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Chairs are spaced out for social distancing at the BetMGM Sports Book at the Bellagio Resort & Casino, Las Vegas.
Ethan Miller/Getty Images
For once, investors didn’t cheer the departure of a top executive.
Shares of GVC Holdings GVC, -4.94% fell nearly 5% as the gaming company announced its long-serving CEO, Kenny Alexander, will retire.
That goes against previous comments from Alexander that he would stay at the company he’s helmed since 2007.
“We’re told the succession has been a long time in the making and COO Shay Segev should be well placed to take the baton. But a significant change at the helm at what is a turbulent time, with intense regulatory scrutiny and coronavirus implications sizable, comes with risk,” said Emilie Stevens, equity analyst at Hargreaves Lansdown. Segev becomes CEO on Friday.
GVC also reported net gaming revenue fell 10% at constant exchange rates in the first half. Last week, GVC and partner MGM Resorts MGM, +12.62% said they have invested $450 million in their joint venture in the U.S., BetMGM.
The FTSE 100 UKX, -0.52% more broadly dropped 0.4%, easing after a big selloff in China overnight.
Aviation stocks dropped, with GKN Aerospace owner Melrose Industries MRO, -3.22%, engine maker Rolls-Royce RR, -3.04%, and British Airways owner International Consolidated Airlines Group IAG, -1.78% among the leading decliners.
