All articles tagged with #casino industry
MGM CEO Bill Hornbuckle has left open the possibility that his company could acquire Barry Diller's People Inc., reversing the dynamic after Diller's failed $18 billion bid to take MGM private. This comes as Caesars Entertainment prepares to go private and Wynn Resorts expands into the UAE.
Barry Diller's People Inc. has withdrawn its June proposal to acquire the remaining public shares of MGM Resorts International for $48.30 per share, valuing the total deal at approximately $18 billion. The media conglomerate, which already holds a 26.1% stake in the casino giant, cited the failure to align necessary financial and strategic components as the reason for the withdrawal. Despite the collapse of the takeover, Diller stated he remains open to future strategic transactions, while MGM Resorts' board confirmed it will continue operating as a standalone entity.
Caesars Entertainment shareholders approved Tilman Fertitta’s $17.6 billion acquisition on September 22, 2026, in Reno. The deal values the company at $17.6 billion, including $11.9 billion in assumed debt, and pays shareholders $31 per share. Regulatory approvals remain pending, with closure expected in the first half of 2027.
Tilman Fertitta's Fertitta Entertainment will acquire Caesars Entertainment in an all-cash deal valued at about $5.7 billion, pending regulatory approvals and closing conditions.
Las Vegas is experiencing a significant decline in tourism due to high costs, overpricing, and changing consumer preferences, leading to empty casinos and economic challenges for the city, which may signal a need for industry reform.
Workers from the United Auto Workers union disrupted a meeting of a state Assembly committee in Atlantic City, demanding a smoking ban in casinos. The vote on a bill to ban smoking in the nine casinos was canceled, and instead, some measures favored by the casino industry, including enclosed smoking rooms, were embraced. Workers expressed frustration at the double standard of not being allowed to smoke in their workplace while legislators allowed smoking in theirs. State Senator Vince Polistina is now working on a new measure that incorporates proposals from the casino industry while still aiming to protect workers and customers from secondhand smoke.
Las Vegas Sands, the world's largest casino company, is experiencing a strong recovery from the pandemic, largely driven by its operations in Asia. The company reported $1.12 billion in third-quarter adjusted property EBITDA, just 6% lower than pre-pandemic levels. Marina Bay Sands in Singapore has surpassed pre-pandemic numbers in gaming, retail, and other spending, while Macao's occupancy rates have increased by 96% compared to pre-Covid levels. Las Vegas Sands plans to invest in the expansion of Marina Bay Sands and the construction of The Londoner in Macao. The company also announced a $2 billion share repurchase plan. Sands' strong financial position and investment-grade balance sheet position it well for future projects, including a proposed $5 billion casino resort in New York.