LAS VEGAS: MGM Resorts International announced Tuesday it had rescinded its offer to buy Ladbrokes-owner Entain plc, saying it does not intend to submit a revised proposal for the British firm that snubbed an $11 billion takeover approach earlier this month.
“MGM is committed to being a premier global omni-channel gaming and entertainment company, and will maintain a disciplined framework while evaluating a range of compelling strategic opportunities,” the US casino operator stated.
“BetMGM, our U.S. sports betting and online gaming venture with Entain, remains a key priority for the company as we continue to leverage our preeminent physical gaming, entertainment, and hospitality platform to expand digitally,” said Bill Hornbuckle, CEO of MGM Resorts International. “We believe that BetMGM has established itself as a top three leader in its markets and we remain committed to working with Entain to ensure its strong momentum continues as it expects to be operational in 20 states by the end of 2021.”
CNBC reported that Entain had pared almost all the gains made since the US company’s approach was made public.
The United States is seen as the next big growth market for sports betting, spawning a series of transatlantic partnerships tapping into European expertise such as Britain’s William Hill being bought by Caesars Entertainment in a £2.9 billion deal, the business news channel further reported.
