Spin Cycle: MGM’s Counter Offer Highlights Week In Gambling
Plus: Fifth arrest for Farthing, bad beat for Negreanu, Boyd’s Evolution, ClubWPT’s exit
Welcome to “Spin Cycle,” Casino Reports’ weekly Friday roundup of all things impactful, intriguing, impressive, or idiotic in the gambling industry. Pull up a chair, grab a stack of chips and a glass of your beverage of choice, and take a spin with us through this week’s news cycle …
The hunted becomes the hunter
You probably thought Barry Diller and People Inc. deciding after a three-month flirtation not to purchase MGM Resorts International was the end of the story. As it turns out, it may be only the beginning.
The Wall Street Journal reported Thursday, not quite 24 hours after People formally withdrew its bid to buy MGM, that “according to people familiar with the matter,” MGM is now seriously considering making a bid to buy People.
On the one hand, it can be hard to know how much trust to put in anonymous sources. On the other hand, The Wall Street Journal isn’t the type of publication to run with a flimsy rumor. Whatever the degree of truth ultimately is here, it’s worth pausing to appreciate how strange this possible development is. There are curveballs sometimes on the mergers-and-acquisitions beat, but the “well, if you’re not going to buy me, I’ll just buy you” move is an uncommon one.
According to WSJ, MGM is worth about $8.5 billion after its share price plunged when Diller pulled his bid, with Diller’s stake worth about $2.5 billion. People Inc., which owns several major publications in addition to some non-media companies, is estimated to be worth about $2.7 billion.
“While MGM’s exact intentions couldn’t be learned,” WSJ wrote, “a deal for People could potentially be a way for MGM to buy back a large chunk of its shares while getting other assets for an attractive price, some of the people said.”
MGM owns a stake in more than 30 gaming properties globally, including such Las Vegas Strip notables as MGM Grand, Bellagio, and Mandalay Bay, along with a large percentage of T-Mobile Arena.
More news to know …
- If you’re ever wanting proof that money doesn’t buy happiness, look no further than James Farthing. The troubled Kentucky man who, along with his mother, won a $167.5 million Powerball jackpot in April 2025, is now up to five arrests in the 17 months since his big score. The latest came at 4 a.m. Sunday, when Farthing was taken into custody in Georgetown, Kentucky, on a public intoxication charge after officers found him asleep and “manifestly under the influence of alcohol” in a running car outside a Walmart.
- Bad beats happen in poker, but some bad beats stand out — such as bad beats that cost one of the world’s most famous pros a shot at a World Series of Poker online bracelet. Daniel Negreanu was one of the last four players remaining in a $25,000 buy-in tournament and had pocket tens when Casimir Seire tried to bully him with an all-in bet holding just 9-8 offsuit. All the chips went in and Negreanu was about an 85% favorite to double up and be in prime position to win the bracelet, but … well, the card gods decided it wasn’t “Kid Poker’s” day. (Warning: Negreanu uses some NSFW language in the video below.)
- Online casino industry news: Boyd Interactive announced a deal this week to make Evolution its exclusive live-dealer game provider in North America. Boyd operates the Stardust Casino, Resorts Casino, and Mohegan Sun Casino online brands in various U.S. states and Canadian provinces. Evolution’s live-dealer games include assorted forms of blackjack, roulette, baccarat, and craps, as well as game show-style titles and the popular Crazy Time.
- The state-by-state crackdown on sweepstakes-style gaming sites hit one of the OGs in the OG gambling state this week. ClubWPT Gold, an evolution of the ClubWPT site that’s been around since 2008, told its Nevada customers Thursday that it’s “winding down services” in the state and after this weekend, they’ll be unable to play on the site within Nevada borders.
House Rules: Insights from around our network
Playing Online Casino Is Easy, Passing Online Casino Legislation Is Not
Caesars Shareholders Approve $17.6 Billion Acquisition By Tilman Fertitta
California Tribes Seek Thoughts On OSB From Commercial Industry
Hollywood Gambles On A Big, Wild Bunch Of Movies And Shows
Consistency Is King With Online Casino Revenue In Michigan
Week 2 Of Powerball Xs & Os Brings Fewer Winners, Bigger Payouts
Small stakes and hot takes
This week on the Casino Reports podcast Low Rollers, presented in partnership with DraftKings Casino, I welcomed soon-to-be-retiring Nevada Independent gaming reporter Howard Stutz for his reflections on his four-decade career in Las Vegas, his perspective on how the gaming landscape has evolved over that time, and his takes on the future of major Strip projects like Hard Rock and the A's stadium.
I also analyzed Ohio state Rep. Brian Stewart’s proposal to require land-based casino promos for iGaming sites and I explained my personal connection to the unexpected news that Kevin Costner is hosting a gaming summit of sorts.
Full episode:
The Shuffle: Other news and views
Encore Casino Strike Nears 3 Weeks As Workers Push For Pay Increase [Mass Live]
How An MGM Training Course Teaches Resort Workers To Handle Problem Gambling [Las Vegas Sun]
Bally's Says Its Bronx Casino Project Is Still A Safe Bet, Amid Debt Concerns [Gothamist]
North Or South: Civil War Brewing Over NBA Arena On Las Vegas Strip [The Nevada Independent]
Why Making Americans Bet With Cash Could Protect People From Gambling Problems [The Conversation]
From Front Desk Clerk To Park MGM GM: Andy Meese On 27 Years At MGM Resorts [Las Vegas Review-Journal]
Montana Lottery Director Shielded Emails Amid Questions Over Contract Negotiations [Helena Independent Record]
Do California Cardrooms Have A Money-Laundering Problem? [Capitol Weekly]
Atlantic City Casinos Raise $315,000 Through Suicide Prevention Walk [The Press of Atlantic City]
The Bonus Round
Completing the Spin Cycle with a few of our favorite social media posts of the week:
Eric has been a professional editor and writer for more than 25 years, including nearly 20 years of experience covering the gambling industry. He was editor-in-chief of the poker magazine All In from 2005-2015 and manag…
