Nevada Gaming Commission approves Caesars’ acquisition of William Hill
Caesars Entertainment’s acquisition of British bookmaker William Hill cleared a remaining hurdle Thursday as the Nevada Gaming Commission approved the deal.
Caesars expects to finalize the $3.7bn acquisition by April 1 pending approval from regulators in Indiana and the UK. Caesars, formerly Eldorado Resorts, previously acquired a 20% stake in William Hill US. Caesars is purchasing the remaining 80% of William Hill.
CEO Tom Reeg spoke in front of the NGC Thursday and confirmed that the company plans to sell William Hill’s international assets upon closure of the deal.
“William Hill has a significant US business which you’re quite familiar with and we’re discussing. They have a significant non-US business that’s quite profitable,” Reeg said. “But as you know Caesars is a domestically focused company so our intention post-closing is to run a process and sell the rest of the world assets.
“We’re really just buying an 80% interest that we already own,” Reeg added.
Reeg committed to increased employment through the transaction.
William Hill US operates retail locations in 13 states including Nevada, where it takes more than 46% of all sports wagers, according to Gaming Commission Member Steve Cohen. Cohen said William Hill holds 64% of all sports betting locations in Nevada.
By way of William Hill’s earlier partnership with then-Eldorado Resorts, the bookmaker operates 12 sportsbooks at Caesars properties in the state. William Hill recently took over Caesars’ online sportsbook with a new app.
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