M&A Frenzy: MGM and Caesars Takeover Bids

Barry Diller's $18B bid for MGM and Tilman Fertitta's $17.6B bid for Caesars are progressing with regulatory hurdles. Carl Icahn's rival $33/share bid for Caesars complicates the deal. Nevada Gaming Commission approved shelf offerings. Integration plans and timelines (2027 approval) are being set. MGM formed a special committee; Stifel says Diller likely needs to raise his bid. Caesars board favors Fertitta; go-shop expired July 11. Jefferies raising $5B debt for Icahn. Fertitta executives received NGCB recommendation for licensing; HSR filed July 13. Penn Entertainment CEO expressed interest in acquiring a Strip property. Caesars introduced Olympus loyalty tier at $1.5M spend for whale retention. Wall Street analysts skeptical of Boyd-Bally's deal.