MGM Resorts International

Barry Diller's People Inc. has withdrawn its proposal to buy the remaining public shares of MGM Resorts, sending the stock down about 9%. People had offered $48.30 per share in June and already owns roughly a 26.1% stake. Diller cited the complexity of the transaction and potential debt burden as reasons for pausing the bid but said People remains open to considering a strategic deal in the future. » More on cnbc.com

MGM Resorts says its all-inclusive offers at Luxor and Excalibur have attracted a new, presumably younger customer base, with half of package bookers being first-time visitors to MGM properties. CEO Bill Hornbuckle called the result promising and said the deals helped shift the value narrative amid affordability concerns. MGM reported Las Vegas revenue of $2.17 billion in the quarter, up 2.6% year-over-year, and a company-wide record quarterly revenue of $4.5 billion, while lower-end properties remain challenged. » More on finance.yahoo.com

BetMGM posted Q2 revenue of $711 million, up 3% year‑over‑year, with iGaming revenue rising 8% to $483 million while online sports betting was flat; adjusted EBITDA was $74 million for the quarter and $99 million for the first half. Management maintained full‑year guidance of $2.9bn–$3.1bn revenue and $300m–$350m adjusted EBITDA but now expects results near the lower end due to heightened competition, prediction markets and consumer‑spending pressure. The company is shifting marketing toward multi‑product states, cutting spend in lower‑return sports‑only markets and pursuing cost savings, and expects strong second‑half profit flow‑through with a path to over $500 million adjusted EBITDA likely after 2027. » More on finance.yahoo.com