US – Caesars confirms interest in £2.9bn takeover of William HillBy Phil - 28 September 2020
Las Vegas casino giant Caesars Entertainment has confirmed it is in ‘advanced discussions’ over a £2.9bn takeover of William Hill.
Having pulled out of the race for a Japanese casino licence to concentrate on its domestic takeover by Eldorado Resorts, Caesars is now keen to buy William Hill. Executives at the bookmaker confirmed it had received approaches from Caesars as well as private equity firm Apollo. Caesars already owns a 20 per cent share in William Hill’s US business which has the exclusive rights to run sports books for Caesars.
William Hill’s board of directors have informed Caesars that its offer ‘is at a price level that they would be minded to recommend’ to shareholders.
William Hill US currently operates 124 race and sports book locations across the state of Nevada, along with its mobile sports betting app. It recently completed the acquisition of CG Technology giving it four additional sportsbooks, further expanding its footprint on the iconic Las Vegas Strip.
Caesars revealed the due diligence has been completed and that a deal could be completed by the second half of 2021 – subject to approval by shareholders and regulators.
Caesars chief executive Tom Reeg said: “The opportunity to combine our land-based casinos, sports betting and online gaming in the US is a truly exciting prospect. William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market.
“We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment.”