Billionaire Barry Diller wants MGM Resorts for $18 billion

According to rumors, MGM Resorts would be valued at $18 billion if billionaire digital media tycoon Barry Diller. Made an all-cash offer of $48.30 per share through his firm, People Inc.

Following the announcement, which was covered by The New York Times, MGM Resorts International shares increased 15% in pre-market trade on Monday.

People, formerly known as IAC, already owns a 26.1% stake in the casino giant and holds two seats on its board of directors. One of which is occupied by Diller. In a statement to People shareholders in April, the billionaire referred to MGM as a «extraordinary deal.»

Diller, who has been increasing his stake in MGM since 2020, stated that the resort company represents a “perfect hedge in a world that is changing at such an unpredictable pace.”

MGM Resorts owns approximately 40% of the Las Vegas Strip, including the Bellagio, the MGM Grand, the Mandalay Bay, the ARIA Resort, and the Park MGM Casino. As well as casinos in several states and in China.

The company’s origins (and name) are tied to Metro-Goldwyn-Mayer. The famous Hollywood studio responsible for films such as «The Wizard of Oz» and «Gone with the Wind.»

Billionaire investor Kirk Kerkorian, who at the time was developing 80 acres he had purchased on the Las Vegas Strip. Acquired the Metro-Goldwyn-Mayer film studio in 1969 and used its name to open the original MGM Grand Hotel and Casino, the largest hotel in the world at the time of its construction.

$42.2 billion. That’s the total assets of MGM Resorts, the world’s largest casino company.