MGM Resorts CEO Provides Update on People Inc. Offer
Bill Hornbuckle confirmed a special committee is evaluating an acquisition offer from Barry Diller’s People Inc.
Is Barry Diller’s People Inc. going to buy MGM Resorts?
Maybe, but absolutely zero clarity was provided on the subject during MGM’s second quarter earnings release and call.
“Before we review the second quarter results, I want to provide a brief update on the status of the offer received from People Inc.,” Bill Hornbuckle, president and CEO of MGM Resorts International, said at the top of the call. “Thus reviewing the offer, our board of directors has formed a special committee, composed of independent directors with no affiliation or association with Barry Diller, People Inc., or the proposed transaction.
“This committee continues to evaluate the proposed transaction, and consultation with independent, outside advisors. I’m confident our board will pursue the course of action that’s in the best interests of the company and our shareholders. I don’t have anything more to share at this time.”
Despite the kibosh on Diller discussion, The Wall Street Journal did report this month that Diller and MGM representatives are meeting behind closed doors, attempting to hash out a deal.
As far as Q2 numbers go … not too shabby, with the company posting consolidated revenue of $4.5 billion, an increase of 1% compared to Q2 2025.
Results are in
"MGM Resorts once again demonstrated the strength of our diversified portfolio with record second quarter consolidated revenue driven by a second consecutive quarter of year-over-year revenue growth for Las Vegas Strip Resorts, all-time best Regional Operations same-store quarterly revenue, and 20% year-over-year revenue growth at MGM Digital," Hornbuckle said in a press release. "Alongside this momentum in our existing operations, we continue to build for the future with investment in the largest integrated resort in the world, MGM Osaka, on track for 2030 opening, as well as returns on our digital businesses.”
Las Vegas revenue, in particular, showed strength, despite the perception that times are tough in the town. Revenue in Vegas clocked in at $2.2 billion in the second quarter, an increase of 3% over last year’s $2.1 billion.
"Our disciplined and targeted capital allocation strategy fueled Segment Adjusted EBITDAR growth across our Las Vegas Strip Resorts, record setting results at several of our Regional Operations, and market share gains at MGM China," said Jonathan Halkyard, CFO of MGM Resorts International. "We will continue to allocate growth capital to drive significant returns on investment with meaningful opportunities at our Las Vegas luxury offerings."
Jeff Edelstein is a longtime columnist, reporter, radio host, and fantasy sports aficionado, not necessarily in that order. He lives in New Jersey with his family.
