This may be a good time to go all-in on MGM Resorts International stock, even though it was sliding on Thursday after a potential takeover deal fell through.

Shares fell 8.3% to $34.69 ahead of the opening bell. That put MGM on track to wipe out all of its gains from the past year.

The selloff came after billionaire media mogul Barry Diller's People Inc. withdrew its offer to buy the the hotel and casino operator, following months of negotiations.

"There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn't feel the mix was coming together in the way we had hoped," Diller said.

MGM confirmed Diller had withdrawn his bid and said its board remains committed to leading the company as a stand-alone entity.

People Inc. owns about 27% of MGM. In June, Diller's publishing empire offered $48.30 for the remainder of MGM.

Diller said he is still "open to and interested in the possibility of a strategic transaction." That's a sign a deal could still be on the table and that People Inc. will "remain a principal, long-term investor in the enterprise," Citi analyst James Hardiman said in a research note.

Hardiman rates the stock at Neutral, with a $48 price target that values MGM at 8.75-times Citi's estimate for 2027 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs.