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Newly-enlarged American casino operator Caesars Entertainment Incorporated is reportedly expecting to complete its $3.7 billion acquisition of London-listed land-based and online sportsbetting giant William Hill by the first day of April.
According to a report from the news domain at iGamingBusiness.com, the Las Vegas-headquartered behemoth had earlier revealed that it anticipated being able to finalize the purchase during the second quarter of the year after receiving all of the necessary regulatory approvals. But the source detailed that this essential process has been moving at pace and could now be finished by as early as March 23 pending any last-minute hiccups.
In anticipation of a speedy outcome and Caesars Entertainment Incorporated has reportedly scheduled a hearing before London’s Business and Property Courts for March 30 in which it is to seek ultimate approval for its takeover. A positive outcome would purportedly then give the Nevada firm the keys to William Hill’s business from April 1 and allow it to begin immediately de-listing any outstanding shares.
Caesars Entertainment Incorporated was previously known as Caesars Entertainment Corporation until being purchased late last summer by Eldorado Resorts Incorporated as part of a deal worth approximately $17.3 billion. The company is now the world’s largest single casino operator with a portfolio of 55 properties spread across 16 American states and earlier reportedly explained that it means to retain William Hill’s United States-facing business while seeking a suitable buyer for its international operations.
William Hill’s board of directors reportedly unanimously approved the takeover offer from Caesars Entertainment Incorporated in September at the same time as shunning a rival bid from global alternative investments firm Apollo Global Management Incorporated. This latter party subsequently went on to agree a deal with Las Vegas Sands Corporation that is to see it hand over $1.05 billion so as to assume responsibility for the operating liabilities and assets of The Venetian Resort Hotel Casino and its 3,000-room The Palazzo hotel as well as the nearby Sands Expo and Convention Center.
American financial services firm Morningstar Incorporated used its own report into the pending acquisition to reveal that the value of individual shares in William Hill rose by about 0.2% earlier today to give it a market capitalization of around $3.96 billion. There was furthermore purportedly good news for Nasdaq-listed Caesars Entertainment Incorporated at its shares opened the day some 3.3% up on yesterday’s close of $93.69.
William Hill is reportedly responsible for 1,414 land-based betting shops in the United Kingdom as well as the online sportsbetting domains at WilliamHill.com and MrGreen.com. The operator recently recorded a rise of 9% year-on-year in annual revenues from its digital business to $1.11 billion although analogous receipts from its retail estate suffered a 51% decline to $1.52 billion.
Source: Worldcasinodirectory, Worldcasinonews