MGM’s Hornbuckle kills People Inc takeover talk for good
People Inc couldn’t build a buying syndicate, so MGM capped its stake at 29.9% instead.
The hit
MGM Resorts President & CEO Hornbuckle opened Wednesday’s earnings call by declaring takeover talks with largest shareholder People Inc dead, according to CDC Gaming. Hornbuckle said the two sides agreed a price, but People Inc could not build a buying syndicate & withdrew its offer.
Why it matters
The collapse ends speculation that MGM could be bought out by its biggest investor. An amended voting agreement caps People Inc’s stake & commits it to vote with the Board in connection with a change of control transaction. Hornbuckle said MGM will now refocus on its business.
The record
| Q3 2026 revenue | $4.2bn, down 1% year over year (MGM Resorts) |
|---|---|
| Q3 2026 net loss | $17m, versus a $285m net loss in Q3 2025 (MGM Resorts) |
| People Inc stake cap | 29.9%, under the amended voting agreement (MGM Resorts) |
| Stock close | $27.26 on the Nasdaq, down $0.73 or 2.6% (CDC Gaming) |
What happens next
Hornbuckle says MGM will keep pushing for igaming legalisation in Maryland & Virginia.
18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.
Work with BH Group. Paid ads that get iGaming & crypto brands players & users, in the GEOs you choose. Get a plan
Discussion
Ask a question, add useful context or share a source. Keep it relevant & respectful.
Add a comment
Comments are reviewed before publication.