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MGM Resorts International CEO Bill Hornbuckle said the company is open to a potential deal involving People Inc., keeping alive a possible transaction after the company’s largest shareholder withdrew its bid to buy the rest of MGM.
The comments matter because People Inc., formerly known as IAC, owns about 27% of MGM, and Hornbuckle specifically pointed to MGM’s digital assets, including its growing sports betting and online casino presence through BetMGM, as the company argues it is undervalued. The Wall Street Journal had reported MGM was exploring an offer for People Inc.
Hornbuckle said MGM is focused on “trying to unlock the value of a company that we think is grossly undervalued.” He also described Barry Diller and People Inc. as “an amazing shareholder.”
People Inc. last week withdrew its $48.30-per-share proposal to acquire the rest of MGM, shifting attention to whether MGM could instead pursue a deal of its own.
Hornbuckle points to BetMGM, Macao, Japan and Las Vegas assets
In discussing MGM’s value, Hornbuckle cited the company’s major assets: BetMGM, its operations in Macao, its resort under construction in Osaka, and its Las Vegas real estate.
He said Las Vegas remains difficult to replicate globally, adding, “There’s nothing like it replicated anywhere in the world.” Hornbuckle also argued the market is resistant to technological disruption, saying, “It is the one place, particularly in his world, where AI won’t disintermediate it.”
On Japan, Hornbuckle said MGM’s Osaka integrated resort is on time and on budget after more than a year of site preparation. He said the development spans roughly 97 acres and 18 million square feet, and that its casino floor will be four times the size of the casino at Bellagio.
Broader casino dealmaking also puts Caesars and Wynn in focus
Hornbuckle’s remarks came amid a wider conversation about casino-sector dealmaking and long-term investment projects.
At Caesars Entertainment, shareholders have approved a $17.6 billion sale, including assumed debt, to Fertitta Entertainment. Caesars CEO Tom Reeg said public companies are often forced to think in short-term increments, adding, “That’s not how you run a business.” He also said the pending deal could include some property divestitures, but not ones he expects to be major “needle movers” from a news perspective.
The Caesars transaction is still under Federal Trade Commission review, and the agency has issued a second request for information.
At Wynn Resorts, CEO Craig Billings said Wynn Al Marjan Island in the UAE remains on track for a September 2027 opening despite a roughly $600 million increase in the budget. He said the company’s near-term focus is simple: “Get open, start earning EBITDA.”
What comes next for MGM is less clear. The key unanswered question is whether the company will formally pursue People Inc. after its shareholder’s offer for MGM fell away.
Source: As reported by cnbc.com.
