The Billionaire Behind Expedia Just Made an $18 Billion Bet on Las Vegas

Barry Diller's People Inc. submitted a letter to MGM Resorts on June 1 proposing to acquire the company's remaining shares for $48.30 each, valuing the casino and resort giant at roughly $18 billion. The offer represents a 24% premium over MGM's closing price on May 29.

People Inc. already owns 26.1% of MGM's stock, a position Diller began building in 2020. If the deal goes through, People would control just over 50.1% of the company's equity while keeping current MGM management in place.

Diller framed the bid around long-term value, saying he invested in MGM because it represents a rare kind of business with real-world assets that AI cannot easily replicate and exceptional digital growth opportunities. MGM's portfolio spans iconic Las Vegas properties including the Bellagio, Aria, Mandalay Bay, and the Cosmopolitan, along with regional casinos and its BetMGM digital sports-betting platform.

MGM said its board of directors, along with financial and legal advisors, is reviewing the proposal.

The bid lands just days after Fertitta Entertainment announced its $17.6 billion acquisition of Caesars Entertainment, signaling a dramatic consolidation wave across the Las Vegas resort corridor. Two of the Strip's most powerful operators are now fielding transformative ownership changes in the same month, a concentration of deal activity the market hasn't seen in decades.

For the broader resort industry, the back-to-back mega-deals suggest that deep-pocketed investors see physical hospitality assets as durable bets in an era increasingly defined by digital disruption.