Barry Diller's People Inc. rescinded its $48.30-per-share takeover offer for MGM Resorts International, citing deal complexity and debt concerns, causing MGM shares to drop roughly 11%. Diller remains open to future strategic transactions with MGM, which People Inc. already owns 26.1% of.
Ticket-in, ticket-out (TITO) is a casino gaming technology that prints barcoded tickets instead of dispensing coins, allowing players to redeem them for cash at kiosks. Developed through a consortium led by MGT with manufacturers like IGT and Bally Gaming, the system was first successfully trialed at the Fiesta Hotel & Casino in Las Vegas in 2000 and approved by Nevada regulators. TITO reduces cash handling, eliminates hopper fills, and enables multi-denomination machines, though it has drawbacks including ticket loss and potential money laundering concerns.