Caesars CEO Tom Reeg: William Hill deal to close in Q2
Caesars Entertainment Tom Reeg said in a Thursday earnings call that the company’s acquisition of William Hill should close in early second quarter 2021.
Reeg said Caesars is waiting on two remaining regulatory meetings in Nevada and Indiana set for next month, and then a final court date in the United Kingdom on March 30.
“Once we clear those we will have cleared everything that we need to do to get closed, so you should expect us to be closing sometime post that court hearing,” Reeg said. “We are working through all the integration of William Hill, particularly on the tech side. We think we will be well positioned to have one of the best apps in the industry integrated into Caesars Rewards on both the sports side and the casino side by the beginning of the football season in 2021.”
Reeg made the remarks during Caesars fourth quarter earnings report, where the company announced net revenue of $1.5b for the quarter ending on Dec. 31, 2020, a 153% year-on-year improvement.
Caesars reported a net loss of $555m, compared to a net loss of $13m over the same period a year ago.
Full-year 2020 net revenue was $3.5bn, a 37% increase y-o-y. Same-store net revenues were $6.1bn, down 43% from 2019. Adjusted EBITDA for the full year was $737m compared to $697m the year prior.
Though Las Vegas revenues fell 55% in the fourth quarter, Reeg expressed optimism for the coming several months. He pointed to 95% occupancy levels at Las Vegas properties this past Saturday night and cited high convention demand for 2H 2021.
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