Casino Owners Shouldn't Need to Be Gamblers

The only way to win money out of a casino is to own one (unless you’re Donald Trump). Thomas Jefferson is supposed to have said the first part. If you own the casino and you're still not winning, maybe it's time to consider whether you're using the right strategy. Entain Plc’s reluctance to cash in its chips when the going was good looks less like the cool-headed calculation of a corporate profit-maximizer than the stubbornness of a gambler who’s too hooked to walk away.

The London-based betting company, which owns Ladbrokes and has a half share in the BetMGM joint venture in the US, said last week that its chief executive officer, Jette Nygaard-Andersen, was stepping down with immediate effect after three years. Entain shares had lost two-thirds of their value since a 2021 high, reducing the company’s market value to £5.1 billion ($6.5 billion) from a peak of £13.9 billion and stirring disgruntlement among activist investors.