(Sharecast News) – Ladbrokes and Coral owner Entain reported flat full-year net gaming revenue (NGR), with online gambling offsetting the closures of betting shops due to the Covid-19 pandemic.
The company, which this week rejected an £8bn takeover bid from MGM, said UK retail NGR fell 36%, while total online was up 27%. However, it added that full-year US net revenues were expected ahead of third quarter guidance in the range of $175m – $180m.
Full year 2020 group core earnings were expected to be in the range of £825m – £845m, “despite the impact to profitability from enforced retail closures”, the company said on Thursday.
Entain also announced the appointment of non-executive director Jette Nygaard-Andersen as chief executive.
The move follows the departure of CEO Shay Segev to global sports streaming platform DAZN.
