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REUTERS/Mike BlakeViacomCBS Inc (VIAC.O) and Comcast Corp (CMCSA.O) can succeed without acquiring other businesses, IAC (IAC.O) Chairman Barry Diller said during a Reuters Newsmaker event Thursday. The media and Internet mogul, who helped found Fox Broadcasting Company, described competing with Netflix (NFLX.O), which would require significant investment, a "fool's errand" at this point. He described Comcast as being in a “fantastic position” with a cable and broadband business that hedges against NBCUniversal. “I don’t think they have to do anything,” he said of whether Comcast needs to spin off a business or get bigger. The Internet and media mogul brushed off concerns about Netflix’s debt burden.
Persons: Barry Diller, Mike Blake ViacomCBS, Diller, , ” Diller Organizations: IAC, Inc, Wall Street Journal, REUTERS, Mike Blake ViacomCBS Inc, Comcast Corp, Reuters, Fox Broadcasting Company, Netflix, Discovery Inc, Discovery, Warner Brothers Discovery, MGM, MGM Resorts International, Comcast, NBCUniversal, Thomson Locations: Laguna Beach , California, U.S
Mogul Diller says ViacomCBS, Comcast don’t need deals to succeed
  + stars: | 2021-06-10 | by ( Helen Coster | ) www.reuters.com + 0.95   time to read: +2 min
Barry Diller, Chairman and Senior Executive of IAC/InterActiveCorp and Expedia, Inc., speaks at the Wall Street Journal Digital conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike BlakeViacomCBS Inc (VIAC.O) and Comcast Corp (CMCSA.O) can succeed without acquiring other businesses, IAC (IAC.O) Chairman Barry Diller said during a Reuters Newsmaker event Thursday. The media and Internet mogul, who helped found Fox Broadcasting Company, described competing with Netflix (NFLX.O), which would require significant investment, a "fool's errand" at this point. He described Comcast as being in a “fantastic position” with a cable and broadband business that hedges against NBCUniversal. The Internet and media mogul brushed off concerns about Netflix’s debt burden.
Persons: Barry Diller, Mike Blake ViacomCBS, Diller, , ” Diller Organizations: IAC, Inc, Wall Street Journal, REUTERS, Mike Blake ViacomCBS Inc, Comcast Corp, Reuters, Fox Broadcasting Company, Netflix, Discovery Inc, Discovery, Warner Brothers Discovery, MGM, MGM Resorts International, Comcast, NBCUniversal, Thomson Locations: Laguna Beach , California, U.S
Internet Conglomerate IAC Is Looking for a New CFO
  + stars: | 2021-06-08 | by ( Mark Maurer | ) www.wsj.com + 0.00   time to read: +2 min
is searching for a new finance chief after Chief Financial Officer Glenn Schiffman decided to leave the conglomerate to pursue a new opportunity. IAC declined to comment on where Mr. Schiffman is going. IAC said Mr. Schiffman will remain on Angi’s board of directors. Glenn Schiffman, finance chief of IAC/InterActiveCorp. Newsletter Sign-up CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.
Persons: Glenn Schiffman, Schiffman, Jamie Cohen, Michael Bucher, Michael Schwerdtman, Nick Stoumpas, Mark Schneider, Schiffman’s, Ygal Arounian, Greg Blatt, — Allison Prang, Mark Maurer Organizations: IAC, Angi Inc, Street, Vimeo, Mr, Wedbush Securities Inc, MGM Resorts International, Group Inc, Match, mark.maurer Locations: New York, Angi
Connecticut Legalizes Sports and Internet Gambling
  + stars: | 2021-05-26 | by ( Joseph De Avila | ) www.wsj.com + 0.00   time to read: +3 min
Ned Lamont said he would sign a bill legalizing online wagering and sports betting, making Connecticut one of a growing number of states that are expanding gambling. Mr. Lamont, a Democrat, campaigned on modernizing the state’s gambling industry by legalizing sports and online betting. Mr. Lamont has said the legalization of internet gambling and sports betting will produce much needed revenue for the state. The agreement allows the tribes as well as the Connecticut Lottery Corp. to begin offering sports and online betting. The federal authorities will have to approve the changes before sports gambling and online betting can launch.
Persons: Ned Lamont, Lamont, ” Mr, isn’t, Ron DeSantis, , James Gessner Jr, didn’t, Sen, Tony Hwang, Joseph De Avila Organizations: Democrats, Sports, Washington , D.C, American Gaming Association . Florida Gov, Republican, Pequot Tribal Nation, Mohegan Tribe, Mohegan Sun, Connecticut Lottery Corp, Mohegan Tribal Council, of Indian Affairs, U.S . Department of Interior, Connecticut Lottery, MGM Resorts International, MGM, joseph.deavila Locations: Connecticut, Washington ,, New York, New Jersey, Mohegan, East Windsor, Conn, Springfield, Mass
“This is completely Barry’s dream,” says fashion doyenne Diane von Furstenberg. She’s talking about Little Island, a new public park floating on the Hudson River that was conceived by her husband, media mogul Barry Diller. Diller, 79, is at the family home in Beverly Hills, a vast property that expanded from a bungalow he purchased in 1974, when he became chairman of Paramount Pictures at 32. Diller and von Furstenberg’s romantic relationship is well documented. (She has two children, Alexandre, 51, and Tatiana, 50, from her first marriage, to Prince Egon von Furstenberg.)
Persons: Diane von Furstenberg, She’s, Barry Diller, Thomas Heatherwick, Mary, Andrew Cuomo, , ” Diller, ” Von Furstenberg, Diller, He’s, Hugh Jackman, von, Alexandre, Tatiana, Prince Egon von Furstenberg Organizations: Paramount Pictures, Paramount, Fox Studios, QVC, IAC, Group, Expedia, Sin, MGM Resorts International Locations: Little, Manhattan, New York, Belgian, Cloudwalk, Connecticut, Beverly Hills, Sin City, New York’s
Capital Calls: A lucrative Evolution for games and gamblers
  + stars: | 2021-04-27 | by ( ) www.reuters.com sentiment -0.67   time to read: +1 min
The spinning wheel on a roulette table is seen at Japan Casino School in Tokyo, Japan August 4, 2018. Revenue jumped 105% year-on-year to 236 million euros ($285 million) as locked-down punters played more games like “Lightning Roulette”, which Evolution licenses to casino operators in return for a cut of sales. The developer’s rise stands in stark contrast to U.S. giants like MGM Resorts International (MGM.N) and Caesars Entertainment (CZR.O). Including debt, Evolution is now valued at over 30 times revenue, according to Refinitiv data, versus an average of 3 times for its old-school peers. Quarterly sales in North America almost tripled to 22 million euros.
Persons: Oliver Taslic Organizations: Japan Casino School, Revenue, MGM Resorts International, Caesars Entertainment, Electric, ABB, Aussie Locations: Tokyo, Japan, U.S, North America
Cedars-Sinai's main hospital uses AnyVision facial recognition to give staff a heads-up about individuals known for violence, drug fraud or using different names at the emergency room, three sources said. Macy's told Reuters it uses facial recognition "in a small subset of stores with high incidences of organized retail theft and repeat offenders." Menards, a U.S. home improvement chain, has used AnyVision facial recognition to identify known thieves, three sources said. Menards said that its current face mask policy has rendered "any use of facial recognition technology pointless." Government requirements for surveillance at casinos have made the gaming industry a big purchaser of facial recognition.
Persons: Cedars, AnyVision, Avi Golan, shoplifters, Macy's, Menards, Sands, Ted Whiting, Cherokee’s Joshua Anderson Organizations: REUTERS, BP Plc, BP, Progress, Greenpeace USA, AnyVision's, Vision, Reuters, Microsoft Corp, U.S, Mercedes, Benz, Houston Texans, Golden State Warriors, ENTERTAINMENT, Comcast Corp, Dodger, Universal Parks, Los Angeles Dodgers, Vegas Sands Corp, MGM Resorts International, Cherokee Nation Entertainment, MGM, Thomson Locations: Berlin, United States, Los Angeles, Sinai, ., Houston, New York's, York, West Coast, U.S, Fort Worth , Texas, Dallas, San Francisco, Las Vegas, Oklahoma
For paid stays, you can also redeem Hyatt points for room upgrades to Regency Club or Grand Club level for 3,000 Hyatt points, standard suites for 6,000 Hyatt points, or premium suites for 9,000 Hyatt points. Standard room Points + Cash redemptions will run you:2,500 Hyatt points plus cash at Category 1 properties4,000 Hyatt points plus cash at Category 2 properties6,000 Hyatt points plus cash at Category 3 properties7,500 Hyatt points plus cash at Category 4 properties10,000 Hyatt points plus cash at Category 5 properties12,500 Hyatt points plus cash at Category 6 properties15,000 Hyatt points plus cash at Category 7 propertiesFor standard suite Points + Cash redemptions, this becomes:4,000 Hyatt points plus cash at Category 1 properties6,500 Hyatt points plus cash at Category 2 properties10,000 Hyatt points plus cash at Category 3 properties12,000 Hyatt points plus cash at Category 4 properties16,000 Hyatt points plus cash at Category 5 properties20,000 Hyatt points plus cash at Category 6 properties24,000 Hyatt points plus cash at Category 7 propertiesPoints + Cash redemptions for premium suites are as follows:5,000 Hyatt points plus cash at Category 1 properties8,000 Hyatt points plus cash at Category 2 properties12,000 Hyatt points plus cash at Category 3 properties15,000 Hyatt points plus cash at Category 4 properties20,000 Hyatt points plus cash at Category 5 properties25,000 Hyatt points plus cash at Category 6 properties30,000 Hyatt points plus cash at Category 7 propertiesFor those booking wellness stays at Miraval Resorts, rates for standard rooms at single occupancy are 22,500 Hyatt points plus cash, and go up to 32,500 Hyatt points plus cash for double occupancy. For a standard room, Category 1 properties normally start at 5,000 Hyatt points (7,000 Hyatt points for Regency Club or Grand Club rooms, 8,000 Hyatt points for a standard suite, or 10,000 Hyatt points for a premium suite), while Category 4 hotels start at 15,000 Hyatt points (21,000 Hyatt points for Regency Club or Grand Club rooms, 24,000 Hyatt points for a standard suite, or 30,000 Hyatt points for a premium suite), so you've got some room to maneuver. Other ways to redeem Hyatt pointsRedeem Hyatt points for dining, spa, and travel experiencesYou can also redeem Hyatt points for in-room movies, transportation, parking, and in-room dining and spa experiences at participating Hyatt hotels and resorts. Share Hyatt points with a friendIf you're feeling generous, you can share your Hyatt points, free award nights, or room upgrades with other World of Hyatt members.
Persons: Hyatt, you'll, You'll, we'll, DashPass, Chase, cardholders, there's, Insider's, you've, Hyatt Ziva, Hyatt Ziva Los Cabos, Hyatt Ziva Puerto Vallarta, Hyatt Ziva Cap Cana, Hyatt Ziva Rose, You'd, they'd, They'll Organizations: American, Hyatt, Park Hyatt, Hyatt Credit, Destination, MGM Resorts International, Chase Hyatt, Business, Chevron, Chase Sapphire, Chase, Hyatt Thompson, Hyatt Hyatt Regency, Residence, Hyatt Small, Cranwell, Sur Hyatt, MGM Resorts, Bellagio, Aria Las, MGM, Las, Mandalay, Casino Delano, Mirage, York, Vegas, Casino, Pearl, American Airlines, Yoga, Exhale Spa, Exhale, Avis, Qantas, Air, China Eastern Airlines, Virgin Atlantic, Southwest Airlines, Air France, ANA, British Airways, Cathay, China Airlines, Etihad, JAL, Korean Air, Qatar Airways, Royal Brunei Airlines, Singapore Airlines, Thai Airways, Regency Club, Miraval Resorts, Lindblad Expeditions, China, China Eastern, Virgin Locations: Park, Hyatt, Vegas, Mexico, Caribbean, Sur, York New York, Exhale, Barre, Avis ., Australia, Air China, China, Cathay Pacific, Delta, Emirates, Cancun, Cana, Santa Monica, Abu Dhabi, Antarctica, Svalbard
MGM CEO on how company plans to bring meetings and conventions back to Vegas
  + stars: | 2021-04-09 | by ( ) www.cnbc.com sentiment -0.96   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMGM CEO on how company plans to bring meetings and conventions back to VegasMGM Resorts International CEO Bill Hornbuckle sit down with CNBC's Contessa Brewer to discuss MGM's safety campaign for reopening as the rest of the country rebounds.
Persons: Bill Hornbuckle, CNBC's Contessa Brewer Organizations: MGM, Vegas MGM Resorts International, CNBC's
The logo of Australia's top casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. HONG KONG (Reuters Breakingviews) - Blackstone’s gamble Down Under may tempt more players. An opportunistic $6.2 billion bid for Australia’s Crown Resorts could encourage others like Las Vegas Sands to try their luck. A purchase would complement Las Vegas Sands’ Asian interests stretching from Singapore to Macau. Factoring in the 10% it bought from Melco in April 2020 at A$8.15 per share, its tentative all-in purchase price reflects a valuation of less than 13 times EBITDA.
Persons: That’s, Steve Schwarzman, Blackstone, James Packer Organizations: Resorts, Crown Perth, Reuters, Australia’s Crown Resorts, Sands, Blackstone, MGM Resorts International’s, Melco International, Vegas Sands, U.S ., Crown Locations: Crown, Western Australia, HONG KONG, Sydney, Sands China, Singapore, Macau, U.S, Melco
These include Caesars Entertainment agreeing last September to buy William Hill in a 2.9 billion-pound deal. Entain shares closed down 11.9% at around 12.44 pounds in London. MGM shares were up 2.5% at $30.54 in New York trading late on Tuesday afternoon. The proposal, on the basis of 0.6 MGM share for each Entain share, was also backed by billionaire Barry Diller’s IAC . It valued Entain shares at 13.83 pence each when it was first announced.
Persons: Entain, William Hill, ” Entain, Barry Diller’s, Shay Segev, ” JP Morgan Organizations: MGM, JV, MGM Resorts International, Caesars Entertainment, Barry Diller’s IAC Locations: United States, London, New York, British
MGM Resorts scraps takeover plans for Ladbrokes owner Entain
  + stars: | 2021-01-19 | by ( ) www.cnbc.com sentiment -0.98   time to read: +1 min
Casino operator MGM Resorts International on Tuesday scrapped plans to buy Ladbrokes-owner Entain, saying it does not intend to submit a revised proposal for the British firm that snubbed an $11 billion takeover approach earlier this month. Entain shares fell 17% to 11.82 pounds, after hitting a session low of 11.37 pounds on Tuesday on the news, paring almost all the gains made since the U.S. company's approach was made public. "We look forward to continuing to work closely with MGM to drive further success in the United States through the BetMGM joint venture," Entain said in a statement. MGM said it would not make a firm offer for Entain, which at the start of the year said the U.S. company's approach significantly undervalued its business. The announcement from MGM also comes days after Entain's Chief Executive Officer Shay Segev decided to step down, after just seven months in the role.
Persons: Entain, William Hill, Shay Segev Organizations: MGM Resorts International, MGM, Caesars Entertainment, Entain's Locations: U.S, United States
FILE PHOTO: An exterior view of the Venetian Macao, part of Sands China Ltd's development in Macau, China, June 1, 2016. Yet gaming licences for Macau’s six casino operators, including Sands China, are set to expire in 2022, and the government has yet to detail the rebidding process. Parent Las Vegas Sands earns the bulk of its revenue from Asian properties, including the Venetian and Parisian in Macau and Marina Bay Sands in Singapore. In an open letter, Snow Lake said markets already reflected licence renewal concern for U.S.-owned Macau operators through trading performance and valuation - citing the high profitability yet low valuation of market leader Sands China. Heeding government calls to help diversify Macau’s gaming-dependent economy, Sands China built the territory’s largest convention centre and exhibition space, entertainment theatres and around 13,000 hotel rooms.
Persons: Sheldon Adelson, Bobby Yip, Adelson, , Ben Lee, Donald Trump, Sands, Matthew Ossolinski, Snow, Anthony Lawrance, Marshall Hao Organizations: Reuters, REUTERS, Vegas Sands Corp, Sands, Vegas Sands, Ossolinski Holdings, Las Vegas Sands, , MGM China Holdings, Capital, MGM Resorts International, Bay Insight, Sands China Locations: HONG KONG, China, Venetian Macao, Sands China, Macau, Las Vegas, Marina, Sands, Singapore, BEIJING, Beijing, Snow, Snow Lake
Entain CEO resigns days after Ladbrokes owner rejected MGM approach
  + stars: | 2021-01-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A pedestrian walks past a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson(Reuters) - Ladbrokes owner Entain said on Monday its Chief Executive Officer Shay Segev was leaving the gambling firm just seven months after taking the role, a surprise move that follows the company’s rejection last week of an $11 billion approach from MGM Resorts International. The company also said the board remained fully in favour of its rejection of the MGM offer as undervaluing Entain. “I can confirm that this changes nothing with respect to the Board’s view of the recent proposal from MGM Resorts International to acquire Entain. The Board remains unanimous in our view that the proposal significantly undervalues the Company and its prospects,” Chairman Barry Gibson said.
Persons: Simon Dawson, Entain, Shay Segev, Segev, , Barry Gibson, Kenny Alexander, Shay, ” Gibson Organizations: REUTERS, Reuters, MGM Resorts International, MGM, Company Locations: Ladbrokes, London, Britain
Ladbrokes owner Entain CEO quits days after snubbing MGM approach
  + stars: | 2021-01-11 | by ( Tanishaa Nadkar | ) www.reuters.com sentiment -1.00   time to read: +2 min
He said MGM’s approach had no bearing on his decision to leave. Entain, shares of which fell 1.4% to 1,455 pence in early trade, reiterated that MGM’s proposal of 1,383 pence per share significantly undervalued the company. It has asked MGM for more information on the strategic rationale for a combination. “This changes nothing with respect to the Board’s view of the recent proposal from MGM Resorts International to acquire Entain,” Chairman Barry Gibson said. However, analysts at Jefferies and Peel Hunt suggested that Segev’s exit makes a takeover by MGM more likely.
Persons: Entain, Shay Segev, Segev, Barry Gibson, Peel Hunt, ” Jefferies, DAZN, Kenny Alexander, Shay, ” Entain’s Gibson Organizations: Reuters, MGM Resorts, MGM, MGM Resorts International, Jefferies, Entain Locations: Entain, GVC
Billionaire Barry Diller's IAC backs MGM's potential offer for Entain
  + stars: | 2021-01-08 | by ( Reuters Staff | ) www.reuters.com sentiment -0.78   time to read: +1 min
Slideshow ( 2 images )(Reuters) - Billionaire Barry Diller’s InterActiveCorp, the largest shareholder in MGM Resorts International, supports the casino operator’s $11 billion takeover approach for Ladbrokes owner Entain Plc, the U.S. company said on Friday. Online betting firms have benefited during the COVID-19 pandemic-led lockdowns, as customers took to playing from home when casinos and betting shops were off limits. Entain, however, rejected the takeover advance earlier this week, saying it significantly undervalued the company and asked MGM for more information on the strategic rationale for a merger. Meanwhile on Thursday, Entain offered to buy smaller rival, Swedish sports betting firm Enlabs AB for about $343 million. Shares of London-listed Entain were marginally down 0.1% at 1465 pence on Friday at 0339GMT.
Persons: Barry Diller’s InterActiveCorp, Entain Organizations: MGM Resorts International, Entain Plc, U.S ., MGM, London Locations: U.S, British, United States, 0339GMT
Breakingviews - A big Chinese backer would be roll of dice for MGM
  + stars: | 2021-01-07 | by ( Katrina Hamlin | ) www.reuters.com sentiment -0.55   time to read: +2 min
Employees inside the casino prepare for the opening of MGM Cotai in Macau, China February 13, 2018. HONG KONG (Reuters Breakingviews) - There’s a new gamble worth taking for MGM Resorts International. It will be a pivotal time for MGM Resorts, with plenty at stake. The virus has suppressed casino share price, but an MGM China stake sale would still bring a useful chunk of change. An $11 billion offer from MGM Resorts for Entain, the owner of British betting shop Ladbrokes, was rejected this week.
Persons: Snow, Sean Ma, Macau’s Ho, it’s Organizations: MGM, Reuters, MGM Resorts International, MGM Resorts, Galaxy Entertainment, Melco Resorts, Entertainment, Entain Locations: Macau, China, HONG KONG, Snow, U.S, United States, loggerheads, Beijing, Snow Lake, MGM China, Japan
BOSTON (Reuters) - Investment firm Snow Lake Capital on Wednesday urged MGM Resorts International to sell 20% of its China business to a strategic partner, calling it a “win-win transaction” for all. The firm, which owns roughly 7.5% of MGM China Holdings Limited’s shares, wrote in a letter to MGM’s board that such a move would give MGM Resorts financial flexibility, provide the company enough capital to commit to its Osaka, Japan gaming integrated resort project, and bring non-gaming resources to both MGM China and Macau. The addition of a partner would help with the gaming concession re-tendering in 2022, the letter said, calling it a “key differentiating factor,” for MGM. Snow Lake identified four potential partners; listing Meituan, Trip.com Group, Huazhu Group Limited and Sunac China Holdings. Snow Lake added its voice to a growing chorus of shareholders backing the potential tie-up with Entain, writing that “an acquisition of Entain PLC makes tremendous sense for MGM Resorts International as the U.S. online market represents a key long-term growth opportunity.”
Persons: Sean Ma, Snow, Ladbrokes, Entain, Organizations: BOSTON, Investment, Capital, Wednesday, MGM Resorts International, MGM China Holdings Limited’s, MGM Resorts, MGM, , Reuters, Trip.com, Huazhu, Sunac China Holdings, Entain PLC Locations: China, Osaka, Japan, MGM China, Macau, Hong Kong
Cabezola’s complaint to the regulator, along with that of another worker in May, had “zero effect,” said Karla Schumann, head of the local Teamsters union representing UPS workers. The news agency examined the regulatory response through OSHA data on complaints filed by workers and records of resulting inspections. As of mid-December, just 12 of the 106 facilities have been penalized in response to workers’ complaints. State OSHA agencies are overseen by state governors and the federal agency and must, at a minimum, enforce federal workplace safety regulations. The Cosmopolitan said they worked with Nevada OSHA to investigate COVID-19 complaints and have received no citations.
Persons: Miguel Cabezola, Carlos Toledo, Michael Sanchez, Nick Quijada, Caitlin O'Hara, , Karla Schumann, Matt O’Connor, Loren Sweatt, ” Trevor Laky, coronavirus, Trump, David Michaels, Obama, George Washington, , “ I’m, Donald Trump, Kelly Schnapp, Judd Deere, Michaels, Joe Biden’s COVID, Biden, Angela Ciciriello, Tesla, Teri Williams, Dannea DeLisser, COVID, Tyson, Gary Harris, ” Harris, Harris, Cabezola, Mike Sanchez, O’Connor, Dan Amaro, “ They’ve Organizations: Reuters, United Parcel Service Inc, Business Representative, Teamsters Local, Teamsters, REUTERS, U.S . Occupational Safety, Health Administration, Tucson UPS, International Brotherhood of Teamsters, UPS, OSHA, Tesla Inc, Tyson Foods Inc, O’Connor, Arizona OSHA, Harvard, U.S, OSHA’s, Science, Technology, Smithfield Foods Inc, JBS, BP Products North America Inc, Nevada OSHA, MGM Resorts International, Workers, Cosmopolitan, “ Employees, , Las Vegas, , Vegas, Tesla, Panasonic Corp of North, Panasonic, . Workers, Indiana OSHA Locations: Tucson , Arizona, U.S, Arizona, COVID, United States, Washington, Smithfield, Sioux Falls , South Dakota, Greeley , Colorado, Texas, Las Vegas, Nevada, Vegas, Reno, Panasonic Corp of North America, Logansport , Indiana, Logansport, Cass County, Tucson
Using MGM’s closing price on Dec. 31 that values the target’s equity at $11 billion, a 22% premium. Currently Hornbuckle has to go through a cumbersome joint venture with the UK group, in which both sides own a 50% stake. Assume Entain’s joint venture with MGM captures 10% of the U.S. sports-betting market, which Jefferies analysts reckon will eventually hit $19 billion. That suggests MGM’s offer, which is worth $14 billion including debt, attaches little value to Entain’s non-U.S. assets. MGM could potentially kill any rival bids by threatening to ditch the joint venture.
Persons: Barry Gibson, Bill Hornbuckle, Entain, Hornbuckle, Jefferies, Barry Diller Organizations: LONDON, Reuters, MGM Resorts International, MGM, Investors, IAC Locations: Ladbrokes, London, Britain, British, Entain
Ladbrokes owner Entain receives $11 billion takeover offer from MGM
  + stars: | 2021-01-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.90   time to read: +1 min
REUTERS/David Becker(Reuters) -Ladbrokes owner Entain Plc said on Monday an $11 billion bid proposal from U.S. casino operator MGM Resorts significantly undervalued its business in the latest transatlantic move in a fast consolidating sector. The proposed offer of 1,383 pence per Entain share implies a total deal value of 8.09 billion pounds ($11.08 billion), according to a Reuters calculation. Entain said it received multiple proposals from MGM, with the most recent one being MGM’s offer of 0.6 of its shares for each Entain share. The British company, previously known as GVC, said its shareholders would own about 41.5% of the enlarged MGM. MGM has indicated that a limited partial cash alternative would also be made available to Entain shareholders, the company said.
Persons: David Becker, Entain, William Hill Organizations: MGM Resorts International, Bellagio, REUTERS, Reuters, MGM Resorts, Caesars Entertainment, MGM Locations: Vegas, Las Vegas , Nevada, U.S, United States, British
(Reuters) - Ladbrokes owner Entain said on Monday that an $11 billion takeover approach from U.S. casino operator MGM Resorts significantly undervalued its business, as companies move to capitalise on an expected boom in U.S. sports betting. REUTERS/David BeckerThe United States is widely viewed as the next big growth market following a 2018 Supreme Court ruling that lifted a ban on sports betting. Under the proposal, Entain shareholders will own about 41.5% of the enlarged MGM. “Entain has informed MGMRI that it believes that the proposal significantly undervalues the Company and its prospects,” it said on Monday. Davy Research analysts also said the proposal undervalued the group’s operations, including its prospects in the United States.
Persons: Entain, David Becker, William Hill, Britain’s, MGM’s, “ Entain, MGMRI, Davy Organizations: Reuters, MGM Resorts, MGM Resorts International, Bellagio, REUTERS, Caesars Entertainment’s, MGM, Company, Davy Research, Wall Locations: U.S, Vegas, Las Vegas , Nevada, United States
MGM makes $11 billion bid for UK gambling group
  + stars: | 2021-01-04 | by ( Charles Riley | Cnn Business | ) edition.cnn.com sentiment -0.98   time to read: +1 min
MGM MGM Ladbrokes owner Entain said in a statement Monday that it has received an £8.1 billion ($11.1 billion) proposal from. "The board has also asked [MGM] to provide additional information in respect of the strategic rationale for a combination of the two companies," Entain said. The UK company has received multiple proposals from MGM, its statement suggested. MGM and Entain are joint owners of BetMGM, a sports betting and online gaming company that operates in more than a dozen US states. Entain, which owns brands including Eurobet, Ladbrokes and Sportingbet, operates both retail and online businesses.
Persons: Entain Organizations: London, CNN Business, MGM Resorts International, MGM MGM, MGM, Bellagio Locations: Las Vegas, Mandalay Bay
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) Investors are gearing up for a turbocharged 2021. What's happening: Just a few weeks ago, Wall Street watched in awe as the cryptocurrency smashed through the $20,000 mark. "The board has also asked [MGM] to provide additional information in respect of the strategic rationale for a combination of the two companies," Entain said. Details, details: The automaker said this weekend it delivered 499,550 cars to customers last year, my CNN Business colleague Chris Isidore reports.
Persons: Aryeh Bourkoff, Bourkoff, Kit Juckes, Entain, Charles Riley, Nicholas Hyett, Hargreaves Lansdown, Chris Isidore, Dan Ives, Elon Musk, Dow Organizations: CNN Business, Bell, Wall, Deutsche Bank, Generale, MGM, Entain MGM Resorts International MGM, Bellagio, Bankers, Wedbush Securities Locations: London, Asia, Europe, Las Vegas, Mandalay Bay, United States, Fremont , California, Japan, videoconference
Breakingviews - U.S. is promised land for online gambling
  + stars: | 2020-12-29 | by ( Katrina Hamlin | ) www.reuters.com + 0.00   time to read: +2 min
HONG KONG (Reuters Breakingviews) - U.S. online gambling is one of 2021’s better bets. Online betting shops have faced tricky odds in the United States. With typical tax rates on internet gambling in the mid-teens or higher and growth accelerating, it’s an opportunity to top up their coffers. And while online casinos come with a stigma, a nation of football, basketball and baseball fans may find sports betting more palatable. Massachusetts is debating the inclusion of online sports betting in its economic development bill.
Persons: Bernstein Organizations: Reuters, Fitch, Fox, MGM Resorts International, Caesars Entertainment, Wynn Resorts Locations: East Rutherford , New Jersey, U.S, HONG KONG, America, Nevada, United States, New Jersey , Pennsylvania, Delaware, Massachusetts, Ohio, New York, Dublin
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