- Significant news is breaking out of the U.K. that could impact the casino sector.
- Sky News reports that GVC Holdings (OTCPK:GMVHF) is finalizing a long-term joint venture with MGM Resorts (NYSE:MGM) to take advantage of the legalization of sports betting in many U.S. states. A formal announcement could arrive as early as Monday.
- The 50-50 JV will see GVC's technology platforms integrate with MGM's stable of U.S. casinos. Both companies are expected to kick in $100M to get the ball rolling.
- The GVC-MGM partnership follows the acquisition of Paddy Power Betfair of FanDuel. There's a feeling in the sector that more partnerships/acquisitions could be on the way.
- GVC's portfolio includes Ladbrokes (LON:LCL), bwin, Sportingbet, gamebookers, partypoker, partycasino, Foxy Bingo, Foxy Casino, Gioco Digitale and CasinoClub.
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Original article