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MGM Resorts International is said to be mulling ways of getting control of online betting business BetMGM, which is a 50-50 JV between MGM and UK-based gaming company Entain as the latter has received a $22bn merger offer from online betting company DraftKings Inc. As per the JV agreement between MGM and Entain, the former has the power to block a deal with a competing business such as DraftKings. MGM said in a statement that having control of BetMGM, which is expected to hit revenues of $1bn next year, is “an important step towards achieving its strategic objectives.” Eilers & Krejcik Gaming analyst Chris Grove said that a successful takeover by DraftKings could lead to MGM losing its use of Entain’s technology, the company’s experience in operations and marketing and a partner to share financial risk with. This comes after Entain rejected a $11bn takeover offer from MGM earlier this year.

MGM Resorts’ 6% bonds due 2023 traded a tad higher at 106.19 yielding 1.71%.

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