MGM Resorts 'looking' to buy' Ladbrokes owner Entain

Ladbrokes sign
Ladbrokes sign

US casino giant MGM Resorts is looking to buy British gaming company Entain, according to media reports.

The move is the latest attempt by a casino operator to move into the online gambling business.

UK-based Entain is the owner of bookmaker Ladbrokes, as well as a number of online sports betting and gambling sites.

MGM and Entain did not immediately respond to a BBC request for a comment on the reports.

Entain recently rebuffed a $10bn (£7.3bn) all-cash offer from MGM, according to the Wall Street Journal, which first reported the story.

Along with Ladrokes, FTSE 100-listed Entain also owns sports-betting site Bwin and online gaming group Partypoker.

It describes itself as "one of the world's largest sports betting and gaming groups operating in the online and retail sector."

Last month, Entain renamed itself from GVC Holdings. Other brands the $9bn group owns include Coral, Eurobet, Gala and Foxy Bingo.

The new bid comes with financial backing from MGM's largest shareholder, IAC/InterActiveCorp, which took a 12% stake in MGM Resorts last August.

At the time, IAC's chief executive Barry Diller said IAC planned to work with MGM to expand its online gambling portfolio.

The exact details and value of the new bid could were not known, according to the Wall Street Journal.

Covid headwinds

The possible acquisition comes as the casino industry faces headwinds from the Covid-19 pandemic.

Bricks-and-mortar casino operators have struggled under travel restrictions.

The economy of Asian casino hub Macau shrank 49% in the first quarter of this year, while unemployment in Las Vegas reached 30% earlier in the year and remains well above the US average.

MGM Resorts, which is the operator of the Bellagio casino in Las Vegas, laid off 18,000 furloughed employees in the US in August.

Many online gambling companies, by contrast, saw a boost during Covid-19 restrictions, prompting many casino owners to pivot their businesses towards online.

Last September, MGM rival Caesars Entertainment struck a $3.7bn deal to buy UK-based William Hill.

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