Caesars Entertainment receives US antitrust approval to acquire William Hill
The largest casino company in the US announced the early end of the waiting period under the HSR Antitrust Improvements Act of 1976 for the acquisition of William Hill.
On Monday, Caesars Entertainment announced that it had approved an antitrust review for the pending bookmaker takeover William Hill for $ 3.7 billion.
In a press release, Caesars announced that the waiting period under the Act Hart-Scott-Rodino Antitrust Improvements Act of 1976. (HSR Act) was completed earlier and the operator continues with the next regulatory steps.
"Caesars continues to expand, obtaining all the necessary regulatory approvals required to close the deal and continues to strive to finalize the proposed combination in March 2021."
William Hill shareholders gave the green light to the proposed transaction in an emergency meeting November 19.
So far, Caesars has obtained approval Mississippi Gaming Commission November 19, and then West Virginia Lottery December 16.
The transaction also requires regulatory approval from Nevada, New Jersey, Mississippi, and Pennsylvania, as well as final approval English Supreme Court and administrative approvals and after closing transactions with other US agencies.
Caesars already owns a 20% stake in William Hill
Caesars Entertainment merged with Eldorado Resorts July 20, 2020 and currently manages over 50 gaming venues in 16 states, making it the largest casino and entertainment company in the US. The fusion of Fr. worth $ 17.3 billion is the last step of the long-running process initiated by Eldorado to acquire the popular gaming brand Caesars. The deal, which was first announced last year, has created one of the largest gambling companies in the world.
Caesars and William Hill currently run a joint US sports betting venture with capital 20% and 80% respectively.
The American subsidiary of the British company runs 12 bookmakers on the Caesars estate in Nevada, Iowa and New Jersey and is about to rebrand more Caesars betting sites. Mobile application for sports betting Caesars Sports Book by William Hill will soon be launched in Indiana, Pennsylvania, New Jersey and Nevada.
Caesars is ending 2020 with major deals closed
Caesars generated net revenues in 3Q2020 in of $ 1.4 billion which corresponds to an increase of 52% based on GAAP i 34% decline in the same store compared with the same quarter last year. The operator incurred a net loss in in the amount of USD 926 million compared to net income in in the amount of USD 37 million in the same quarter of 2019
Highlights of the year include the multi-year partnership in sports betting with ESPN, and the sale of Evansville's Tropicana 480 million dollars to Gaming and Leisure Properties (GLPI) and Twin River Worldwide Holdings.