Tag Archives: MGM

Laying out its plans for 2023 in its most recent earnings call, the leadership of MGM Resorts has made it clear that a potential acquisition of European partner Entain is not on the table.  The company has been involved in a long-running joint venture with FTSE100 gambling group Entain since 2018, operating the US-facing BetMGM brand. However, an escalation of …

Entain Plc has outperformed its FY2022 earnings guidance, following a strong close to year-end trading buoyed by peak online results.  Publishing its Q4 2022 trading update, Entain delivered a ‘strong group performance’ as group net revenues (NGR) increased by +11% (+7% constant currency basis).  Period trading saw the FTSE100 gambling group achieve a record online NGR of +12%, results reflecting …

A manager at LeoVegas has been arrested alongside two accomplices for insider trading activity related to the firm’s takeover by MGM, according to Swedish media. Daily tabloid Aftonbladet reported that the key suspect was taken into custody between 1 February and 29 April, with MGM’s initial bid for LeoVegas occurring in May. The individuals in question are suspected of having …

MGM Resorts has notified this afternoon that its public tender offer has been accepted by 96% of LeoVegas AB shareholders.    Initiated on 2 May, the board of MGM proposed an SEK 61 (€5.90) cash-per-share takeover offer to acquire LeoVegas outright at a deal consideration of approximately $604m (€600m). Securing LeoVegas investor approval, MGM governance announced that settlement of the share …

LeoVegas AB has praised the performance of its product portfolio and investment strategy in outriding industry-wide European headwinds, as the Stockholm-listed online gambling group becomes an acquisition target of MGM Resorts.  Publishing its Q1 trading results, LeoVegas registered corporate revenues of €98.5 million, up 2% on corresponding 2021 results of €96.7 million. Excluding Dutch market restrictions, LeoVegas revenue growth increased …

Environmental, Sustainability and Governance (ESG) initiatives are a growing focus of corporations across all mass market sectors. Though cynics may argue that the policies function largely as a public relations exercise, for Robert Hoskin this is far from the case.  To date Hoskin’s career reflects the ever-changing landscape of igaming, witnessing first-hand PartyGaming’s transition through subsequent M&As with Bwin, GVC …

DraftKings has maintained confidence in a potential £20 billion buyout of Entain, after the latter extended its ‘Put Up or Shut Up’ deadline yesterday, requesting clarification on a number of issues relating to the transaction. The FTSE100 gambling group has pushed the deadline forward to 16 November 2021, requiring the US sports betting and fantasy sports operator to make a …

The board of Entain Plc has published a further media statement outlining the financial terms of DraftKings approach to acquire its business. The statement confirmed a first offer made by DraftKings at £25 per share, comprised of a combination of group shares and cash – valuing the business at $20 billion (£14.6 bn) Entain governance rejected DraftKings initial terms that …

As the US sports betting industry continues to expand state-by-state, many operators are becoming increasingly drawn towards the prospect of public listings, a goal which SPACs can still play a key role in achieving, according to a panel of industry experts at the SBC Digital North America event. Moderated by Anton Kaszubowski, Director at Greenlaw Limited, the speakers on the …

MGM Resorts International has revealed its transition plan following the news of chairman and CEO Jim Murren’s decision to step down before his contract expiration.  The search process is set to be run by a committee of independent directors formed by the board alongside a ‘nationally recognised’ executive search firm. In a statement issued, Murren expressed his gratitude to MGM …