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A brief interlude as we await the Bank of England press conference: casino consolidation rumours have sparked investor interest.
Ever since Las Vegas-based MGM Resorts walked away from a bid for Ladbrokes owner Entain in January, the question hasn’t been so much if it will return but when.
A six-month ban on an improved bid expired in mid July and expectation is building that an improved offer will come soon.
Back in January, Entain rebuffed an £8bn approach. Its stock market value has climbed steadily since then, to around £11.4bn this week, indicating the board were right to laugh off the US predator’s offer.
Shares in Entain are up 2% today and 11% since 20 July. Much of the recent surge can be put down to expectations that MGM Resorts is putting together a new offer at something more like what Entain shareholders will be looking for.
With the US sports betting market opening up rapidly – and promising even greater returns than first thought – a fresh tilt at Entain, at a significantly improved price, looks like a racing certainty.