MGM Resorts International is a gaming and entertainment company operating in the United States, China, and internationally through its subsidiaries. It reports in four segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other amenities, along with online and digital games through its online platforms. Casino operations include slots, table games, live dealer, online sports betting, and iGaming through BetMGM. Customers include premium gaming customers, leisure and wholesale travel customers, business travelers, and group customers such as conventions, trade associations, and small meetings. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International in June 2010. It was incorporated in 1986 and is based in Las Vegas, Nevada.
Diller's $48 Buyout Dies; MGM Now Eyes Buying Its Own Owner
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Diller withdraws $48.30/share buyout Barry Diller's People Inc. pulled its $48.30-a-share cash offer to take MGM private, citing trouble assembling partners and financing. The 15% takeover premium that had lifted MGM since June vanished, and the stock fell about 11% — the main reason MGM is moving now.
This is the single biggest new event of the period and the direct cause of MGM's drop.
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MGM may bid for its largest shareholder MGM is weighing a takeover of People Inc., the media company that owns roughly 27% of MGM and just walked away from buying it. A deal could simplify the ownership mess, but it would use MGM's cash on publishing assets, so the market's reaction is unclear.
This is the new twist that could shape MGM's value after the failed buyout.
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Buyout failure exposes weak sector sentiment Reports say Diller struggled to raise debt and faced investor doubt about casino and entertainment companies. That suggests outside money is cautious on the sector, which can keep a lid on MGM's valuation even though its Las Vegas Strip and Macau results are at records.
It explains why the bid failed and why the drop may not quickly reverse.
Q3 2026
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Diller's buyout bid lifts MGM, then collapses on financing
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Diller's take-private bid Barry Diller offered $48.30 per share to buy MGM and take it private, initially lifting the stock. A special committee and a raised fair-value estimate of $50.57 suggested room for a higher offer.
This was the dominant event of the quarter and initially drove the stock higher.
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Las Vegas revenue growth and Q2 beat Las Vegas revenue grew for the first time in two years, and Q2 revenue beat expectations at $4.45 billion. The Osaka project also stayed on budget, supporting the bullish case.
These operational positives provided fundamental support during the buyout saga.
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Risks and investigations Legal investigations into conflicts of interest and a Nevada regulatory review added uncertainty. Resorts World expanded in New York while MGM sat out, and a big EBITDA miss ($610 million vs. $1.19 billion expected) raised concerns.
These negative developments weighed on sentiment and highlighted operational and regulatory challenges.
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Diller withdraws, shares fall In September, Diller withdrew his buyout bid, citing financing troubles. MGM shares fell about 11%. The company is now considering buying its largest shareholder, People Inc., though the market reaction is uncertain.
The collapse of the buyout was the key negative event that drove the stock down sharply.
News & notes movingMGM
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Cloud & Digital Infrastructure3impact 4
Akamai Soars on $11.6 Billion Anthropic Deal; Costco Beats
Akamai Technologies shares soared after the cloud provider inked a seven-year $11.6 billion deal to provide computing power to Anthropic. Analysts said the contract, which is entirely focused on CPUs, should boost Akamai's growth and offers an attractive profitability profile, with TD Cowen noting that as long as industry-wide computer shortages remain, Akamai should be able to win more cloud infrastructure contracts. People shares jumped on a report that MGM Resorts is discussing making a bid to purchase the Barry Diller-owned media giant, in which People owns about a 27% stake. Costco Wholesale's quarterly profits surpassed Wall Street's estimates after the company recorded a benefit of nearly $200 million related to tariff refunds, though the stock was down about 1% as analysts noted it trades at roughly 40 times forward earnings. Swedish pharma company Nanexa rose 50% after Novo Nordisk, which makes Ozempic, agreed to pay up to 1.3 billion to license and develop Nanexa's drug delivery technology.
AKAM · Demand · Positive Akamai inked a seven-year $11.6 billion deal to provide computing power to Anthropic, a concrete customer contract.
COST · Capital · Positive Costco's quarterly profits beat estimates, aided by nearly $200 million in tariff refunds.
NVO · Demand · Positive Novo Nordisk agreed to pay up to 1.3 billion to license and develop Nanexa's drug delivery technology.
PPLI · Capital · Positive People shares jumped on a report MGM Resorts is discussing a bid to purchase the media giant, in which People owns about a 27% stake.
MGM · Capital · Neutral MGM is reported to be discussing a bid for Barry Diller's media giant, but no confirmed deal terms or outcome.
BlackBerry Beats Estimates, MGM Plunges on Withdrawn Bid, Starboard Takes Knife River Stake
BlackBerry Limited reported second-quarter fiscal 2027 earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.04 per share, sending its shares up 4.2%. Darden Restaurants posted first-quarter fiscal 2027 earnings of $2.05 per share, missing the Zacks Consensus Estimate of $2.06 per share, and its shares fell 3%. MGM Resorts International shares plummeted 11% after Barry Diller's People Incorporated withdrew its takeover bid for the casino chain. Knife River Corporation shares gained 1.9% on reports that activist investor Starboard Value had acquired a significant equity stake in the company.
Akamai Surges 21.3% on $11.6 Billion Anthropic Cloud Deal
Akamai Technologies surged 21.3% in premarket trading after announcing a seven-year, $11.6 billion cloud services commitment from AI company Anthropic, designed to support Anthropic's growing CPU workload demands across Akamai Cloud's distributed infrastructure. The deal includes provisions allowing the relationship to expand by up to an additional $9 billion, potentially taking the total commitment to about $20 billion, and Akamai also disclosed a hardware supply agreement with Lenovo and authorized contract manufacturer Jabil to procure about $1.7 billion in memory components. People Incorporated rose 6.5% in premarket trading after The Wall Street Journal reported that MGM Resorts International is weighing a potential takeover bid for Barry Diller's media conglomerate, with an offer potentially coming within days, just one day after People Incorporated withdrew its own $48.30-per-share cash proposal to acquire MGM's remaining public shares. Select Water Solutions rose 5.5% after announcing a definitive agreement to acquire Pilot Water Solutions for $700 million, plus up to $15 million in potential contingent consideration, in a transaction including $600 million in cash and $100 million in Class A common stock. Prime Medicine climbed 11.7% in after-hours trading to $3.49 after the U.S. Food and Drug Administration cleared its Investigational New Drug application for PM647, an investigational in vivo Prime Editor designed to correct the E342K mutation in the SERPINA1 gene, the root cause of Alpha-1 Antitrypsin Deficiency, paving the way for a global first-in-human Phase 1/2 clinical trial. On the downside, Comcast slipped 1.6% in premarket trading to $21.77 after KeyBanc downgraded the stock to Underweight from Sector Weight with an $18 price target, Twilio fell 3.7% after HSBC downgraded it to Reduce from Hold with a $211 price target, Zscaler fell 3.6% after naming Ross Tackett Chief Revenue Officer effective Oct. 1, succeeding Mike Rich, and Scholastic tumbled 11% after reporting fiscal first-quarter 2027 results that missed expectations, with revenue down 3.9% year over year to $216.8 million and an adjusted loss per share of $3.63.
MGM Resorts Weighs Acquisition of Media Company People, WSJ Reports
MGM Resorts International, which operates casino hotels and other properties in Las Vegas, is considering a takeover offer for the U.S. media company People, The Wall Street Journal reported on the 24th. People, led by U.S. billionaire Barry Diller, had just withdrawn its own acquisition proposal for MGM Resorts the previous day, and People's shares rose 9% in after-hours trading. According to the Journal, citing people familiar with the matter, MGM could make an offer within days if it decides to move ahead with the acquisition process. People is MGM's largest shareholder, holding roughly 27% of its stock, and the value of that stake is nearly equal to People's own market capitalization. If a deal is completed, it would be an unusual move in which MGM seeks to acquire its longtime largest shareholder. People is a holding company engaged in the digital media business, owning brands such as People, Food & Wine, Southern Living, and The Daily Beast, and its second-quarter earnings showed improving profitability in its publishing business.
People Inc. Soars 9% on Report MGM Resorts Weighing Takeover Bid
People Inc. jumped 9% in after-hours trading on a report that MGM Resorts is discussing making an offer for the company. According to a Wall Street Journal report citing people familiar with the matter, MGM's intentions are not entirely clear, but the casino company may be trying to buy back a large chunk of its own shares while acquiring other assets at a discount. People, formerly known as IAC, holds a 27% stake in MGM. The potential offer comes a day after Barry Diller's People withdrew its bid to buy the remaining shares of MGM it did not already own, a proposal disclosed in June that valued MGM at $12.4 billion, or $48.30 per share in cash. Diller said in a statement that the company remained open to and interested in a strategic transaction with MGM Resorts, while MGM shares dropped 11% on Thursday following the withdrawn bid.
PPLI · Capital · Positive Report that MGM Resorts is weighing a takeover bid for People sent its shares up 9% after-hours.
MGM · Capital · Neutral MGM is reportedly discussing an offer for People, but its intentions are unclear and its shares dropped 11% after People withdrew its prior bid.
MGM Resorts Weighs Takeover Bid for Barry Diller's People Inc.
MGM Resorts International is weighing a potential takeover bid for Barry Diller's People Incorporated, according to The Wall Street Journal, just one day after People withdrew its own proposal to buy the casino giant. People Incorporated currently holds a roughly 27% stake in MGM worth approximately $2.5 billion, and the company commands a market capitalization of around $2.7 billion against MGM's $8.5 billion valuation. Analysts said the near-identical value of People's total market capitalization and its MGM stake points to a deep conglomerate discount, with equity markets assigning minimal value to People's publishing titles and secondary investments, which include People, Food & Wine, and Southern Living magazines, plus stakes in the Daily Beast and Turo. MGM shares fell nearly 11% in regular trading Thursday after People abandoned its go-private attempt, then stabilized after-hours with a modest 0.3% decline, while People stock surged 8.5% in extended trading. Diller had previously pursued a long-shot takeover of MGM in June that valued the gaming company at roughly $12.4 billion, but formally walked away on Wednesday, citing difficulty assembling an optimal partner group while saying People remains open to future strategic transactions with MGM.
MGM · Capital · Neutral MGM is considering a takeover of People Inc. one day after People withdrew its own bid for MGM, a mixed M&A development; MGM shares fell 11% after People abandoned its go-private attempt.
PPLI · Capital · Positive MGM is weighing a takeover bid for People Inc., a potential M&A event that sent People shares up 8.5% after-hours.
Akamai Jumps on $12 Billion Anthropic AI Computing Deal
Akamai shares surged about 13% in after-hours trading after Anthropic struck a $12 billion deal with the company for AI computing, with Akamai also discussing longer-term capital expenditure plans. The move made Akamai the biggest after-hours mover, climbing roughly 14%. In the regular session, Oracle fell 3.5% after sending a force majeure notice to a project developer, a unit of Blue Owl Capital, regarding a massive data center being built in New Mexico, a step tied to meeting power commitments that could delay rent for Oracle even as it would still owe the rent for the full lease term once payments begin. GoDaddy rose about 4.6% after the Financial Times reported that Gen Digital, the maker of Norton 360 antivirus, made an offer for the company in a deal that would roll up a number of major legacy software brands, though the talks are in early stages and may not lead to a deal; Gen Digital shares fell more than 12%. MGM Resorts dropped 11% after Barry Diller's People Inc dropped plans to acquire the rest of the casino giant, with Diller saying the mix was not coming together as hoped. Everpure was the top S&P 500 gainer, closing up about 11% after the data storage company forecast 2028 revenue above the average analyst estimate, drawing price target hikes from Citi to 160 from 130 a share and from B of A to 180 from 150 a share.
AKAM · Demand · Positive Anthropic struck a $12 billion deal with Akamai for AI computing, a concrete order for its services.
MGM · Capital · Negative Barry Diller's People Inc dropped plans to acquire the rest of MGM Resorts, ending a buyout bid.
ORCL · Regulation · Negative Oracle sent a force majeure notice on a New Mexico data center project, a legal/contractual step that could delay rent.
P · Capital · Positive Everpure was the top S&P 500 gainer after forecasting 2028 revenue above analyst estimates, drawing price target hikes from Citi and BofA.
GDDY · Capital · Positive Gen Digital made an acquisition offer for GoDaddy, an M&A event that lifted GoDaddy shares.
GEN · Capital · Negative Gen Digital's offer for GoDaddy is an M&A move that sent its own shares down more than 12%.
Darden Falls on 1Q Profit Slip; Stitch Fix Tumbles on Weak 2027 Ebitda Forecast
Darden Restaurants shares fell after the company reported first quarter results showing higher sales but lower profits and increased expenses. MGM Resorts shares declined after Barry Diller's People Inc. dropped its plans to acquire the rest of the casino giant. Stitch Fix shares dropped after the online personal styling platform forecast full-year 2027 Ebitda far below what analysts expected, and reported a loss per share from continuing operations of 2.0c for the fourth quarter.
MGM Shares Tumble 9% as Diller's People Withdraws Buyout Proposal
Barry Diller's People withdrew its proposal to buy MGM Resorts International, sending the casino giant's shares down more than 9% in premarket trading. Diller said, "We didn't feel the mix was coming together in the way we had hoped," but expressed his faith in the company, in which he still holds 66.8 million shares. Darden Restaurants shed 6.6% after its fiscal first-quarter earnings of $2.05 per share came in line with estimates, while revenue of $3.20 billion fell just shy of the $3.21 billion expected from analysts polled by FactSet; the company also reaffirmed its full-year guidance. BlackBerry added 2% after reporting adjusted earnings of 7 cents per share, topping the 4 cents expected, on revenue of $163.3 million versus the $142.5 million consensus estimate. Meta slipped 2% following its nearly 12% move higher so far this week on optimism around its Muse AI agent, after CEO Mark Zuckerberg introduced the company's $1,299 Meta VR Glasses and Muse Charm, its handheld device that works with Muse, late Wednesday. Knife River rose 5% following a Wall Street Journal report that activist investor Starboard Value has acquired a substantial equity interest in the construction materials and contracting services company, reportedly pushing for improved margins or a potential sale, while Everpure moved 6.7% higher on positive takeaways from its financial analyst meeting and preliminary 2028 guidance of $7 billion to $7.3 billion in revenue, topping the $6.19 billion anticipated from analysts polled by FactSet.
MGM · Capital · Negative Barry Diller's People withdrew its buyout proposal for MGM Resorts, sending shares down more than 9%.
BB · Capital · Positive BlackBerry reported adjusted EPS of 7 cents and revenue of $163.3M, both topping consensus estimates.
DRI · Capital · Negative Darden's fiscal Q1 revenue of $3.20B fell just shy of the $3.21B expected, though EPS matched estimates.
KNF · Capital · Positive Activist investor Starboard Value acquired a substantial equity interest in Knife River, pushing for improved margins or a potential sale.
P · Capital · Positive Everpure rose 6.7% on positive takeaways from its analyst meeting and preliminary 2028 revenue guidance of $7-7.3B, topping the $6.19B consensus.
META · Capital · Negative Meta slipped 2% after its nearly 12% weekly gain tied to optimism around its Muse AI agent and new VR/handheld devices.
People Inc. CEO Says Google Trains AI on Its Content Without Sharing Anything Back
People Inc. CEO Neil Vogel said Google is using the publisher's content to train its AI without giving anything in return, and that the two sides have made no progress toward a new deal. Speaking at the Goldman Sachs Communacopia & Tech Conference, Vogel said the company long had an unwritten arrangement in which Google could use its content to build its search product in exchange for sessions, but that search has largely turned into an AI product that still trains on People's content while sharing nothing back. Vogel said People has signed content licensing deals with Microsoft, Meta, and OpenAI, and would ideally sign one with Google as well, though he stopped short of saying he would block Google from crawling People's content. He said the company will make an economic decision on the matter, calling Google still an important part of its business and expressing hope for a reasonable economic solution. Despite pressured search traffic, People has posted 11 straight quarters of digital revenue growth, with adjusted operating profits up 15% from the prior year in the second quarter. Separately, People, which rebranded from IAC in 2025, submitted an $18 billion proposal in June to acquire all outstanding shares of MGM Resorts International it does not already own, and currently holds a 26.1% stake in MGM; it also holds approximately a 31% stake in the car rental platform Turo, remaining its largest external shareholder following an initial $250 million investment in 2019.
PPLI · Competition · Negative Google trains AI on People's content without compensation and no new deal progress, while People has licensing deals with Microsoft, Meta, and OpenAI.
PPLI · Capital · Positive People posted 11 straight quarters of digital revenue growth with Q2 adjusted operating profits up 15% year over year.
MGM · Capital · Neutral People submitted an $18 billion proposal in June to acquire all outstanding MGM shares it does not already own, holding a 26.1% stake.
BetMGM Unveils New Betting Features Ahead of 2026-2027 Football Season
BetMGM released a series of product innovations, weekly promotions, and "legendary experiences" ahead of the 2026-2027 football season, saying the offerings are designed to deliver more value through enhanced pricing and product features, create more opportunities for fans to engage throughout the week, and reward players through loyalty benefits and premium experiences. The new offerings include exclusive bonuses and special odds tied to Thursday night football games, betting protection on early player injuries, premium spread pricing, and expanded cash-out capabilities. BetMGM was created in 2018 after MGM Resorts International and GVC Holdings formed a U.S. online sports betting and iGaming joint venture, combining MGM's casino brand, customer base, and U.S. market access with Entain's sportsbook and online gaming technology. It remains owned 50-50 by MGM Resorts International and Entain, with neither parent wholly controlling it, and is currently available in 31 markets with mobile and retail offerings.
BetMGM · Demand · Positive BetMGM itself unveiled new betting features, promotions, and loyalty experiences aimed at driving fan engagement and value.
ENT.LSE · Demand · Positive BetMGM, Entain's 50-50 JV, rolled out product innovations and weekly promotions to boost player engagement for the upcoming football season.
MGM · Demand · Positive BetMGM, MGM's 50-50 JV, launched new betting features and promotions to drive customer engagement ahead of the 2026-2027 football season.
MGM Resorts International received a non-binding acquisition proposal from People Incorporated (formerly IAC) on June 1, 2026, offering $48.30 per share in cash, which immediately injected a 15% acquisition premium into the stock's valuation. The proposal was highlighted in Meridian Funds' second-quarter 2026 investor letter for the Meridian Hedged Equity Fund, which gained 4.50% during the period, lagging the S&P 500's 15.20% return. MGM's performance was bolstered by record results on the Las Vegas Strip and strong MGM China operations, with a 17% mass market share in Macau. As of September 3, 2026, MGM closed at $41.13 per share, with a market capitalization of $10.43 billion, and 63 hedge funds held the stock at the end of the second quarter, up from 57 in the previous quarter.
MGM · Capital · Positive MGM received a non-binding $48.30/share cash acquisition proposal, injecting a 15% acquisition premium into the stock.
PPLI · Capital · Neutral People Incorporated (formerly IAC) made the non-binding $48.30/share acquisition proposal for MGM, but the article gives no read-through to its own value.
2282.HK · Demand · Positive MGM's strong MGM China operations with a 17% mass market share in Macau are cited as bolstering results.
Macau Gaming Revenue Rebounds in August After World Cup Lull
Macau's gross gaming revenue fell 1.2% year over year in August to 21.9 billion patacas ($2.7 billion), but rose 8.1% from July, according to the Gaming Inspection and Coordination Bureau. Analysts attribute the sequential increase to pent-up demand following a two-month World Cup slowdown, with Citi noting strong premium mass play and major concerts at Galaxy Arena and Venetian Arena as positive factors. For the first eight months of 2026, Macau GGR is up 3.7% year over year to 169.1 billion patacas ($19.2 billion). Looking ahead, Jefferies forecasts GGR will rise 2% in Q3 and 4% in Q4, despite tougher comparisons, supported by a strong event calendar including K-pop groups and the NBA China Games.
MGM Resorts Shares Down 5.9% Since Q2 Earnings Miss
MGM Resorts International reported second-quarter 2026 earnings that missed estimates, with adjusted EPS of 59 cents versus the 63-cent consensus, while revenues of $4.45 billion slightly beat expectations and rose 1% year over year. The company saw growth in Las Vegas Strip Resorts and MGM Digital, but profitability declined at MGM China and regional properties, dragging consolidated adjusted EBITDA down 5.7% to $610 million. Since the earnings release, shares have fallen 5.9%, underperforming the S&P 500, and estimates have trended downward. MGM repurchased about 4 million shares for $164 million during the quarter, leaving $1.4 billion under its buyback program, and construction of MGM Osaka remains on schedule for a 2030 opening.
Analysts are divided on MGM Resorts International following its second quarter earnings report. Argus reiterated a Buy rating, citing a Macau visitation recovery and easier Las Vegas comparisons, while Morgan Stanley maintained an Underweight rating, seeing 15% downside if a People Inc. bid of $48.30 does not proceed. Seeking Alpha's Quant Rating flipped back to Buy on August 10.
Simply Wall St has raised its fair value estimate for MGM Resorts International to US$50.57 from US$49.24, citing updated assumptions for revenue growth, net profit margin, future P/E multiple, and discount rate. The revision comes as analysts weigh the proposed US$48.30 per share take-private offer from People Incorporated, with bullish targets from Deutsche Bank at US$55, JPMorgan at US$53, Truist at US$55, and UBS at US$50, while Morgan Stanley, Jefferies, and Goldman Sachs maintain more cautious stances with targets of US$43, US$48, and US$43 respectively. The updated fair value reflects a revenue growth assumption of 2.23%, a net profit margin of 2.32%, a future P/E multiple of 33.14x, and a discount rate of 12.54%.
Game of Thrones slot goes live with BetMGM in Alberta after record Ontario debut
BetMGM and Blueprint Gaming have launched the Game of Thrones slot at BetMGM Casino in Alberta, marking the title's second Canadian market following a record-breaking debut in Ontario. Since its Ontario launch, the game delivered record-setting engagement and performance metrics for BetMGM, and was ranked fifth among Canada's best-performing new online casino game launches by Eilers & Krejcik Gaming. Developed in partnership with Warner Bros. Discovery Global Experiences, the slot translates the HBO series into a feature-driven experience built around Blueprint's Money Collect mechanic, which unlocks house sigils and modifiers as players progress.
Marriott Bonvoy and BetMGM Expand Rewards Collaboration to Alberta
BetMGM and Marriott Bonvoy have expanded their rewards collaboration to Alberta, Canada, following the opening of the regulated online gambling market. Players in Alberta can now link their BetMGM and Marriott Bonvoy accounts, transfer BetMGM Rewards points into Marriott Bonvoy points, and redeem them for stays and experiences worldwide. The rollout builds on the program that first launched in the U.S. in 2024. BetMGM CEO Adam Greenblatt called the partnership a powerful differentiator, offering Albertans a world-class loyalty program with flexible redemption options. The integration is available through the BetMGM Rewards Store on the mobile app, website, or desktop.
BetMGM · Demand · Positive BetMGM expands its rewards collaboration with Marriott Bonvoy to Alberta, offering new point transfer and redemption options, strengthening its loyalty program.
ENT.LSE · Demand · Positive BetMGM, partly owned by Entain, expands its rewards collaboration to Alberta, potentially boosting customer acquisition and retention.
MGM · Demand · Positive BetMGM, a joint venture of MGM Resorts, expands its rewards collaboration with Marriott Bonvoy to Alberta, enhancing its loyalty offering in a new market.
MAR · Demand · Positive Marriott Bonvoy expands rewards partnership to Alberta, potentially increasing customer engagement and loyalty program usage.
Yakira Capital Management Urges People Board to Withdraw MGM Acquisition Proposal and Prioritize Share Repurchases
Yakira Capital Management, a long-term shareholder of People Incorporated, has publicly urged the PPLI board to withdraw its proposal to acquire the remaining shares of MGM Resorts International and instead prioritize share repurchases. In an open letter, Yakira argued that repurchasing PPLI shares at a substantial discount to intrinsic value would create significantly greater shareholder value than acquiring MGM shares at a premium. The firm noted that PPLI shares were trading below the combined value of their MGM stake and net cash, resulting in a negative valuation even before accounting for the private portfolio and headquarters. Yakira calculated that if PPLI sold its MGM shares and used the proceeds to retire its own stock, the sum-of-the-parts value would jump to over $190 per share, compared to over $71 under the current structure. The letter also expressed concerns about recent capital allocation decisions and the risks of transforming a cash-rich company into a more complex, leveraged enterprise centered on a mature gaming business.
California tribes target 2028 ballot measure to legalize online sports betting
California tribal leaders are aiming for a 2028 ballot measure to legalize online sports betting, according to Legal Sports Report. California Nations Indian Gaming Association Chair James Siva said during a podcast last week that tribes view 2028 as the target for placing a sports betting ballot initiative back before voters. The push follows the 2022 rejection of two competing measures, Proposition 26 and Proposition 27, which would have allowed in-person betting at tribal casinos and horse tracks or online and mobile betting outside tribal lands, respectively. Tribes are framing their new proposal as a safer, state-regulated alternative to the prediction markets industry. Sportsbook operators such as DraftKings, FanDuel, and BetMGM could benefit if the framework allows partnerships with tribes or other license pathways similar to prior California proposals.
Macau gaming revenue falls 8.4% in July on World Cup and typhoon disruptions
Macau gross gaming revenue fell 8.4% year over year in July to 20.3 billion patacas, or 2.5 billion dollars, according to the Gaming Inspection and Coordination Bureau. The tally was up 5.9% from June. Citi noted that premium player betting action was down 19% from a year earlier, with the World Cup a factor for the second straight month, while two typhoons also impacted traffic to and from Hong Kong and Guangdong province. For the first seven months of 2026, Macau gross gaming revenue is up 4.4% year over year to 147.2 billion patacas, or 18.2 billion dollars. Jefferies forecasts Macau gross gaming revenue will rise 2% in the third quarter and 4% in the fourth quarter, supported by events including K-pop groups Babymonster, TWS, and Enhypen, Taiwanese singer Zhao Chuan, and the NBA China Games.
MGM expects to deploy about $1 billion annually in Osaka for 2027 and 2028, targeting a fall 2030 opening
MGM Resorts International signaled it will spend roughly $1 billion in each of 2027 and 2028 on its integrated resort project in Osaka, Japan, while maintaining a fall 2030 opening timeline. CFO Jonathan Halkyard said during the company's second-quarter earnings call that the funding commitment for the second half of 2026 is expected to be $125 million to $175 million, and the project remains on time and on budget. The update came as MGM reported record second-quarter consolidated net revenue, with all-time best same-store quarterly revenue from regional operations and 20% year-over-year revenue growth at MGM Digital. In Macau, MGM China held a 16.4% market share, up a full percentage point sequentially, despite a temporary World Cup impact on June volumes. The company also disclosed that its board formed a special committee to review an unsolicited offer from People Incorporated, though executives declined to answer questions on the matter.
MGM Resorts beats Q2 CY2026 revenue estimates with $4.45 billion
MGM Resorts reported better-than-expected revenue for the second quarter of calendar year 2026, with sales rising 1% year on year to $4.45 billion. The figure edged past analyst estimates of $4.42 billion, while adjusted earnings per share of $0.59 came in 1.9% above the consensus of $0.58. Adjusted EBITDA fell well short of expectations at $610.4 million, missing the $1.19 billion estimate, and the operating margin improved to 11.3% from 9.2% a year earlier. CEO Bill Hornbuckle highlighted record consolidated revenue driven by growth in Las Vegas Strip Resorts, all-time best same-store quarterly revenue in Regional Operations, and a 20% revenue increase at MGM Digital.
Resorts World breaks ground on Queens casino expansion as rivals face delays
Resorts World New York City has broken ground on phase two of its multibillion-dollar expansion at Aqueduct in Queens, adding a 400-room hotel tower and a concert arena as part of a broader $5.5 billion integrated resort plan. The Genting Group-operated property is currently the only full-scale casino in New York City, giving it a multi-year head start over competitors. The New York State Gaming Commission approved three other locations in December, including a Bally's site in the Bronx and a casino near Citi Field backed by Mets owner Steve Cohen, but those ground-up projects are not expected to open until 2030. Wynn Resorts and MGM Resorts both withdrew from the New York City casino license bidding process, while Caesars Entertainment's Times Square project was voted down last September.
MGM Resorts Faces Regulatory and Fiduciary Scrutiny Over $18 Billion Bid
MGM Resorts International is facing regulatory and fiduciary scrutiny after People Inc. made an unsolicited $18 billion proposal to acquire the company. Nevada gaming regulators are reviewing the potential impact on MGM's casino operations and workforce, while shareholder rights law firms have opened investigations into the board's fiduciary duties and potential conflicts of interest related to the offer. The proposal values MGM at $48.30 per share, and the board's response, along with any adjustments to deal terms or structure, may influence future governance and capital allocation. Regulators have wide discretion to set conditions or request changes, and the investigations highlight that deal terms and governance protections are under close review.
BFA Law Investigates Barry Diller’s $48.30 Per Share Bid for MGM Resorts
Bleichmar Fonti & Auld LLP is investigating Barry Diller’s unsolicited bid to acquire the remaining stock of MGM Resorts International for $48.30 per share. Diller is a member of MGM’s board and controls People, Inc., formerly IAC, Inc., which is MGM’s largest single stockholder and made the offer on June 1, 2026. The investigation focuses on potential breaches of fiduciary duty due to conflicts of interest, as Diller stands on both sides of the proposed deal and other MGM fiduciaries could receive benefits not shared by all stockholders. MGM’s board stated it will carefully review the proposal to determine the best course of action for the company and its shareholders. Current MGM shareholders are encouraged to contact the firm to discuss their legal options, with representation on a contingency fee basis.
Bleichmar Fonti & Auld investigates Barry Diller's bid for MGM Resorts
Securities law firm Bleichmar Fonti & Auld LLP is investigating Barry Diller's unsolicited bid to acquire the remaining stock of MGM Resorts International for $48.30 per share. Diller, an MGM board member, made the offer through People, Inc., formerly known as IAC, Inc., which he founded and controls and which is MGM's largest single stockholder. The investigation focuses on potential breaches of fiduciary duty and conflicts of interest under Delaware law, given Diller's dual role and a governance agreement allowing People to designate two MGM directors. MGM's board stated it will carefully review the proposal to determine the best course of action for the company and all shareholders. Current MGM shareholders are encouraged to contact the firm to discuss their legal options.
MGM · Regulation · Neutral MGM is the target of the unsolicited bid; board reviewing proposal amid investigation into fiduciary duties and conflicts.
PPLI · Regulation · Neutral Investigation into potential fiduciary duty breaches and conflicts of interest related to Diller's bid, which could affect the deal's outcome.
MGM Resorts shares rise on reported talks with board member Barry Diller
MGM Resorts International shares rose 0.8% after The Wall Street Journal reported private discussions between the company and board member Barry Diller. Braiin Limited shares surged 16.6% after the company introduced Aria, an AI-powered agent for the real estate sector. Exxon Mobil Corporation shares gained 4.1% after oil prices surged on renewed geopolitical tensions stemming from President Donald Trump's reinstatement of a blockade on Iranian ships in the Strait of Hormuz. NVIDIA Corporation shares fell 3.5% amid a broader decline in the technology sector.
Stocks making the biggest moves midday: Braiin surges 62%, AppLovin tumbles 12%
Several stocks made significant moves in midday trading. Braiin surged 62% after launching Aria, an AI agent for the real estate industry, with its CEO citing a scalable software opportunity in a market forecast to reach $32 billion by 2033. AppLovin tumbled 12%, making it the worst-performing S&P 500 member and on pace for its sixth daily loss in seven sessions. Biogen added nearly 2% after Truist upgraded the stock to buy from hold, citing potential upside from upcoming drug trial data. U.S.-listed shares of Nio rose 3% after Goldman Sachs upgraded the stock to buy from neutral, setting a $7 price target that implies 46% upside. SpaceX fell nearly 4% to a fresh post-IPO low, approaching its $135 offering price, despite the FAA clearing the way for a flight test. U.S.-listed shares of SK Hynix tumbled 8% after their Nasdaq debut, while Seoul-listed shares sank more than 15% in their worst day ever. Memory and chip stocks were under pressure, with the Roundhill Memory ETF down 9% and the iShares Semiconductor ETF off 4%. MGM Resorts International rose more than 1% after reports of private buyout talks with Barry Diller. Energy stocks gained as oil prices rose over 4% following President Trump's reinstatement of a blockade on Iranian ships, with Valero Energy up 4% and ConocoPhillips up nearly 3%. Shopify and Deckers Outdoor Group both rose about 2% after Jefferies upgraded them to buy.
APP · · Negative AppLovin tumbled 12%, making it the worst-performing S&P 500 member and on pace for its sixth daily loss in seven sessions.
BIIB · Capital · Positive Biogen added nearly 2% after Truist upgraded the stock to buy from hold, citing potential upside from upcoming drug trial data.
BRAI · Technology · Positive Braiin surged 62% after launching Aria, an AI agent for the real estate industry, with a scalable software opportunity.
MGM · Capital · Positive MGM Resorts International rose more than 1% after reports of private buyout talks with Barry Diller.
SHOP · Capital · Positive Shopify rose about 2% after Jefferies upgraded it to buy.
SPCX · · Negative SpaceX fell nearly 4% to a fresh post-IPO low, approaching its $135 offering price, despite the FAA clearing the way for a flight test.
Longleaf Partners Fund Highlights MGM Resorts International in Q2 2026 Investor Letter
Longleaf Partners Fund highlighted MGM Resorts International as a positive contributor in its second-quarter 2026 investor letter. The fund noted that People Inc., formerly IAC Inc., announced a bid for control of MGM, which drove MGM's share price to the offer level. MGM also reported a quarter where Las Vegas revenues grew for the first time in almost two years, supported by a strong convention calendar. Additionally, Caesars' announcement that it was going private could be another positive for MGM on multiple levels. The fund believes the People Inc. bid could be a good way to grow and realize value per share at both companies, though details will matter.
MGM · Capital · Positive People Inc. announced a bid for control of MGM, driving MGM's share price to the offer level.
MGM · Demand · Positive MGM reported Las Vegas revenues growing for the first time in almost two years, supported by a strong convention calendar.
PPLI · Capital · Positive People Inc. announced a bid for control of MGM, driving MGM's share price to the offer level.
CZR · Capital · Positive Caesars' going-private announcement could be positive for MGM, but Caesars itself is mentioned only as a catalyst for MGM, not as a subject of its own news.
SK Hynix, Micron lead premarket declines as chip stocks slide
U.S.-listed shares of SK Hynix tumbled 8% in premarket trading after their Nasdaq debut on Friday, when they popped nearly 13%, while Seoul-listed shares of the South Korean chipmaker sank more than 15% in their worst day ever. Memory and chip stocks broadly fell as investors reassessed the artificial intelligence trade, with the Roundhill Memory ETF off 9%, Sandisk down 5.5%, and Western Digital and Micron Technology each off 5%, while the iShares Semiconductor ETF lost 2% and Intel and Advanced Micro Devices declined more than 2.5% and 2%, respectively. CCC Intelligent Solutions rose 2% after Bloomberg reported Elliott Investment Management built a large stake before the software company began sale talks. MGM Resorts International gained more than 2% following a Wall Street Journal report that it is in private talks with Barry Diller, whose People Inc made an offer in early June that MGM has not publicly addressed. Energy stocks advanced as oil prices rose more than 3% after weekend U.S.-Iran strikes, with Valero Energy up 1.5%, ConocoPhillips up 1%, APA Corporation up 2%, and ExxonMobil and Chevron up 1%. Fastenal added 1% after Rothschild & Co Redburn initiated coverage with a buy rating, citing a shift toward larger customers. Shopify and Deckers Outdoor Group both rose after Jefferies upgraded them to buy, with Shopify up 2.5% on strong fundamentals and agentic commerce tailwinds, and Deckers up 2% on Hoka product innovation upside.
000660.KO · Demand · Negative SK Hynix shares tumble 8% premarket and 15% in Seoul as worst day ever; AI trade reassessment.
CCC · Capital · Positive Elliott Investment Management built a large stake and the company began sale talks.
MGM · Capital · Positive In private sale talks with Barry Diller's People Inc after an offer in early June.
SHOP · Capital · Positive Jefferies upgraded to buy, citing strong fundamentals and agentic commerce tailwinds.
Elliott Investment Management L.P. · Capital · Positive Elliott Investment Management built a large stake in CCC Intelligent Solutions before sale talks began.
Rothschild & Co Redburn · Capital · Positive Rothschild & Co Redburn initiated coverage on Fastenal with a buy rating.
Barry Diller's People Inc. proposes acquiring MGM Resorts at $48.30 per share
Barry Diller's People Inc. has publicly proposed acquiring the remaining shares of MGM Resorts International at $48.30 each, valuing the casino and entertainment group at around $12.4 billion. MGM Resorts International's share price closed at $46.88, and the proposal comes amid a 90-day share price return of 27.56% and a one-year total shareholder return of 23.60%. The most followed narrative from Simply Wall St users places fair value at $27.97, suggesting the stock is overvalued, while the SWS DCF model estimates fair value at $61.22, indicating the stock is trading about 23.4% below its estimated future cash flow value. The competing valuations frame the $48.30 offer very differently, depending on whether one trusts cash flow or earnings multiple assumptions.
MGM in talks with People, Vertex to acquire Crinetics for $10B, and more key deals this week
MGM Resorts has reportedly started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. Vertex Pharmaceuticals will acquire Crinetics Pharmaceuticals for a total equity value of about $10 billion, or nearly $8.8 billion net of estimated cash acquired. German engine manufacturer Deutz agreed to acquire military vehicle producer FFG Flensburger Fahrzeugbau Gesellschaft in a transaction valued at approximately €1.6 billion, or $1.8 billion. Perfect signed a definitive merger agreement with ProjectNY, an entity controlled by founder and CEO Alice Chang, under which the company will become privately held at $2.00 per share. Axos Nevada, a subsidiary of Axos Financial, announced a definitive agreement to acquire Arc Technologies, a financial technology platform serving technology and growth companies. Qiagen soared 11% after a report that the European molecular testing company is seeing early takeover interest from private equity firms including EQT AB and Advent. Marex Group agreed to acquire Bright Point International to strengthen its presence in the Asia-Pacific region and expand access to China's markets.
MGM Resorts in deal talks with Barry Diller’s People
MGM Resorts has started discussions with People for a potential buyout after Barry Diller’s media company offered to acquire the casino giant in a transaction worth $12.4 billion last month. MGM has established a special board committee and hired advisers to review the bid, which it believes undervalues the company. Bankers including some at JPMorgan Chase are advising Diller and are ready to provide financial backing. Discussions have heightened this month, but there is no guarantee of a final agreement. Diller’s firm already owns approximately a 26% stake in MGM.
People Incorporated Submits Non-Binding Proposal to Acquire Remaining MGM Shares at $48.30 Per Share
People Incorporated, formerly IAC Inc., has submitted a non-binding proposal to acquire the shares of MGM it does not already own for $48.30 per share. The company, which now trades under the ticker PPLI on NASDAQ following a transition on June 4th, operates brands such as Entertainment Weekly and Investopedia. Chairman Barry Diller stated that the firm began investing in MGM nearly six years ago due to its real-world assets and digital growth opportunities, and believes the market undervalues MGM's assets. People Incorporated's shares have risen 24% over the past year and 18% year-to-date.
MGM · Capital · Positive MGM is the target of a $48.30 per share acquisition proposal, indicating a premium over market price.
PPLI · Capital · Positive People Incorporated's proposal to acquire MGM shares at a premium reflects a strategic capital allocation move, potentially unlocking value.
Penn Entertainment Stock Could Keep Rallying on Regional Strength, Digital Turnaround, and Consolidation
Penn Entertainment shares have surged 48.3% year to date, and multiple tailwinds could extend those gains in the second half of 2026. The company’s regional casino business is showing resilience despite inflation, supported by recent property enhancements including a new hotel tower at Hollywood Casino Columbus and the debut of the Hollywood Casino and Hotel in Aurora, Illinois, a former riverboat now on land. Penn’s interactive unit is improving, with losses expected to narrow from $268 million in 2025 to just $20 million this year, as the company focuses on iGaming under the Hollywood brand in a cost-effective four-state strategy. Industry consolidation is also a positive, as buyout offers for Caesars and MGM imply Penn is undervalued, and a potential reduction in publicly traded casino stocks could increase investor focus on Penn, while possible asset sales by Caesars may create acquisition opportunities for Penn.
PENN · Demand · Positive regional casino business showing resilience with property enhancements
PENN · Capital · Positive interactive unit losses narrowing, industry consolidation and potential asset sales create opportunities
CZR · Capital · Positive buyout offers for Caesars imply Penn is undervalued, and potential asset sales by Caesars may create acquisition opportunities for Penn
CZR · Competition · Positive Potential buyout offers for Caesars imply Penn is undervalued, and possible asset sales by Caesars may create acquisition opportunities for Penn.
MGM · Capital · Positive buyout offers for MGM imply Penn is undervalued
MGM · Competition · Positive Buyout offers for MGM imply Penn is undervalued, and industry consolidation could increase investor focus on Penn.
MGM Resorts led consumer discretionary sector in Q2; Lululemon among laggards
The consumer discretionary sector rose over 6% in the second quarter, with MGM Resorts International surging 34.14% to lead all gainers. Williams-Sonoma followed with a 32.11% gain, while eBay, DoorDash, and Ford also posted strong returns. On the downside, Tractor Supply Company fell 30.44% amid pet-category weakness, and Lululemon Athletica dropped 22.30% as it faced brand-relevance challenges and increased competition. Analysts noted that resilient consumer spending, easing oil prices, and a strong labor market supported the sector, though inflation and geopolitical risks remain key factors ahead.
Royal Caribbean Cruises Outshines MGM Resorts as the Better Consumer Stock for 2026
Royal Caribbean Cruises is the stronger buy among consumer discretionary stocks in 2026, according to a Motley Fool analysis comparing it with MGM Resorts International. Royal Caribbean reported fiscal 2025 revenue of approximately $17.9 billion, an 8.8% increase, and net income of about $4.3 billion, yielding a net margin of roughly 23.8%. In contrast, MGM Resorts posted revenue of nearly $17.5 billion with only 1.7% growth and a net margin of about 1.2%, weighed down by softening Las Vegas performance and a trimmed outlook at its BetMGM joint venture. Royal Caribbean also benefits from strong forward bookings, with roughly two-thirds of 2026 capacity already reserved at record prices, and projects double-digit earnings growth. While Royal Caribbean carries a lower forward price-to-earnings ratio of 18.3 times versus MGM's 28.9 times, MGM trades at a cheaper price-to-sales ratio of 0.7 times compared to Royal Caribbean's 4.8 times.
MGM · Demand · Negative MGM Resorts reported weak revenue growth (1.7%), softening Las Vegas performance, and a trimmed BetMGM outlook, indicating lower end-customer demand.
RCL · Demand · Positive Royal Caribbean reported strong revenue growth (8.8%), record forward bookings with two-thirds of 2026 capacity reserved at record prices, and double-digit earnings growth.
MGM Resorts International seen as bullish with multiple growth catalysts
A bullish thesis on MGM Resorts International highlights multiple growth drivers strengthening its earnings outlook. The company benefits from healthy Las Vegas visitation, record performance in Macau, and BetMGM reaching profitability as online gambling expands. A planned integrated resort in Japan offers long-term geographic diversification. The stock recently generated a constructive technical signal with rising volume, suggesting accelerating buying interest. MGM shares traded at $49.19 as of June 26th, with trailing and forward P/E ratios of 67.38 and 24.57 respectively.
BetMGM Opens Preregistration for Alberta Players Ahead of July 13 Market Launch
BetMGM has opened pre-registration for its online sportsbook and online casino in Alberta, with an official launch planned for July 13 pending regulatory approval. This marks the company's first international expansion since entering Ontario in 2022. To celebrate, BetMGM is sponsoring a free-to-enter sweepstakes offering Albertans a chance to win two regular season NHL tickets for the 2026-2027 season. The platform will feature over 4,000 online casino titles at launch, a premium mobile sportsbook, and integration with Alberta's centralized self-exclusion system as part of its responsible gambling tools. BetMGM has also partnered with Corus Entertainment to leverage local media assets including radio, podcasts, and streaming platforms for market engagement.
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