MGM Resorts withdraws from Entain bid

MGM Resorts, the US casino giant, has ended its £8.1 billion takeover bid for Entain, the owner of sports betting and casino brands Ladbrokes and Coral.

After its initial offer was spurned by Entain, MGM Resorts said it was walking away, sending Entain shares – previously GVC Holdings – tumbling by 20%.

Entain also owns PartyPoker, Bwin, Gala and Foxybingo. It became a target for MGM which wanted to expand into the online gambling sector, especially since the market is opening up rapidly in the US.

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The deal means 888 continues to provide poker rooms for the World Series of Poker online brand, and comes as Caesars expands into new US territories.

Late last year, 888 launched its new Poker 8 platform, with new graphics, better user experience and tournament formats.

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