Ladbrokes-owner Entain falls after casino giant MGM Resorts rules out a fresh takeover bid
Shares in gambling group Entain fell after the casino giant MGM Resorts ruled out a fresh bid.
The firm behind Ladbrokes and Coral was back in MGM’s crosshairs after a failed £8billion swoop in January 2021.
MGM was expected to make a bid for Entain once the UK Government’s gambling white paper was published.
Bets off: Entain, which is behind Ladbrokes and Coral was back in MGM’s crosshairs after a failed £8billion swoop in January 2021
But a shake-up of industry rules was delayed this week.
Asked about a bid, MGM boss Bill Hornbuckle said: ‘The simple answer is no.’ He added: ‘We have moved on.’
Entain shares fell 14 per cent, or 219.5p, to 1348p. It has worked with MGM on a venture since 2018 called Bet MGM, which operates online sports betting, casino and poker games in the US.
In its last financial year, it made more than £1billion in revenue. Deutsche Bank analysts had said a full tie-up was ‘a fairly obvious combination’
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