{"id":303667,"date":"2023-12-17T19:00:04","date_gmt":"2023-12-18T01:00:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=303667"},"modified":"2023-12-18T15:25:08","modified_gmt":"2023-12-18T21:25:08","slug":"entain-may-add-sandler-to-board-before-end-of-december","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/","title":{"rendered":"Entain Seen Adding Ricky Sandler to Board, May Push for BetMGM Sale"},"content":{"rendered":"

Entain Plc (OTC: GMVHF) is reportedly considering adding Eminence Capital founder Ricky Sandler to its board of directors. The move could potentially open the door to a full or partial sale of the operator\u2019s 50% interest in BetMGM.<\/p>\n

\"Sandler
Eminence Capital CEO and CIO Ricky Sandler. Entain could add him to the board of directors. (Image: Institutional Investor<\/em>)<\/figcaption><\/figure>\n

Citing unidentified sources with knowledge of the matter, The Sunday Times<\/em> reported that Entain could add Sandler to its board before the end of this month. The rumor surfaced less than a week after the Coral owner announced the immediate resignation<\/a> of CEO Jette Nygaard-Andersen, an executive of whom Sandler was openly critical.<\/p>\n

\n

He bashed the $750 million purchase of STS Holding in June<\/a>,\u00a0noting the issuance of new stock to fund the deal signaled Entain\u2019s lack of understanding of basic finance or naivety among investors. As of the end of the second quarter, Eminence Capital owned 2.1% of Entain\u2019s freely floating shares.<\/p>\n<\/div>\n

Assuming Entain does appoint Sandler to the board, it could be viewed as a move to appease activist investors Dendur Capital and Sached Heam Capital. Those two hedge funds recently took stakes in the gaming company, noting they wanted Sandler appointed to the board, adding that Entain should include him in filling other board vacancies.<\/p>\n

Interesting Timing for Entain<\/h2>\n

In addition to speculation of Sandler joining Entain\u2019s board on the heels of Jette Nygaard-Andersen\u2019s resignation, the rumor appeared just three days after Keith Meister\u2019s Corvex Management<\/a> announced it took a 4.4% stake in the gaming company.<\/p>\n

That\u2019s potentially noteworthy because Corvex is a significant investor in MGM Resorts International (NYSE: MGM), Entain\u2019s 50\/50 partner in BetMGM. Additionally, Meister is a member of the casino operator\u2019s board.<\/strong><\/p>\n

Previously, Sandler floated the idea of Entain selling all or part of its BetMGM stake to raise capital and renew its focus on markets in which it\u2019s firmly established, including Australia, Europe and the UK. MGM has made no secret of its desire to control all of BetMGM, and it would likely be open to negotiating a buyout of Entain, which would be more cost effective than purchasing the Ladbrokes owner outright.<\/p>\n

According to The Sunday Times, Entain will not appoint Meister to its board because of his membership on the BetMGM and MGM boards.<\/p>\n

Could Be Good Time for Entain to Mull BetMGM Sale<\/h2>\n

It remains to be seen if Sandler gains an Entain board seat and what change he and his fellow activist investors augur for. But a case can be made that now is an opportune time for the gaming company to consider divesting some or all of its BetMGM position.<\/p>\n

The internet casino and online sportsbook operator is increasingly profitable<\/a>, targeting\u00a0$500 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2026.<\/strong><\/p>\n

Conversely, BetMGM is nearing self-funding status, meaning Entain wouldn\u2019t be on the hook for more capital contributions to the online gaming entity. That could make it attractive for Entain to retain its interest in the business unless a potential MGM offer for that stake is highly compelling.<\/p>\n","protected":false},"excerpt":{"rendered":"

Entain Plc (OTC: GMVHF) is reportedly considering adding Eminence Capital founder Ricky Sandler to its board of directors. The move could potentially open the door to a full or partial sale of the operator\u2019s 50% interest in BetMGM. Citing unidentified sources with knowledge of the matter, The Sunday Times reported that Entain could add Sandler […]<\/p>\n","protected":false},"author":46,"featured_media":303668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1,1074],"tags":[81903,81966,81967,80968],"acf":[],"yoast_head":"\nEntain May Add Sandler To Board Before End Of December<\/title>\n<meta name=\"description\" content=\"Entain rumored to be considering Eminence Capital boss Ricky Sandler to board.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Entain May Add Sandler To Board Before End Of December\" \/>\n<meta property=\"og:description\" content=\"Entain rumored to be considering Eminence Capital boss Ricky Sandler to board.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T01:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-18T21:25:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/Rs2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/\",\"url\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/\",\"name\":\"Entain May Add Sandler To Board Before End Of December\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/Rs2.jpg\",\"datePublished\":\"2023-12-18T01:00:04+00:00\",\"dateModified\":\"2023-12-18T21:25:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Entain rumored to be considering Eminence Capital boss Ricky Sandler to board.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/entain-may-add-sandler-to-board-before-end-of-december\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/Rs2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/Rs2.jpg\",\"width\":1000,\"height\":667,\"caption\":\"Eminence Capital CEO and CIO Ricky Sandler. 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