GVC to form $200mn joint venture with MGM Resorts
GVC – the owner of Ladbrokes, Coral, and Sportingbet – has announced its joint venture with the largest casino operator in the world.
The UK company has partnered with MGM Resorts for a US$200mn (£152.5mn) sports betting and gaming platform project.
Both companies will have a 50% stake in the project, with each firm initially providing $100mn (£76mn) for the venture.
The news follows the Supreme Court’s recent decision in May to allow states to legalise sports betting by striking down the Professional and Amateur Sports Protection Act.
Since the decision, betting firms in the UK have been targeting the US market, with Paddy Power Betfair acquiring Fan Duel earlier this year.
“MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity,” stated Kenneth Alexander, CEO of GVC.
“This combined with GVC's technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for US players and our respective shareholders.”
“To be able to team up with a partner with such pedigree and knowledge, particularly in the US, is a real opportunity for GVC.”
“We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the US,” remarked Jim Murren, MGM Resorts’ Chairman and CEO.
“With MGM Resorts’ expertise and leading position in key markets across the US, this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands.”
“Together, we are creating a one-of-a-kind platform that we expect will dominate the US sports betting market.”