Isle of Man-based online gambling firm, GVC Holdings, has reportedly confirmed it is engaged in talks concerning a merger with global hospitality and entertainment firm, MGM Resorts International (MGM:New York).
The owner of British-based gambling and gambling firm, Ladbrokes Coral Group plc, will this week as soon as Monday, reveal a long-term joint venture together with all the Las Vegas-based firm worth $200 million.
The news agency reports that GVC Holdings worked this weekend toward discovering details of this tie-up together with the operator of destination resorts in Las Vegas, Mississippi, Maryland, New Jersey, Detroit and also the $960 million resort casino in Springfield, Massachusetts, thanks to open on August 24, 2018.
In a statement, GVC Holdings stated …
“The Group can confirm that discussions are at an advanced stage about such a joint venture and will update the marketplace when proper . ”
The company which completed its $1.5 billion purchase of Gibraltar-based rival Bwin.Party Digital Entertainment in August 2017, had reportedly been mulling opportunities in the States following the Supreme Court’s Might judgment overturning the national ban on sports gambling.
The deal, which along with online sports betting will finally encompass other interactive gaming services throughout the U.S., is expected to become an equal partnership, with the two companies reportedly producing an initial $100 million commitment. The alliance may, however, lead to a complete merger, according to the news outlet.
Having decided the purchase wouldn’t give rise to competition concerns, in March this year in the United Kingdom, the Contest and Markets Authority approved GVC Holdings’ $5.6 billion buy of sports gambling giant Ladbrokes Coral Group.
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