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Ladbrokes owner in $200m talks with Las Vegas casino giant MGM Resorts

Gambling giant GVC Holdings is closing in on a $200m (?153m) deal with the world's largest casino operator MGM Resorts International in a move that could clear the way for a mega-merger. 
Ladbrokes and Coral owner GVC has confirmed that it is in talks with MGM over a joint venture that could be announced as soon as Monday.  
"Discussions are at an advanced stage and will update the market when appropriate," a spokesman said. 
Insiders told Sky News, which first reported on the deal, that the tie-up will include a commitment of around 25 years with an option to buy each other out after ten.
The partnership is expected to give FTSE 100 firm GVC a further boost following a recent flurry of gambling activity during the World Cup
MGM, which owns Las Vegas brands including The Mirage, Bellagio and MGM Grand, is by far the largest of the two with a market capitalisation of over $17bn. It declined to comment on the talks. 
Ladbrokes owner in $200m talks with Las Vegas casino giant MGM Resorts

Nevada was the only state where bets could be placed on individual sporting events, but a ruling by the US Supreme Court overturned a longstanding ban on sports betting earlier this year. 
Although the agreement is not a full-blown merger one source told Sky News that it would be "logical" to assume that a successful pairing could then lead to one.  
The two sides already have an alliance in New Jersey under the playMGM brand. 
The deal has emerged two months after the US Supreme Court overturned a longstanding ban on sports betting, which led Paddy Power Betfair to boost its US presence by snapping up fantasy sports website Fanduel
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