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Caesars changes its name to William Hill, ready to sell non-US assets

American casino giant Caesars Entertainment announced plans to significantly increase its investment in sports betting and become the leading sports betting operator nationwide. After finalizing $ 3.7 billion With the takeover of British bookmaker William Hill in late April, Caesars is now ready to unload its non-US assets.

The sale should end next year this time

According to Caesars CEO Tom Reega , the casino operator is expected to start the sale of William Hill from outside the US within the next 2 months, seeking a suitable buyer by the end of the year and finalizing the transaction within 12 months .

“One of my annoyed pets when I was an investor was companies that didn't know what they were good at. And I can't say we're good at doing digital business outside of the US. "

Tom Reeg, CEO, Caesars Entertainment

Caesars believes the price in the region $ 2 billion is more than achievable for the assets of the acquired non-US operator bookmaker, from the proceeds of sale paying off the debt.

“I can say that there are almost certainly people who will do it better than us, and you see opportunities out there. I can also invest this capital in businesses that I know will bring better returns for shareholders. "

Tom Reeg, CEO, Caesars Entertainment

The sale of William Hill's assets outside the United States will undoubtedly spark interest as a private investment fund Apollo Global Management and Gibraltar- supposedly a group of players 888 Holdings are ready to compete for lucrative business.

Re-branding of bookmakers from William Hill to Caesars

In addition to selling William Hill from outside the US, Caesars intends to change US retail bookmakers Caesars and its betting app Caesars Sports and then combine both applications on the William Hill platform with one solution portfolio.

One of the reasons why William Hill's non-US business was divested was the conservative approach of British investors to leverage, CEO Caesars noted, saying that the reality requires Caesars to invest "much more than has been invested in the past."

“Don't expect us to throw away money to buy market share. You should expect us to build it thoughtfully, but you should expect a significant increase in investment on this side now that we have all of our ducks in a row. "

Tom Reeg, CEO, Caesars Entertainment

Encouraged by the success of BetMGM coming "from a position similar to where William Hill was" to become a leader due to its large customer base, Caesars is now focusing on marketing its sports betting product ready to invest in sports betting down 100 million dollars in free cash flow every month.

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