Feb 9 Reuters Shares of Entain plc tumbled as much as 13 on Thursday after U.Sbased MGM Resorts International said it had moved on from pursuing an offer for the British gambling firm.

Although MGM remains focused on online sportsbook BetMGM its joint venture with Entain it saw great potential in expanding LeoVegas, a Swedish online gaming company it bought last year, MGM Chief Executive William Hornbuckle said on Wednesday.

While Entain rejected a takeover approach worth roughly 11 billion from MGM back in 2021, there has been market chatter about another attempt from the casino operator to buy Entain or its North American operations.

So, for now, the answer is no, not within Entain, Hornbuckle said.

We39;re going to go down our own direction as we begin to allocate capital.

Entain39;s shares fell as much as 13 to a morethanonemonth low of 1365.5 pence in morning trade.

Entain said earlier this month it would end its financial support for BetMGM once that business turns profitable.

Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D39;Souza

Source Reuters