People Inc., the Barry Diller-owned vehicle that holds around 27% of MGM Resorts International, has withdrawn its takeover bid for the casino operator. The same day, Caesars Entertainment shareholders approved a $17.6bn sale to Fertitta Entertainment.
People Inc. had offered $48.30 per share in cash in June, valuing MGM at more than $18bn. Diller said 'the mix did not come together as we had hoped' and that the company would not take MGM private. People Inc. remains a shareholder. Caesars disclosed that roughly 133.3 million shares, or 65.4% of those outstanding, voted in favour of Tilman Fertitta's acquisition. The deal values Caesars at $17.6bn including $11.9bn in debt and will pay shareholders $31 per share in cash. Closing depends on regulatory approval.
Prediction markets under pressure
CFTC Chairman Michael Selig warned that 'mention contracts' — bets on whether a person will say specific words or appear somewhere — are vulnerable to manipulation. The agency is reviewing Kalshi's application to offer margin trading to institutional clients but has not approved it. DraftKings shares fell 4% after CEO Jason Robins said the company would accelerate marketing spend in response to rising prediction-market volumes. Combined monthly volume on Kalshi and Polymarket doubled from $25.7bn in May to around $53bn in July, driven largely by sports contracts, according to Pew Research Center.
