.
MGM operates more than a dozen resorts in Las Vegas, making up about 40 per cent market share on the Vegas Strip.
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