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MGM CEO leaves door open to buying Barry Diller’s People Inc.
cnbc.com • • business
Key Points:
- MGM Resorts CEO Bill Hornbuckle suggested the company might consider acquiring Barry Diller's People Inc., reversing the media company's recent withdrawal of its bid to buy MGM, as MGM seeks to unlock shareholder value.
- MGM's assets include BetMGM, casino operations in Macao, a resort under construction in Japan, and Las Vegas properties, with Hornbuckle emphasizing Las Vegas's unique appeal that artificial intelligence cannot replace.
- Caesars Entertainment is preparing to go private through a $17.6 billion sale to Fertitta Entertainment, aiming to integrate casino, digital, and hospitality assets; the deal is under Federal Trade Commission antitrust review.
- Wynn Resorts' UAE project, Wynn Al Marjan Island, remains on schedule despite regional conflicts causing a $600 million budget increase, with the resort set to open in September 2027 as the UAE's first integrated casino resort.
- MGM's Osaka integrated resort in Japan is progressing on time and budget, with expectations to become a major cash-flow generator; MGM and Wynn both focus on premium customers in Macao, despite broader market fluctuations.
