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Costes was involved with GREF at a time when numerous European regulators, including the ANJ, focused on tightening advertising regulations and boosting player protection frameworks. The forum thanked Costes for his dedicated service.
Replacing Miller as treasurer is Ian Angus, director of policy at the UK Gambling Commission where, since 2020, he has been closely engaged in policy development. This includes the Gambling Act white paper and its recommendations on financial risk assessments.
His appointment signals a continuation of UK influence within GREF, even as the Gambling Commission undergoes personnel changes. Ruth Evans was named the new Gambling Commission chair, taking over from Charles Counsell after over a year in the position.
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Entain sits somewhere between the two models. It has significant international scale and a valuable stake in BetMGM, but also more debt and greater exposure to UK taxation, as well as general regulatory turbulance across Europe.
The four analysts arrive at much the same broad conclusion, albeit by different routes.
For Birkin, the share-price decline has gone well beyond the deterioration in earnings expectations. Fantini sees the industry’s great growth phase as largely behind it. Beynon’s focus is on what the market can see today: earnings and cash flow, rather than promises of future sportsbook growth. And for Robinson, the weakness is no longer simply a matter of valuation. It is increasingly showing up in the fundamentals themselves.
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That window Scheinthal had hoped for seems to be moving further away. Caesars’ proxy filing showed that even during negotiations in the spring, Fertitta refused to go above its $31-per-share offer “due to higher financing costs and increased macroeconomic risks”. From the end of 2025 to late April of this year, higher borrowing costs had resulted in “approximately $40 million per year in additional costs from when the process started”, the filing said.
Diller, for his part, lodged an all-cash, $48.30-per-share offer for MGM days after the Caesars deal broke. People Inc. finished Q2 with $1.1 billion in cash, but between the 74% of shares it would acquire, as well as MGM’s long-term debt of over $6 billion, some level of financing would be required. MGM appointed an independent committee to review the bid but has said nothing since.
Moving forward, history suggests that this month’s rate hike might not be the last. During hawkish periods, the FOMC has paused after an initial rate hike just once since the 1990s, per the Wall Street Journal. Over that period, the US Central Bank has typically lifted rates six to seven times throughout an upward cycle. Warsh has signalled optimism in the economy’s stability moving forward.
