MGM Resorts Announces $107M Borgata Hotel Renovation

Goldman Sachs lowered its price target for MGM Resorts International from $43 to $30. The company's shares were trading at $29.32, up 0.17% in pre-market. This adjustment comes amid a strong quarter for BetMGM, a joint venture involving MGM.

MGM Resorts will remain independent after Barry Diller's People Incorporated withdrew its $18 billion take-private offer. People holds 27% of MGM shares. MGM shares fell from $38 to $32 since the decision. Diller cited debt and deal complexities. MGM may now consider acquiring People. No operational changes announced for MGM properties.

MGM Resorts CEO Bill Hornbuckle expressed openness to acquiring People Inc., which had previously attempted to take MGM private. People Inc. holds 27% of MGM and withdrew its offer last week. MGM stock was down 3%, while People Inc. stock rose 9% on acquisition rumors. Neither company confirmed the reports.

People Incorporated, led by Barry Diller, has withdrawn its offer to acquire MGM Resorts International. Diller cited challenges in reaching an agreement, despite holding 27% of MGM's shares. MGM's stock dropped from $38 to $32 following the news. According to CNBC, MGM's $30 billion debt load was a factor. The Wall Street Journal reported MGM may now consider acquiring People Incorporated.

MGM Resorts CEO Bill Hornbuckle hinted at a potential acquisition of top shareholder People Inc., which owns 27% of MGM. People Inc. recently withdrew its $48.30-per-share bid to acquire MGM. Meanwhile, Caesars Entertainment shareholders approved a $17.6B take-private deal with Fertitta Entertainment, pending FTC review. MGM and Wynn Resorts are advancing international projects in Japan and the UAE.

MGM Resorts (MGM) is considering an offer for its major shareholder, People Inc. (PPLI), after People withdrew its $48.30 per share offer for MGM. People's stock rose 11% to $40 following the news. People owns 27% of MGM, and a deal could allow MGM to repurchase its own shares at a discount.