During a special hearing on Wednesday, the Nevada Gaming Control Board (NGCB) and the separate Nevada Gaming Commission unanimously gave their approval for the merger of Eldorado Resorts and Caesars Entertainment. They also approved William Hill’s request to manage sportsbook operations at all Caesars’ properties in Nevada.
Shortly after the Federal Trade Commission approved the deal, a special hearing was convened. The extensive agenda of the meeting addressed a merger deal that has been in the works since its announcement in June of the previous year.
The merger that will form a new Caesars Entertainment still requires endorsements from Indiana and New Jersey to be officially recognized.
What the new Caesars Entertainment will be
Eldorado Resorts is technically acquiring Caesars Entertainment. However, the new entity will retain the brand name of the acquired company. As Caesars is a globally renowned casino operator, Eldorado aims to leverage their brand recognition.
Once the transaction is finalized, Caesars will possess 60 establishments across 14 states, making it the biggest casino operator in the US. In a special session, Eldorado’s Executive Chairman of the Board of Directors, Gary Carano, conveyed to the NGCB:
The brand is globally recognized. The Las Vegas properties, which had been somewhat neglected in the past, have recently seen significant improvements, thanks to the efforts of Tony Rodio – the CEO of Caesars – and his team, who have reinvested in these properties. These assets are impressive, and we’re thrilled about the prospect of acquiring not just these, but also the properties across America that Caesars has developed. Rodio will remain a strategic advisor.
Once the merger is finalized, the company will concentrate on US operations to reduce expenses. At present, Eldorado and Caesars aim to divest the majority, if not all, of their foreign assets. Following the completion of the merger, Eldorado Resorts plans to sell a minimum of one asset in Las Vegas within the subsequent 12 months.
Caesars Sportsbook by William Hill
In January 2019, William Hill, an international sportsbook operator, entered into an agreement with Eldorado Resorts to manage its sportsbooks nationwide. William Hill already accepts bets at Eldorado Resorts’ properties in Nevada. This week’s approval will enable William Hill to also run sportsbooks at all Caesars’ properties in Nevada.
William Hill’s growth in Nevada is ongoing, with the addition of the following Caesars properties to its portfolio:
- Palace of Caesar
- Cromwell
- Bally’s
- Flamingo
- The LINQ
- Las Vegas’ Harrah’s
- Laughlin’s Harrah’s
- Lake Tahoe’s Harvey
- Las Vegas Paris
- Hollywood Planet
- Rio
William Hill US CEO, Joe Asher, has announced plans to develop a new sports betting app for Caesars, presently known as Caesars Sports. The new application, to be named Caesars Sportsbook by William Hill, will utilize William Hill’s technology.
Once the transaction is finalized, current holders of Caesars sportsbook accounts will be transferred to one of the William Hill apps. Information about the new sports betting app should be disclosed shortly.
The upcoming Caesars app will vary from the current William Hill app. The unique characteristic of the Caesars app will be the incorporation of Caesars Rewards.
William Hill is planning to start running all Caesars sportsbooks by late July or early August. In the hearing, Asher stated that William Hill will provide pari-mutuel horse betting at all Caesars casinos in Las Vegas, except for The Cromwell.
More expansion coming for William Hill
Following approval from gaming commissions for its purchase of CG Technology assets, William Hill will resume its expansion in Las Vegas later this year. Additionally, with the nod from gaming authorities, it will manage the sportsbooks at certain Las Vegas casinos, including:
- Cosmopolitan
- The individual from Venice
- Lagasse’s Stadium at The Palazzo
- Currently Closed – Tropicana
- (Currently Closed) Palms
- Silverton
Business operators often benefit from consolidation, but it doesn’t always favor the customers. For instance, by the end of this year, sports bettors in Las Vegas will experience the loss of two distinctive sportsbook operators. This reduced competition inevitably shrinks the options available for customers.
At present, Caesars and CG Technology provide two sets of lines and odds that will not be accessible for bettors in the future. The completion of the deals for William Hill will reduce the number of betting options available to sports bettors.
