MGM Resorts shares tumble after $18 billion buyout bid withdrawn

Shares of MGM Resorts fell sharply after People Inc. (IAC) withdrew its $18 billion buyout proposal. According to Barry Diller, the deal was not progressing as expected. The acquisition was intended to help IAC expand beyond its traditional media business into the hospitality and gaming sector.

MGM Resorts, which operates major casino properties on the Las Vegas Strip, has faced inconsistent growth in recent periods. The collapse of the deal leaves the company to pursue alternative strategies for expansion and shareholder returns.