Caesars Entertainment Stakes £3 Billion on Online Casino William Hill Buyout
To say that 2020 was a year of unique challenges is just a ludicrous understatement. So it’s no surprise that retail-focused Online Casino William Hill announced that it is considering stakeholder buyout proposals. William Hill is based on more than 1,500 outlets in the UK.
Interestingly, none of the proposals came from a European or British investor; rather, both proposals came from companies based in America. In our inverted new norm, this means the UK’s largest bookmaker can be owned and operated by either Apollo investments or Caesars Entertainment!
Online Casino the Caesars Entertainment Brand
Although William Hill operates an online casino and bookmaker, the larger corporation is based on more than 1,500 outlets in the UK. However, with the UK facing a string of blockages, there are serious concerns about the viability of keeping such a large pedestrian-oriented business in the short to medium term.
In August 2020, the company closed 119 high Street bookmakers to begin paying over £ 24 million in layoff debt, in addition to its £ 63 million net loss from the previous fiscal year.
The Offer of Online Casino
While Apollo wrote the offer, Caesars Entertainment had real money to win William Hill’s hand at the end of the day. Caesars currently owns a 20% stake in 170 William Hills USA bookmakers, giving them exclusive rights to operate under the Caesars Entertainment brand.
In addition to the fact that the companies already share corporate interests, Caesars is said to have a staggering £ 2.9 billion offer. Best of all, William Hill investors will be able to cash out immediately as the entire offer is cash and not split into shares or other additional funds.
Caesars Entertainment Online Casinos CEO Tom Rig said:
“The opportunity to bring our land-based casinos, sports betting, and online gaming together in the US is truly exciting. William Hill’s sports betting experience will complement Caesars’ current offering by enabling the combined group to better serve our customers in the fast-growing US sports betting and online market. ”
While existing UK business is vital to the deal, it is clear that Caesars is betting on further expansion of US gambling legislation. They claim the acquisition could bring them an additional $ 700 million in 2021, cementing them as a leader in a market that analysts predict will one day be worth $ 35 billion annually.
Business Breakdown Online Casinos William Hill’s
If the acquisition is completed, the deal will effectively disrupt William Hill’s business and Caesars will seek buyers for all operations outside the US, including the UK business, to maintain a strategic focus on the US.
While Caesars acknowledged that GB William Hill and non-US multinationals have a “strong future” to support these operations in the future, Caesars said new owners with long-term ambitions would be more suited to running the business.
Caesars and online casinos William Hill already have a joint US presence through a joint venture agreement between Eldorado Resorts, which extends to all of Caesars’ legacy properties following the mega-merger of casino operators. As such, William Hill conducts online sports betting operations through access to Caesars markets in selected states, as well as retail sports betting at Caesars hotels throughout the United States.
William Hill owns 80% of the venture and Caesars has 20%, and both companies are developing plans to roll out sports betting operations at additional Caesars properties pending the completion of the acquisition.
By joining forces, Caesars said the William Hill US business will benefit significantly in a number of ways, improve customer service, expand market access and provide a more unified customer experience by combining apps and wallets.
Other important benefits, Caesar said, include having a “world-class” portfolio of assets, being able to access Caesars’ pre-existing relationships with sports teams and events, and greater alignment with media companies.
Along with online gambling, which is currently going beyond the joint venture to be incorporated into the combined business, Caesars said the expanded operation could generate up to $ 700 million in net revenue during fiscal 2021.
However, Caesars also warned that if William Hill agrees to the acquisition offer from investment giant Apollo Global Management – the former owner of Caesars’ legacy business – he will terminate the mobile market access rights and rights to operate betting shops in their casinos that were granted through the Eldorado partnership.
Both Caesars and Apollo put up separate cash offers last week to acquire the entire William Hill business, but the board’s recommendation shows the casino operator has an edge.
Acquisition talks are drawing to a close in a historic year for Caesars, which saw in July that its legacy Caesars Entertainment Corporation was acquired by Eldorado Resorts in a reverse merger deal that, according to operators, created the largest casino and entertainment business in the United States. …
Eldorado agreed to pay $ 17.3 billion, including $ 7.2 billion in cash and about 77 million of the common shares of Eldorado, acquired by Caesars, with the combined business now operating as Caesars Entertainment Inc.
Last month, Caesars Entertainment Inc. reported a net loss of $ 1.17 billion for the first half.
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