MGM Resorts, Entain to co-host BetMGM Business Update Event
Virtual discussion for analysts and investors scheduled for April 21.
Even though their proposed merger didn’t work out doesn’t mean MGM Resorts International and Entain plc. can’t cooperate.
The two gaming operators on Monday said they will co-host a business update event for analysts and investors on 21 April.
The main topic will be their joint venture, BetMGM.
“The event will provide deeper insights into the rapidly growing US sports betting and igaming business of BetMGM,” the two companies said in a statement.
The virtual event is expected to begin at 11am EDT. Further details, including registration, are still to come.
As previously reported by Gaming America’s sister site, Gambling Insider, MGM Resorts submitted a proposal in early January to acquire Entain, formerly known as GVC Holdings, offering 0.6 shares for each Entain share, valuing Entain at approximately $11billion.
Entain rejected the proposal, saying the offer “significantly undervalues the company and its prospects.”
After Entain’s rejection, MGM Resorts CEO Bill Hornbuckle (pictured) said, “BetMGM, our US sports betting and online gaming venture with Entain, remains a key priority for the company.”
Entain made its own news Monday, as it increased its offer to acquire Enlabs by 32.5%.
BetMGM has exclusive access to all of MGM’s US land-based and online sports betting, major tournament poker and online gaming businesses. BetMGM uses Entain’s US-licensed technology to offer sports betting and online gaming via such brands as BetMGM, Borgata Casino, Party Casino and Party Poker.
Entain is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. Its sports brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet, while gaming brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino.
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