Entering MGM Resorts' quarterly earnings call on Wednesday, speculation mounted that the major casino corporation could renew its pursuit of U.K.-based Entain plc.
The rumors intensified last week when Entain announced that the company would cease its financial commitment to BetMGM if the online gaming operator is profitable in the second half of 2023. One prominent analyst even went so far as describing MGM Resorts' pursuit of Entain as practically “inevitable.”
On Wednesday, MGM Resorts CEO Bill Hornbuckle quashed any speculation that the company will pursue an acquisition bid by offering strong words about MGM's commercial relationship with Entain. Given the noise surrounding a potential bid, the comments came as somewhat of a surprise.
“It’s time to be definitive and give a little direction. The simple answer on Entain is we’ve moved on,” Hornbuckle said in a call with Wall Street analysts. “We value Entain, we value BetMGM. But as it comes to the rest of the world, we’re going to move forward with a different proposition.”