BUSINESS September 24, 2026

Caesars’ $17.6B Buyout Clears Vote as MGM’s Rival Takeover Bid Collapses

Barry Diller's People Inc. drops its MGM buyout offer as Caesars shareholders approve a $17.6-billion sale to Tilman Fertitta's group.

Dev Sandhu Markets editor covering odds, operators and sports betting. Articles are produced with AI assistance and edited by the ON360 newsroom. · 4 min read

AI-assisted

This article was produced with AI assistance and edited by the ON360 newsroom.

Two of the largest ownership stories in U.S. casino gaming took opposite turns this week. Barry Diller’s People Inc. has walked away from its bid to take MGM Resorts International private, while Caesars Entertainment shareholders voted overwhelmingly to approve a $17.6-billion sale to Tilman Fertitta’s Fertitta Entertainment.

MGM Deal Dies, Caesars Deal Advances

People Inc., which holds roughly 27% of MGM, had offered in June to buy the remaining shares for $48.30 apiece in cash, valuing the company above $18 billion. Diller said the proposal did not come together as hoped.

“We didn’t feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time,” Diller said, adding that his firm still believes in MGM’s prospects.

Caesars shareholders, meanwhile, backed the Fertitta acquisition by a wide margin. About 133.3 million shares, or 65.4% of those outstanding as of the Aug. 21 record date, voted in favour. Roughly 4.3 million shares opposed the deal and about 5.7 million abstained.

The all-cash transaction values Caesars near $17.6 billion, including $11.9 billion in existing debt, with shareholders set to receive $31 per share. The sale still needs regulatory sign-off and other closing conditions before it can finish.

CFTC Flags “Mention Markets,” Weighs Margin Trading

The same news cycle brought fresh developments in the U.S. prediction-market fight. CFTC Chairman Michael Selig told CNBC the agency has “a lot of concern” with so-called mention markets, contracts tied to whether a named person says certain words or appears somewhere.

“A large number of these contracts have issues,” Selig said. His remarks followed a CFTC staff advisory warning that mention-market outcomes depend on conduct that is “neither independently generated nor externally verifiable,” creating a heightened manipulation risk.

Selig also addressed a Kalshi filing seeking approval for margin trading on some event contracts. He said the CFTC has not approved the request and that any margin trading would be limited to institutional traders meeting strict eligibility rules, not sports or other popular categories.

Kalshi’s Supreme Court Fight Gets Company

The National Council of Legislators from Gaming States filed an amicus brief backing New Jersey’s petition asking the Supreme Court to review a Third Circuit ruling that favoured Kalshi. NCLGS argued states have long served as gambling’s primary regulators and warned the ruling could unsettle state gaming laws and tribal compacts.

The group also pointed to a split between the Third and Ninth Circuits on the issue. The Supreme Court has granted Kalshi a 30-day extension to respond to New Jersey’s petition, pushing the deadline to Nov. 9. Gaming attorney Daniel Wallach noted the extension means the New Jersey case now sits behind separate Ninth Circuit litigation in the Court’s queue.

DraftKings Shares Slip on Robins Remarks

DraftKings shares fell about 4% after CEO Jason Robins discussed the company’s prediction-market strategy at the Wells Fargo Consumer Conference. Robins said strong early results in states without regulated sports betting could push the company to pull forward marketing and promotional spending originally planned for 2027.

Citizens lowered its price target on DraftKings following the comments, though broader markets were also weaker that day. Robins maintained the operator is well-positioned regardless of how courts ultimately rule on sports event contracts.

Ontario bettors have no direct stake in prediction-market platforms such as Kalshi, which remain unavailable through the province’s regulated iGaming market overseen by the AGCO and iGaming Ontario. Licensed operators here must still offer standard safeguards, including deposit limits and self-exclusion tools, for players who want them.