Gambling End-of-Week Round-Up: Kalshi Hits $6B, Caesars Takeover Advances, MGM Bid Falls Apart

People Inc., owned by Barry Diller, has withdrawn its offer to buy the remaining public shares of MGM Resorts International. MGM's shares fell 8% following the news. People Inc. had offered to purchase the remaining shares, valued at over $18 billion, in June. Diller cited a lack of alignment in the deal's terms. People Inc. still seeks a strategic transaction with MGM.

MGM Resorts (MGM) is considering acquiring People Incorporated, which owns 27% of MGM. People recently withdrew its $12.4B bid for MGM. MGM's potential acquisition could give it control of its own shares and assets like Food & Wine. People's shares rose 9% after-hours, while MGM's fell 10% the next day.

MGM Resorts shares fell 9% after People Inc. withdrew its $48.30 per share acquisition offer, citing transaction complexity and high debt. People Inc. owns 26.1% of MGM and may reconsider a deal. MGM operates casinos, hotels, and leisure sites in the U.S. and China.

Caesars Entertainment's board approved a $17.6 billion sale to Tilman Fertitta, including $5.7 billion in cash and $12 billion in debt assumption. The deal, pending regulatory approval, would privatize Caesars and expand Fertitta's gaming portfolio, including eight Las Vegas properties. Analysts expect potential cost savings and job cuts, with mixed views on the impact on Las Vegas.

MGM Resorts (MGM) shares fell 22.9% after People Inc. withdrew a takeover bid. Analysts upgraded MGM to Strong Buy, citing attractive valuation metrics, robust balance sheet, and long-term growth potential despite near-term challenges.

Barry Diller withdrew his $18 billion bid to take MGM Resorts International private, citing financing challenges. MGM shares fell nearly 11% to $33.69. Experts suggest the withdrawal may lead to long-term capital constraints but no immediate job losses. Caesars Entertainment's buyout by Tilman Fertitta was approved.