The days of casino operators MGM Resorts International and Caesars Entertainment as publicly listed companies appear limited, with Nevada regulators approving plans that could eventually see them move off the stock exchange.
Both firms are the subject of takeover bids from buyers who plan to operate them as private companies. MGM first floated on the New York Stock Exchange at the end of the 1990s. Caesars went public in 2012.
The Nevada Gaming Commission voted unanimously last week to amend the permits and orders of registration for the two firms, the Las Vegas Review-Journal reported.
With Las Vegas Strip casino incomes dropping a staggering 81% in 2025, some have voiced concerns that falling visitor numbers could spell long-term trouble for the most famous gambling hub in the US.
MGM, Caesars Stock Market Exit Nears
If the two deals are completed, it will mark the end of an era for Las Vegas. Caesars and MGM operate a combined total of 18 venues on the Strip.
In recent years, much has changed on the Strip, with the NYSE-listed Las Vegas Sands selling off $6.4 billion worth of its Strip assets in December 2023.
During last week’s meeting, the Nevada commission approved shelf offerings for Caesars and MGM. In the financial sphere, shelf offerings allow firms to register new securities without being required to sell them immediately.
The financial vehicle allows firms to keep these new securities on the shelf for up to 3 years without violating Securities & Exchange Commission protocols.
Caesars has previously approved a takeover bid from the rival gambling operator Fertitta Entertainment, the owner of the Golden Nugget.
The Nevada regulator approved licenses for two Fertitta board members: Richard Liem and Steven Scheinthal. The former is Fertitta’s Chief Financial Officer.
MGM Resorts, meanwhile, continues to mull a takeover bid from the billionaire Barry Diller and his firm, People Inc.
The media outlet quoted Chandler Pohl, the MGM Vice President and Legal Counsel, as declining to comment on the future of MGM Resorts’ operations under Diller’s ownership.
However, Pohl said he expected developments on this front during the firm’s Q2 earnings call, slated for the afternoon of July 29.
Question Marks Over Asian Operations
MGM Resorts is also the parent of another stock market-listed company: MGM China. The latter trades on the Stock Exchange of Hong Kong, and operates in Macao, with casinos on the Macao Peninsula and the Cotai District.
Work is also underway on the MGM Osaka, slated to become Japan’s first casino when it opens in 2030.
The fate of MGM’s East Asia operations remains in the balance, with MGM Resorts’ board yet to approve Diller’s $48.30 per share buyout offer.
In pre-market trading on July 27, MGM Resorts’ share price continued to slide, following an 8.4% fall over the past month. But prices rose again to over $45.75 once the market opened.
The financial winds were more favorable still for MGM in Hong Kong, with MGM China share prices closing on July 27 after a day-on-day rise of over 4%.
While MGM and Caesars await their fate, operators in other parts of the US are trying to build new gambling hubs. Development remains underway at three new casinos in New York, one of which is already partially open.
Tribal casinos are also experiencing a boom in revenues and visitor numbers. Operators are responding by building new gambling venues in several parts of the country.
