Entain names Jette Nygaard-Andersen CEO after rejecting MGM deal — Modern Times

Marco Green
January 23, 2021

On Tuesday, the USA giant dropped its interest ahead of a deadline to make a formal offer.

MGM Resorts International reportedly used an official Tuesday filing to declare that it had made a decision to cancel its pursuit of Entain "after careful consideration and having reflected on the limited recent engagement between the respective companies regarding [the] rejected all-stock proposal".

The company also reported that Jette Nygaard-Andersen was appointed chief executive officer.

Entain on Thursday also announced its trading results for the last three months of 2020, with total revenues up by 7% compared with the same period in 2019, despite the closure of most shops, including the UK.

Ahead of its impending MI launch tomorrow, the firm says that United States net revenues are now expected to be in the range of $175m-$180m, ahead of third quarter guidance of $150m-$160m.

The joint venture of MGM Resorts and Entain - BetMGM - saw a massive online revenues increase of more than 130% in the year.

In its latest update, Entain said its launches in West Virginia, Colorado, Indiana, Tennessee and Pennsylvania had been "highly successful", demonstrating the 'strength of the customer offer and potential leadership in the USA market.' BetMGM sports book and iGaming is to launch in MI on 22 January.

"A non-executive director at Entain since December 2019 with responsibility for investigating new markets and digital strategy, she has experience of media, entertainment and online businesses, and from working at global corporations, thanks to her previous posts at Scandinavia's Modern Times Group, shipping giant AP Møller Maersk and Accenture, as well as her current non-executive role at the highly successful Danish medical equipment firm Coloplast. She is already deeply immersed in Entain's strategy and clearly shares our ambition to be the world leader in sports betting and gaming entertainment".

The hunt for a new boss was undertaken at breakneck speed.

With Segev stepping down, Nygaard-Andersen seems a fantastic pick for the company, and she shares the outgoing executive's own passion for the company and bringing a state-of-the-art product to consumers.

Nygaard-Andersen explained: "I am very excited to have the opportunity of continuing the extraordinary momentum that Entain has in its existing markets, as well as helping it enter new regulated markets and reach new audiences". Nygaard-Andersen confirmed that her commitment to Entain's own mission and "industry-leading levels of player protection" was something that she supported in full. I can not wait to get started'.

Ms Nygaard-Andersen's appointment means there are now six women leading FTSE 100 companies. A year ago, the group's share price was 897.40p.

Other reports by Click Lancashire

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