{"id":108601,"date":"2021-03-17T15:15:22","date_gmt":"2021-03-17T15:15:22","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2851306"},"modified":"2021-03-17T15:15:22","modified_gmt":"2021-03-17T15:15:22","slug":"nevada-gaming-commission-recommends-licenses-for-william-hill-in-the-state","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/03\/17\/nevada-gaming-commission-recommends-licenses-for-william-hill-in-the-state\/","title":{"rendered":"Nevada Gaming Commission Recommends Licenses for William Hill in the State"},"content":{"rendered":"

<\/p>\n

On Wednesday, March 3rd, the Nevada Gaming Control Board recommended the approval of a license for William Hill, one of the biggest names in the betting industry.<\/p>\n

The license, if approved, would give Caesars Entertainment control over William Hill US sports betting locations across the state. The board\u2019s recommendation was unanimous and Nevada Gaming Commission will consider its adoption when it meets on March 18th.<\/p>\n

Bally\u2019s Corp. Included<\/strong><\/p>\n

Board members also recommended the approval of a number of licenses that would register Bally\u2019s Corp. as a publicly-traded company in Nevada. The company will operate the Montbleu resort in Stateline at Lake Tahoe and issue favorable suitability findings for several of its executives. In this case, as well, final approval is expected for March 18th.<\/p>\n

Bally\u2019s is a Rhode Island-based gaming company that operates many facilities across the US. As of December, it owns 11 casinos that comprise 13,260 slot machines, 459 game tables, and 2,941 hotel rooms, in addition to a horse racetrack across seven states.<\/p>\n

Bally\u2019s President and CEO George Papanier assured board members that the company has one of the best regional gaming footprints in the market and the third-largest footprint for online sports betting on the national level.<\/p>\n

William Hill The Third-Largest Sportsbook in the US<\/strong><\/p>\n

William Hill plc, founded in 1934, is a bookmaker based in London, England that spread across the continents. In addition to betting, which they are primarily focused on, they also offer other gambling games like Poker, Roulette, Baccarat, or slots, and, together with some other big names, they are also known for providing their players with poker tournaments and daily online slots tournaments<\/a>.<\/p>\n

Currently, William Hill<\/a> is the third-largest sportsbook operator in the United States. It has more than 120 sportsbooks and kiosk locations across Nevada. Ever since 2018, it has ridden a wave of expansion started by the US Supreme Courts\u2019 decision to overturn the Professional and Amateur Sports Protection Act. This enabled establishing legal sportsbooks in all states that were open to them.<\/p>\n

Beginning of the Deal and a Look Ahead<\/strong><\/p>\n

In September 2020, Caesars Entertainment agreed to buy William Hill<\/a> for $3.7 billion. The owner of Las Vegas\u2019s Caesars Palace intends to sell William Hill\u2019s non-US operations, including more than 1,400 UK betting shops, and it plans to integrate the US business into Caesars with minimal job losses.<\/p>\n

The acquisition should be finalized on March 23rd and Caesars and William Hill currently operate as US joint ventures with 20% and 80% equity ownership respectively.<\/p>\n

Caesars will partly fund this deal with a $1.7 billion issue of new stock. This is a move to take control of \u2013 and expand \u2013 the companies\u2019 US sports betting joint ventures. The deal was unanimously recommended by the UK company\u2019s directors and it came after two rival bids by the US private equity group Apollo were turned down.<\/p>\n

Caesars CEO Tom Reeg said he expects sportsbooks to help drive traffic to other parts of the casino, and added: \u201cWe\u2019ve seen customers show up that were not otherwise coming that skews younger, tends to be a table-games customer, tends to drink a lot of beer \u2014 all good for a casino operator,\u201d. \u201c<\/strong>This is the best option,\u201d William Hill Chairman Roger Devlin agreed.<\/p>\n

Through the currently existing joint venture, William Hill runs online sports betting operations through Caesars\u2019 market access in each state and retail sports betting operations in Caesars\u2019 properties as well as those of other casino operators around the US. The 54 domestic properties in 16 states owned by Caesars operate primarily under the Caesars, Horseshoe, Harrah\u2019s, and Eldorado brand names.<\/p>\n

The deal was characterized as \u201ca straightforward merger\u201d between the two companies by the Control Board Chairman Brin Gibson: \u201cIt\u2019s a big one and there\u2019s lots of background material, but there are not a lot of issues,\u201d he concluded.<\/p>\n

The merger is expected to have a great effect on William Hill operations, as indicated by the fact that shares in William Hill hit a two-year high in September 2020, after it was announced that the British company had received a takeover offer from Caesars.<\/p>\n

<\/section>\n

The post Nevada Gaming Commission Recommends Licenses for William Hill in the State<\/a> appeared first on Financial Market Brief<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, March 3rd, the Nevada Gaming Control Board recommended the approval of a license for William Hill, one of the biggest names in the betting industry. The license, if approved, would give Caesars Entertainment control over William Hill US sports betting locations across the state. The board’s recommendation was unanimous and Nevada Gaming Commission […]<\/p>\n

The post Nevada Gaming Commission Recommends Licenses for William Hill in the State<\/a> appeared first on Financial Market Brief<\/a>.<\/p>\n

Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":291,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-108601","post","type-post","status-publish","format-standard","hentry","category-press-release"],"yoast_head":"\nNevada Gaming Commission Recommends Licenses for William Hill in the State - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ipsnews.net\/business\/2021\/03\/17\/nevada-gaming-commission-recommends-licenses-for-william-hill-in-the-state\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nevada Gaming Commission Recommends Licenses for William Hill in the State - Business\" \/>\n<meta property=\"og:description\" content=\"On Wednesday, March 3rd, the Nevada Gaming Control Board recommended the approval of a license for William Hill, one of the biggest names in the betting industry. 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