Burry Floats MGM, Wynn as Plan B Acquisition Ideas for GameStop
Posted on: February 2, 2026, 02:43h.
Last updated on: February 2, 2026, 02:43h.
- The famed investor has been building a stake in the video game retailer
- GameStop CEO Cohen confirms company is hunting for a big acquisition
- Burry suggests MGM, Wynn as possible alternatives to another potential GameStop target
Shares of GameStop (NYSE: GME) surged today as investor Dr. Michael Burry, who’s recently amassed a large stake in the video game retailer, spoke bullishly on the company while floating a list of potential acquisition that includes a pair of casino giants.
GameStop CEO Ryan Cohen has recently been open about the company’s acquisition plans, confirming he’s going big game hunting with the aim of eventually taking the retailer’s market capitalization to $100 billion, or roughly 10x where it was at the start of trading today. Burry, who’s previously held stakes in casino equities, mentioned MGM Resorts International (NYSE: MGM) and Wynn Resorts (NASDAQ: WYNN) as possible alternatives to another potential GameStop target.
The investor profiled in the hit movie “The Big Short,” mentioned ADT (NYSE: ADT) as a prime takeover candidate for GameStop, citing likely synergies between the two companies. Online retailer Wayfair (NYSE: W) was second on Burry’s list of potential GameStop targets. Burry mentioned several other companies that could be logical targets for Cohen’s firm, adding MGM and Wynn as possible alternatives to Wayfair.
MGM, Wynn Ambitious Targets for GameStop
Cohen hasn’t publicly mentioned targets GameStop is acquiring, nor has he spoken about a desire to get into the casino business.
It’s worth noting that either MGM or Wynn would require some heavy lifting on GameStop’s part. The company had $4.5 billion in cash on hand at the end of the third quarter. By way of Cohen’s 0% convertible bonds and warrants, another $6.1 billion could be added to that sum if GameStop shares move above $30. GameStop also own $369 million worth of Bitcoin based on the cryptocurrency’s price at this writing.
Rounding up, those three figures add up to about $11 billion — a figure that might not be enough to get either MGM or Wynn to the bargaining table. The Bellagio operator has a market value of $9.17 billion while Wynn is valued at $11.06 billion. Any prospective buyer would have to offer premiums to those figures, indicating $11 billion likely wouldn’t be enough to get the job done.
Burry previously had positions in MGM and Wynn as well as Las Vegas Sands (NYSE: LVS), but recent filings indicate he doesn’t currently own any casino stocks.
Cohen Resume Doesn’t Scream Gaming
Cohen got involved with GameStop as an activist investor and was named chairman of the board in June 2021. He became chief executive officer in September 2023. Prior to that, he founded internet pet retailer Chewy (NYSE: CHWY).
In other words, he doesn’t have direct wagering industry experience — something possessed by most casino company CEOs. However, he’s steeped in online retail experience, which could be beneficial with MGM’s BetMGM and LeoVegas units. Wynn has no online wagering operations. Regardless of Cohen’s lack of gaming industry expertise, Burry is encouraged by his moves at GameStop.
“Ryan is making lemonade out of lemons,” Burry said in a Monday Substack post. “He has a crappy business, and he is milking it best he can while taking advantage of the meme stock phenomenon to raise cash and wait for an opportunity to make a big buy of a real growing cash cow business.”
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