William Hill completes acquisition of American rival CG Technology
British bookmaker William Hill has reportedly announced that its American subsidiary has completed its planned purchase of local rival CG Technology and is now looking to rapidly incorporate the acquisition’s setup into its own already extensive operation.
According to a Tuesday report from the Bloomberg news service, the London-listed operator’s William Hill US subordinate spent an undisclosed amount to buy CG Technology late last month to give it land-based sportsbooks inside six impressive Las Vegas venues including The Venetian Las Vegas and this property’s 3,000-room The Palazzo hotel.
The news service reported that CG Technology is also responsible for sportsbetting operations inside southern Nevada’s equally-imposing The Cosmopolitan of Las Vegas, Tropicana Las Vegas, Palms Casino Resort and Silverton Las Vegas that are to now be amalgamated into the 113 race and sportsbooks William Hill US already operates across ‘The Silver State’.
Joe Asher (pictured), Chief Executive Officer for William Hill US, reportedly told Bloomberg that his newly-enlarged company has moreover just embarked on discussions with American casino behemoth Caesars Entertainment Incorporated concerning the possibility of taking over this firm’s lucrative sportsbetting and iGaming businesses, which could next year generate aggregated revenues of around $700 million.
Asher reportedly told the news service…
“We didn’t have a big footprint on the Las Vegas Strip [but] now we’ll have a much bigger presence and some of the top properties. There’s a lot of opportunity in there and we think that we’ve got some really powerful assets in this space. So obviously it’s an ongoing subject of discussion.”
The news service explained that Caesars Entertainment Incorporated was created via the July merger of Eldorado Resorts Incorporated with Caesars Entertainment Corporation and is now the world’s largest single casino operator with a portfolio of 55 properties in 16 states. Bloomberg detailed that this recently-expanded entity furthermore owns some 20% of William Hill US courtesy of an arrangement cut two years ago and will soon be rolling out new William Hill-branded retail sportsbooks at approximately 15 American locations including the 2,587-room Harrah’s Resort Atlantic City in New Jersey alongside Iowa’s considerably smaller Horseshoe Council Bluffs.
Asher reportedly told the news service that these openings are destined to give his firm an extensive estate of 170 land-based sportsbooks spread across 13 American states. The executive additionally purportedly pronounced that he had always assumed Eldorado Resorts Incorporated might one day end up owning all or part of Caesars Entertainment Corporation with his company now keen on leveraging this positive prediction to grow its presence.
Asher reportedly told Bloomberg…
“We have been riding on Eldorado Resorts Incorporated’s coat-tails as it has been growing. Clearly, we bet on the right horse.”
Source: Worldcasinodirectory, Worldcasinonews