MGM Resorts updates voting agreement

MGM Resorts International announced on Wednesday that it has updated its existing voting agreement with People Inc. The announcement came after People withdrew its proposal to acquire the gaming company.

Under the new arrangement, People, Barry Diller and related entities must vote their MGM shares in line with the board's recommendation. The requirement aims to preserve stability in the company's management.

The agreement redefines the relationship between shareholders now that the acquisition attempt has ended. The report does not include the detailed duration or other terms of the agreement.

MGM Resorts, based in Las Vegas, is one of the world's leading casino and hotel operators. The move in the company's shares is being closely followed in the industry.