After MGM refused the acquisition, Entain's stock price dropped by 4%.

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Due to the CEO of MGM Resorts International once again dismissing the potential acquisition offer for the company, Entain's stock price dropped by 4% recently. When asked if there was any change after the CEO of MGM Resorts International, Bill Hornbuckle, made the latest public statement on the topic of acquisition bids, his response led to a 4% decline in Entain's shares.

Last fall, there were speculations that MGM Resorts might make a new acquisition move in the global gaming industry. In 2023, Entain's stock price dropped as Jette Nygaard-Andersen, the former CEO, stepped down. The S&P 500-listed global gaming and entertainment company initially rejected the acquisition offer in 2021, valuing the company at $8.1 billion ($10.17 billion). This amount was a $6 billion ($7.53 billion) premium over the company's $200 million market value.

"It's about products, products, products, and focus," the CEO responded, emphasizing their main focus on pausing large-scale acquisitions in the coming months. Hornbuckle explained that last week, he met with their partner, BetMGM, and discussed the importance of ensuring everyone is focused on BetMGM. He stressed that 2024 is a crucial year for everyone, stating, "So, it's a year about products, products, products, and focus." His comments immediately led to a nearly 4% drop in Entain's stock price, to $1,000.92 ($11.58), slightly recovering to $1,009.84 ($12.53).

In December 2023, BetMGM's CEO, Adam Greenblatt, stated in an investor presentation that 2024 is an "investment year" as the joint venture aims to recover lost market share by improving its products. Hornbuckle agreed that 2024 would be a "reinvestment year," emphasizing the need and desire for their products to appear "in better, different forms" and adding that they hope to gain more casinos.

"Clearly," he continued, "our partnership will be a significant complement to the Angstrom acquisition. We'll be able to roll out more products. We'll have more confidence in that." The CEO explained that they will focus on baseball in the coming months, expecting to get involved in football by 2025, and leverage their many product differentiation advantages.

This spring, Hornbuckle also discussed their plan to introduce a single wallet. As for when they will start making profits, it seems to be approaching in 2025.

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