Business
Joint Venture with MGM Resorts International
Joint Venture with MGM Resorts International.
About this update from Entain Plc
[{"type":"text","content":"\n \nRNS Number : 1214W GVC Holdings PLC 30 July 2018 \n\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n30 JULY 2018\n\n\n\n\n \nGVC Holdings PLC \n(\"GVC\")\nGVC HOLDINGS PLC ANNOUNCES JOINT VENTURE WITH MGM RESORTS INTERNATIONAL TO CREATE LEADING SPORTS BETTING AND INTERACTIVE GAMING PLATFORM IN THE U.S.\n \nCombines GVC's Proprietary, Integrated, U.S. Licensed, Multi-channel Technology with MGM Resorts' Iconic, Market Leading Brands and National Footprint \n \nLeverages Complementary Assets and Expertise to Efficiently Maximise Attractive Market Potential \n \nClear Path to Access in 15 U.S. states with total addressable population of 90 million\n \nGVC Holdings PLC (LON: GVC) today announces the establishment of a 50/50 joint venture with MGM Resorts International (NYSE: MGM) (\"MGM Resorts\") to create a world-class sports betting and online gaming platform in the United States, well-positioned to engage in the new opportunities created by the recent U.S. Supreme Court decision overturning the U.S. federal Professional and Amateur Sports Protection Act, or PASPA. \n \nWith a proven track record as partners-of-choice, MGM Resorts and GVC will bring together market-leading assets, distinguished brands, proven and scalable proprietary technology, and extensive industry expertise to revolutionise the world of sports betting and online gaming in the United States. The formation of the joint venture significantly increases speed to market for both parties in an efficient and prudent manner, lowers execution risk, and creates meaningful early mover advantages. \n \nKenneth Alexander, Chief Executive of GVC, said: \"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. This combined with GVC's technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for U.S. players and our respective shareholders. To be able to team up with a partner with such pedigree and knowledge, particularly in the U.S., is a real opportunity for GVC.\" \n \nJim Murren, Chairman and Chief Executive Officer of MGM Resorts, said: \"We are proud to join forces with GVC, the largest and most dynamic global online betting operato...