Flutter Entertainment soars: FY23 results reflect strategic growth and market leadership

The search for a new CEO can be daunting and unpredictable. This is the situation currently faced by Entain as it seeks to fill its vacant CEO position. As the helm of Entain remains unclaimed, one cannot help but wonder why there isn’t a long queue of ambitious leaders ready to steer the ship. The role has been vacant for months, a period long enough to raise eyebrows in the corporate world. It would naturally be assumed that such a position would be seen as a golden opportunity for those with the right corporate profile, those who thrive in boardrooms, basking in the thrill of leadership.

Yet, the role of CEO at Entain seems to lack the allure typically associated with such high-stakes positions.

The question then arises: Why does the role not seem attractive to suitable contenders? Why is there no line of experienced leaders ready to pick up the pieces, to salvage a sinking ship before it is dismantled and sold off in pieces?

The company, which owns Ladbrokes, has been rebuffed by the former bosses of bookies Coral and Sky Bet in its hunt for a new chief executive.

Entain has already approached Andy Hornby, (pictured above), who now runs Wagamama’s parent company, and Richard Flint, who holds a portfolio of roles, about the job. However, both Hornby and Flint have declined the offer. This comes as no surprise given investors’ demands for a leader with extensive gambling sector expertise.

The longer the CEO position at Entain remains vacant, the more challenging it will become to find a suitable candidate. A potential stigma may already be attached to the role, creating a deterrent for prospective applicants. After all, who would willingly step into a situation where they are expected to clean up and reorganize the aftermath of Jette Nygaard-Andersen’s acquisition frenzy? This daunting task is discouraging potential leaders from taking up the role, explained a corporate finance specialist to The search for a new leader therefore becomes not just about finding the right person, but also about overcoming the perceived obstacles associated with the role, he explained preferring to remain anonymous.

Dan Taylor, chief executive of Flutter Entertainment’s international operations, was also among the potential candidates for the role. However, Entain, which has been under mounting pressure from activist investors because of its poor performance, declined to comment on Friday.

Last month, Entain announced that and be replaced by . The company also ousted Jette Nygaard-Andersen, its former chief executive, late last year.

Entain, which has seen its shares nearly halved in the last 12 months, and other non-core operations. As well as Ladbrokes, Entain owns Coral and a stake in BetMGM, a major US betting player.

Entain has also endured a torrid period as activist hedge fund investors have built an increasingly prominent position on its share register. The company has faced a deluge of regulatory problems, triggering sharp criticism of its governance and business practices.

Shares in Entain has been trading at around 797.4p giving the company a market capitalisation of £5 billion. The future of Entain remains uncertain, but one thing is clear: the company’s next leader will have a challenging task ahead.

Century Entertainment International Holdings has announced it has signed an agreement to operate a VIP gaming room at a casino located in Dara Sakor, Cambodia. This move marks a strategic shift for the Hong Kong-listed company, as it terminates a prior arrangement with Lion King Entertainment and establishes a direct partnership with the casino proprietors. 

Under the new deal, 's subsidiary, Wisdom Ocean Group Limited, will manage all seven VIP gaming tables at the Dara Sakor casino for an initial three-year term. The company will make monthly payments of $35,000 (€32,502) to LongBay Entertainment, the casino's owner, in exchange for full operational control, including management of winnings and losses, as well as staffing expenses. 

LongBay Entertainment will provide essential gaming licences, cover operational costs such as utilities and dealer wages, and ensure regulatory compliance.  

Century Entertainment didn’t push through with its previous agreement with Lion King Entertainment due to challenges accessing comprehensive financial records necessary for regulatory compliance. Negotiations with LongBay Entertainment followed, resulting in the current partnership aimed at revitalizing Century Entertainment's gaming operations. 

Situated in the growing Dara Sakor district, the designated VIP Rooms are viewed as a strategic venture with significant potential in Cambodia's gaming market. Century Entertainment remains committed to offering baccarat across all gaming tables, anticipating favourable prospects in the area. 

Last March, Cambodia’s Prime Minister Hun Manet has measures to stop the spread of gambling activities in the nation, citing their negative impacts. Hun Manet declared a suspension on issuing new licences and raised the possibility of revoking existing ones. 

While previous plans to relocate from Sihanoukville to Dara Sakor faced challenges such as pandemic-related disruptions and implementation delays, Century Entertainment remains optimistic about the revenue-generating potential of its renewed gaming business. The company is poised to navigate challenges and capitalize on opportunities in Cambodia's evolving gaming landscape. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Brokerage firm CLSA anticipates a 6 percent month-on-month increase in Macau's gross gaming revenue (GGR) for May, reaching MOP19.7 billion (€2.27 billion). While slightly below market consensus, CLSA's projection aligns with Morgan Stanley's forecast and indicates continued recovery in the region's gaming sector. 

Analysts Jeffrey Kiang and Leo Pan highlighted the robust foot traffic observed during the Labour Day holiday, citing positive trends in average daily visitation and hotel bookings. 

Throughout the holiday period, key establishments such as Grand Lisboa Palace, MGM Cotai, The Londoner, and others experienced significant foot traffic, including busy gaming floors. Minimum bets on baccarat tables ranged from MOP1,000 to MOP1,500, with higher stakes in high-roller rooms ranging from MOP3,000 to MOP10,000. 

Despite during the Labour Day break, Macau remains optimistic about its tourism prospects. The city welcomed a total of 604,395 tourists over the five-day holiday, averaging 120,000 visitors per day, falling short of authorities' projections. 

The Macao Government Tourism Office (MGTO) attributed the lower arrivals to adverse weather conditions, dampening travel enthusiasm. However, the agency assured that the government is gearing up for the upcoming summer holidays to boost tourism. 

To stimulate tourism, Macau launched the for Chinese nationals on tour groups on Monday. The initiative aims to facilitate integrated development between Macau and Hengqin, offering tourists more choices and enhancing the region's attractiveness. 

The new visa allows tour group visitors to stay at budget hotels in Hengqin and visit Macau during the day. As Macau continues to navigate recovery post-pandemic, initiatives like the multi-entry visa signal proactive measures to revitalize the tourism sector and promote integrated development with neighbouring regions. With gaming revenue forecasts showing promising signs, stakeholders remain hopeful for sustained growth in Macau's economic recovery. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

Senator Win Gatchalian has called for an inquiry into the increasing presence of foreign nationals, potentially associated with Philippine Offshore Gaming Operators (POGOs), within exclusive gated communities. In a press statement, Gatchalian the necessity of scrutinizing gatherings of foreign nationals to safeguard against rising criminality. 

Highlighting ongoing apprehensions voiced by residents of Multinational Village in Paranaque City, underscored the urgency of investigating the surge in foreign residents within the subdivision. Reports indicate the emergence of enclaves catering exclusively to these foreign nationals, raising alarms about potential clandestine activities and the need for heightened vigilance. 

"This is something worthy of attention. We need to ensure that any significant gathering of foreign nationals is not for the purpose of engaging in illegal activities given the trend of rising criminality attributed to these individuals involved in the industry," Gatchalian said. 

Gatchalian voiced apprehension over the possibility of fugitives from abroad finding refuge within these gated communities, capitalizing on their knowledge of local dynamics and connections to evade scrutiny. Emphasizing the audacity of these individuals, Gatchalian underscores the need for robust investigations and measures to counteract potential criminal syndicates exploiting loopholes and securing protection from influential figures. 

Referencing the November 2023 raid in Ayala Alabang Village, where 11 Chinese nationals were apprehended for illegal online gambling, Gatchalian underscored the gravity of the situation. The seizure of firearms and gambling paraphernalia during the raid underscores the potential threats posed by such clandestine operations, further underscoring the imperative of proactive measures to curb illicit activities. 

The senator also reiterated his stance on the termination of POGO operations in the Philippines, citing the disproportionate social costs vis-à-vis economic gains. Emphasizing the detrimental impact on societal well-being, Gatchalian underscored the imperative of prioritizing measures to safeguard national security and integrity over short-term economic benefits. 

POGOs are online gambling firms based in the Philippines that primarily serve customers located outside of the country. In essence, they operate in the international market. To ensure legal compliance, POGOs are to obtain licence from the Philippine Amusement and Gaming Corporation (PAGCOR), the regulatory body overseeing gambling activities in the Philippines. This licensing process is essential for POGOs to conduct their operations within the bounds of the law and maintain the integrity of the industry.  

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .