GOING GAGA OVER GAMBLE
GVC Holdings, the British-owner of Ladbrokes, Coral and Sportingbet is heading Stateside to link with the owner of one of Lady Gaga’s favourite venues.
The company is betting on a joint venture with Las Vegas based hotel and casino operator MGM Resorts, behind big brands such as Bellagio and the MGM Grand, where the superstar often performs. The new joint-owned business has been set up with £76million from each of the partners who hope to profit from a recent US Supreme Court ruling that has paved the way to legalise sports betting.
The reduction in red-tape has led to predictions that the US sports betting market will become a multibillion dollar industry. GVC hopes its sports betting technology and platforms will match with MGM’s hospitality expertise to cash in.
Boss Kenneth Alexander said: “MGM is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and strong sports connectivity.”