Billionaire investor Barry Diller withdrew his $18 billion offer to acquire MGM Resorts International following negotiations with the company's board of directors, the Strip casino giant announced Wednesday.

"The Board remains excited to continue to lead MGM Resorts as a standalone company," MGM Resorts Chairman Paul Salem said, highlighting the company's position on the Strip with 10 properties, its sports betting business through BetMGM and its international portfolio in Macau and a $10 billion resort under construction in Osaka, Japan.

In a brief statement, Salem said a special board committee had met over several months with Diller's representatives from his People Inc., which already owns 26 percent of MGM, about his offer to pay $48.30 per share for the remaining 74 percent. 

Salem said the board had "advanced the interests of its shareholders … to continue as a standalone company."

Diller's initial interest was improving the foothold in the company's digital operations, including BetMGM, its online and casino sports betting business.  

MGM Resorts officials declined to discuss Diller's offer all summer. On the company's quarterly earnings conference call in July, CEO Bill Hornbuckle alluded to the board committee and declined to answer questions about the Diller offer.

"I'm confident our board will pursue the course of action that's in the best interest of the company and our shareholders," Hornbuckle said.

Diller, 84, who has a net worth of $5.7 billion, according to Forbes, has steadily increased his ownership stake in MGM Resorts since 2020. He does not have any other gaming holdings in his portfolio. People is the operating business of his IAC holding company and owns more than 40 media properties. 

Diller's offer for MGM came a week after Caesars Entertainment announced it was being acquired by billionaire Tilman Fertitta's entertainment company for $17.6 billion. On Tuesday, Caesars shareholders approved the transaction.