Entain has appointed former Wynn Resorts President Ronald J Kramer as an Independent Non-Executive Director with immediate effect.
Kramer brings experience in corporate finance, real estate and gaming to Entain from a 40-year career. He was previously President and Director of Wynn Resorts between 2002 and 2008.
He is currently the Chair and CEO of the management and holding company Griffon Corporation and he also serves on the board of the residential brokerage company Douglas Elliman Inc.
Commenting on Kramer’s appointment, Barry Gibson, Chair of Entain, said: “I am delighted to announce the appointment of Ron to the board. He is a high-calibre individual with deep knowledge and expertise in 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.”
On the Entain board, Kramer will be an independent, in which the company has concluded that no other relationships or circumstances exist that will affect his judgement and that future relationships that could appear are not considered to be material.
He has not held directorships in any other publicly listed companies during the last five years and he does not have relationships with any directors, senior management, substantial or controlling shareholders of Entain.
Earlier this week, it was reported that Entain is exploring the sale of its PartyPoker subsidiary and has enlisted Oakvale Capital to fetch the ‘maximum possible value’ for the asset.
The funds – a targeted £150m sale – would be used to support the FTSE100 company’s strategic reorganisation overseen by its newly appointed Capital Allocation Committee.
In addition, Entain has recently stated that its full year 2023 financials were in line with expectations but warned that 2024 EBITDA will likely be impacted by almost £40m due to continued regulatory adjustments in the UK and the Netherlands.
