MGM Resorts International is negotiating a purchase of the remaining 26% of its shares by Barry Diller’s People Inc. Diller offered $48.30 per share, valuing the casino operator at roughly $12.4 billion, according to the Wall Street Journal.

The company has formed a board committee and hired advisers to assess the offer. JPMorgan Chase is acting as Diller UFC banker and arranging financing for the transaction.

If the deal closes, MGM’s market capitalization would rise to $12.4 billion, boosting the value of its Bellagio and Mandalay Bay assets. Shares could see a short‑term spike as investors price in the premium.

The move signals a consolidation push in the casino sector, offering MGM shareholders a premium over the current market price. Investors will watch how quickly financing is secured and whether regulatory approvals align with the $48.30 offer.