Caesar Entertainment To Sell William Hill’s European Assets
Caesar Entertainment, a Las Vegas casino industry giant, plans to sell William Hill’s assets outside of the US. The sale, which will include nearly 1,400 retail locations in the UK, is estimated to draw bids of up to £1.5 billion.
Caesar Entertainment’s auction of the remaining assets of William Hill is expected in the summer. The announcement was made just one month after the company acquired the UK gambling industry giant for £2.9 billion. Reuters previously reported that William Hill experienced a 91% drop in profit in Q1 2021. Prior to its sale, the betting venue was among the UK betting websites with the best betting offers.
The bids will be open on all non-US assets, including European online sports betting and online casino operations. The sale has drawn the attention of numerous international companies, such as Shaked Ventures, founders of 888 Holdings, and Apollo Global Management, a US-based private equity fund. Apollo is expected to lead the bidding since the equity fund already attempted to acquire all William Hill’s assets a year before.
If Apollo Global Management manages a successful takeover of William Hill’s European assets, experts predict it’ll combine with Gamenet, its Italian subsidiary.
“We have mentioned William Hill in the past, that could be something that we would be looking at. And I won’t change my comment on that,” said CEO of 888 Holdings Itai Pazner.
The company’s interest in William Hill comes as no surprise as it continues to achieve significant financial success. Thanks to its online operations, 888 has seen a 56% increase in revenue to £196.08 million during Q1 of 2021.
Betfred’s owner Fred Done has also been named among the interested parties. The focus on retail locations and a successful acquisition would potentially allow Betfred to accumulate approximately 44% of the UK’s retail betting locations.
Swedish casino operator, Kindred Group, has expressed interest in incorporating Mr Green, a well-known online casino and one of William Hill’s divisions.
Caesar Entertainment plans to sell the non-US assets of William Hill at the heels of the gambling gold rush in the US after the ban on gambling that lasted for decades has been upturned.
