MGM CEO leaves door open to People Inc. bid as casino dealmaking heats up

MGM Resorts CEO Bill Hornbuckle is leaving the door open to acquiring Barry Diller's People Inc., a sharp reversal after People Inc. abandoned its own bid for the casino operator.

The Wall Street Journal reported MGM was exploring an offer for People Inc. This follows People Inc.'s decision to withdraw its $48.30-per-share proposal to buy the rest of MGM. Instead of being the target, MGM is now floated as a potential buyer of the media company that tried to take it over.

Interpretation: the withdrawn $48.30 per share offer set a visible reference point for MGM's valuation, and that reference now sits in the past rather than on the table. With the takeover threat gone, a prospective MGM bid for People Inc. shifts the story from MGM as takeover target to MGM as acquirer. Whether Hornbuckle's openness becomes a formal offer remains unconfirmed; the reporting describes MGM as exploring, not committing.

The headline frames this as part of a broader heating-up of casino dealmaking, which suggests traders should treat MGM headlines as event-driven rather than fundamental until terms emerge.