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MGM Wants To Buy British Gaming Company Entain

 |  January 3, 2021

MGM Resorts International is seeking to buy British gaming company Entain, according to The Wall Street Journal, in the latest move by a casino operator to double down on the red-hot online-gambling business.

MGM recently made an offer to buy the owner of the British gambling brand Ladbrokes, which has a market value of about US$9 billion, the people said. The offer, which would have a substantial stock component, comes after an earlier, roughly US$10 billion all-cash overture was rebuffed. The new bid comes with financial backing from the MGM’s largest shareholder, IAC/InterActiveCorp, the people said.

A combination could create one of the few large gaming companies in the world with a significant online and bricks-and-mortar presence. It would follow other recent consolidation in the industry.