People Inc., the company led by media mogul Barry Diller, has made an offer to acquire the remaining shares of MGM Resorts International that it does not already own, according to multiple reports.

The company currently holds a 26% stake in the casino giant and is seeking to purchase the rest of the business. Reports differ on the proposed valuation, with estimates ranging from approximately $12.4 billion to $18 billion for the entire company.

Diller indicated that MGM's potential is not being fully realized in the public markets, suggesting the company could benefit from private ownership. He also noted that MGM's properties, including flagship locations like the Bellagio in Las Vegas, represent irreplaceable assets that cannot be easily replicated by artificial intelligence.

MGM Resorts operates numerous casino and entertainment properties, primarily in Las Vegas, and has been a major player in the gaming and hospitality industry for decades. The company's portfolio includes some of the most recognizable resort properties on the Las Vegas Strip.

The takeover proposal represents a significant potential transaction in the gaming industry, though the ultimate success of the bid will depend on negotiations with MGM's board of directors and other shareholders.