Industry

MGM ends takeover talks as LeoVegas stays in the group

By Linnea Dahl · Published 29 October 2026

MGM Resorts, the parent company of LeoVegas, announced on Wednesday 28 October that all takeover talks with its largest shareholder, People Inc, are over. The same day, the company released its third-quarter results, showing that its digital division – which includes LeoVegas – sharply narrowed its losses.

What has changed

The saga between MGM and People Inc, owned by media mogul Barry Diller, has run for months. MGM received an offer from People on 1 June to buy out the 74% of shares it doesn’t already own, at $48.30 per share, which the operator spent months considering. It was an $18 billion take-private offer at a 10.6% premium, but the deal died on financing.

People rescinded the offer on 23 September, and reports afterwards suggested MGM could instead acquire People. That option has now also been ruled out. The clearest takeaway from MGM’s results and conference call was that takeover talks between the company and its largest shareholder are completely over, with neither side considering buying the other. Instead, the two sides agreed a new voting pact: People cannot own more than 29.9% of MGM and will vote alongside the board on any future change-of-control transaction.

The quarterly report also showed how the digital business is developing. MGM Resorts reported third-quarter revenue of $4.2 billion, down 1% year-over-year, with growth in Macau and digital operations offsetting weaker results in Las Vegas and regional markets. MGM Digital, which comprises LeoVegas and other wholly owned online subsidiaries, grew revenue 6% to $184 million, while its EBITDAR loss narrowed sharply to $4 million from $23 million a year earlier. Growth was partly driven by consumer business in Spain, the Netherlands and the UK.

What it means for you

If you hold an account with LeoVegas or any of its sister sites, this news doesn’t directly affect you. Ownership remains unchanged – LeoVegas continues to operate within the MGM group, under the same licence holder as before. That means Swedish rules, such as only one welcome bonus per licence holder, continue to apply exactly as before.

Ending the takeover talks also reduces uncertainty about who might own LeoVegas in future. A prolonged bidding battle could have led to a change of ownership and, eventually, new licensing conditions. For now, MGM continues to own and develop the brand as part of its digital push. You can always use Spelpaus to exclude yourself from all licensed gambling, and Stödlinjen.se is available if you need support with your gambling.

The bigger picture

MGM bought LeoVegas in 2022 and has since built up the group’s digital arm alongside its casino operations in Las Vegas and Macau. With the takeover drama with People Inc now resolved, MGM can focus on that strategy, even as it grapples with softer hotel rates on the Las Vegas Strip. For the Swedish market, where large international groups such as Betsson, FDJ United and evoke are already used to ownership changes and licence reviews, this is another example of how global corporate structures shape which brands Swedish players encounter – even though the Spelinspektionen licence itself stays fixed as long as no formal change of ownership takes place.