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Prominent iGaming and sportsbook operator Entain has reportedly announced that its Chief Executive Officer, Shay Segev (pictured), has decided to stand down after less than seven months in charge.
According to a report from the Reuters news service, the revelation follows last week’s rejection by shareholders in the company previously known as GVC Holdings of an $11.1 billion takeover offer from American casino giant MGM Resorts International. Segev is now purportedly set to remain in his current role for up to six months so that a successor can be named before decamping to take up the post of Co-Chief Executive Officer for global sports streaming platform DAZN.
Short stay:
Segev reportedly replaced predecessor Kenneth Alexander as boss for the iGaming heavyweight in mid-July following a four-year spell in which he had served as its Chief Operating Officer. He subsequently helped steer the company behind such online brands as Bwin, Gamebookers and SportingBet through the considerable disruption caused by the coronavirus pandemic and also promised that the colossus would have exited all unregulated markets by the end of 2023.
Distinct decisions:
Barry Gibson, Chairman for Entain, reportedly told the news service that Segev’s decision to leave has nothing to do with the potential takeover offer from MGM Resorts International even though his company had asked the Las Vegas-based casino operator for more information regarding the strategic rationale for a combination.
Gibson reportedly declared…
“This changes nothing with respect to the board’s view of the recent proposal from MGM Resorts International to acquire Entain. We are sorry that Shay has decided to leave us but recognize that we cannot match the rewards that he has been promised.”
Enriched expectations:
However, respected financial services firm Jefferies reportedly declared that Segev’s impending departure could improve the chances of MGM Resorts International being able to acquire Entain. The pair have cooperated since 2018 via the Roar Digital enterprise, which operates the BetMGM online sportsbetting service in multiple jurisdictions across the United States, and the executive’s exit could now purportedly prompt the former to return with an improved bid.
Reportedly read a filing from Jefferies…
“The timing is especially awkward given the ongoing situation with MGM Resorts International but we think MGM Resorts International may now be more encouraged to opportunistically raise its bid.”
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