MGM Resorts International (NYSE: MGM) confirmed that People Incorporated has withdrawn its June 1, 2026, proposal to acquire all outstanding shares of the company that People did not already own.

A special committee of MGM Resorts' board participated in negotiations with People Incorporated over several months following the initial proposal. MGM Resorts said it will continue to operate as a standalone company.

Paul Salem, chairman of the MGM Resorts board, said the board intends to continue leading the company independently, citing its Las Vegas operations, regional properties, BetMGM, MGM China, and a planned integrated resort development in Osaka, Japan.