- Legal States
Julie Moraine September 2, 2020 3 min read
William Hill Acquires CG, Eyes Online Businesses Merge with Caesars
William Hill announced Tuesday it completed the acquisition of CG Technology after the approval granted by Nevada regulators last week. As per the deal, the sports betting giant started operating 4 additional sports books and expended its presence on the Las Vegas Strip.
Expanding Its Footprint on the Strip
The new properties added to the list of sports books William Hill now operates are The Venetian Resort, The Palazzo Resort, The Cosmopolitan of Las Vegas and Silverton, and the new offerings comprise of self-service kiosks and expanded both on the app and over the counter in-play wagering, as well as attractive rewards club offers.
“William Hill has long been the leading sports book operator in Nevada. This acquisition further expands our footprint, giving us a bigger presence on the Las Vegas Strip at several world-renowned resorts. It’s a very exciting time for our company as we continue to grow and introduce our offerings to new customers.”Joe Asher, CEO, William Hill US
The latest acquisition deal put the total number for the US subsidiary of the UK-based sports betting operator to 124 race and sports books across Nevada, besides the leading mobile sports wagering app in the state. And William Hill has no intention of stopping here, turning its focus to merging its US business with the online casino operations of longtime partner Caesars Entertainment Inc.
Online Businesses Merge with Caesars
As the company’s CEO Joe Asher confirmed, William Hill is discussing the possibility of combining its sports betting and online gaming businesses with Caesars. According to estimates from Caesars who already own 20% of the US arm of the sports book giant through a deal with Eldorado Resorts signed two years ago, the combined businesses can generate up to $700 million in revenue next year. Eldorado acquired Caesars in July but kept the name for the combined entity.
As Joe Asher explained, William Hill has been betting on the acquisition of Caesars by Eldorado since 2018, when the sports book operator signed exclusive deals for the sports betting operations at Eldorado’s casinos.
And the bet was on the “right horse”, as after the Eldorado Caesars merger completion, William Hill ended up running properties such as Caesars Palace, with additional 15 locations being added in the coming weeks, bringing their total number to 170 retail locations spread across 13 states.
“William Hill is our partner solely on sports betting. You’d be gathering all our mobile assets, both sports and online. That would be ideal.”Tom Reeg, CEO, Caesars Entertainment Inc.
According to gaming industry analysts, the combined US online operations of William Hill and Caesars could be worth $7 billion, but the most likely outcome could be a publicly traded joint venture of the two companies.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
Business September 2, 2020
Business September 2, 2020