Ladbrokes owner GVC confirms tie-up talks with MGM Resorts

The owner of betting giants Ladbrokes and Coral has confirmed it is in merger talks with US hotel and casino operator MGM resorts.

In a statement, GVC Holdings said: "The Group can confirm that discussions are at an advanced stage regarding such a joint venture and will update the market when appropriate."

According to Sky News, which broke the story, the value of the deal could be in the region of $200m (£153m) and could be announced on Monday.

GVC Holdings, which also owns Foxy Bingo, is on a consolidation drive. In March, it completed its takeover of Ladbrokes Coral to create one of the worlds largest sports betting and gaming groups.

The opportunity to expand in the US has been made possible after the Supreme Court earlier this month paved the way to legalise sports betting.

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