Entain Strengthens Board with Former Wynn Resorts President

Entain, the global sports betting and gaming conglomerate, has appointed Ronald J. Kramer, former president of Wynn Resorts, to its board of directors as an Independent non-executive director. Kramer’s extensive experience in the gaming industry, coupled with his corporate finance background, is expected to fortify Entain’s position in the US market.

Kramer’s Arrival and Share Acquisitions Signal Growth

During his tenure at Wynn Resorts from 2002 to 2008, Kramer played a pivotal role in the firm’s expansion and public listing. His expertise encompasses mergers and acquisitions, evident from his prior role as a managing director at investment banking firm Dresdner Kleinwort Wasserstein.

Barry Gibson, chairman of Entain, expressed his enthusiasm for Kramer’s appointment: “He is a high calibre individual with deep knowledge and expertise of the US gaming industry.  I am confident that his appointment will add significant value to the Board and complement our existing Board dynamics, as we continue to deliver our strategy of growth and focus on shareholder value.”

Aside from Kramer’s appointment, Entain also announced significant share acquisitions by its interim CEO, Stella David, and CFO, Robert Wood. 

David, who took the helm following the departure of former CEO Jette Nygaard-Anderson, purchased 65,000 shares, while her spouse, Peter David, acquired 130,000 shares. 

Wood received shares as part of his annual bonus and long-term incentive plan, underscoring Entain’s commitment to aligning executive compensation with long-term performance goals.

Kramer’s Appointment Signals Focus on US Market

The company’s decision to bolster its leadership team and incentivize key executives comes amidst efforts to recalibrate its strategy following the release of its 2023 full-year results. Despite reporting a loss of £936.5 million ($1.2 billion), Entain remains optimistic about its future prospects, particularly in the US market where it seeks to capitalize on the burgeoning sports betting and gaming industry.

Kramer’s appointment underscores Entain’s commitment to assembling a diverse and experienced board capable of steering the company through dynamic market conditions. With his track record of success and deep industry knowledge, Kramer is poised to play a pivotal role in shaping Entain’s strategic direction and driving sustained growth in the fiercely competitive gaming landscape.

In other news, Entain is reportedly considering selling PartyPoker to refocus on core operations amid pressure from activist investors. This move aligns with the company’s recent strategy to streamline its offerings and prioritize its main business objectives, exemplified by its withdrawal from over 140 unregulated gambling markets earlier this year.