The flagship sportsbook of CG Technology in Las Vegas, M Resort in Henderson, Nevada, has concluded its 10-year lease and it will not be renewed.
Penn National Gaming will transfer the operations of the sportsbook at M Resort to their nationwide partner, William Hill.
The transition from CG Technology to William Hill at M Resort is awaiting regulatory approval. Little to no opposition is expected as the Nevada Gaming Control Board (NGCB) has consistently approved William Hill’s growth in the state.
William Hill continues to expand in Nevada
Recently, the NGCB approved William Hill to manage several sportsbooks owned by Golden Entertainment casinos across Nevada. This agreement includes a new sportsbook at the Stratosphere in Las Vegas, along with additional sportsbooks in Las Vegas, Reno, and Laughlin.
Upon approval of the M Resort deal, William Hill will have broadened their sportsbook operation in Nevada to include the following casinos in 2019:
- Laughlin (Aquarius)
- Decatur Arizona Charlie’s (Las Vegas)
- Boulder’s Arizona Charlie (Las Vegas)
- Reno’s Eldorado
- Nugget Jerry’s (Las Vegas)
- Reno’s Montbleau
- Las Vegas Stratosphere
- Las Vegas M Resort
William Hill is anticipated to take over the operation of the M Resort sportsbook in May 2019. Following their takeover at M Resort, the number of sportsbooks operated by William Hill in Nevada will reach 115. The company’s expansion in Nevada is expected to continue, with at least one new casino anticipated in the future.
William Hill signed an agreement last year to manage sportsbooks in Penn National Gaming casinos in the U.S. Penn National, which also owns Tropicana in Las Vegas, happens to have another CG Technology sportsbook in this casino.
None of the companies have made comments regarding the current lease. However, it wouldn’t be surprising if William Hill assumed control of operations at their partner’s casino.
CG Technology in danger of losing more sportsbooks
CG Technology is at risk of losing additional sportsbooks in Las Vegas. They could potentially lose the sportsbooks at the Tropicana, Hard Rock, Palms, and Cosmopolitan, in addition to others.
In 2016, Station Casinos purchased Palms. This operator of Las Vegas casinos manages the sportsbooks in all of its locations. The Cosmopolitan, having received approval to run its own sportsbook, filed a lawsuit against CG Technology to terminate their lease prematurely. It would not be surprising if either or both of these casino operators assumed control of their sportsbooks.
Finally, last year, Richard Branson and a group of investors acquired the Hard Rock. It is planned to be revamped and transformed into Virgin Hotels Las Vegas. The casino will be managed by Warner Gaming upon its opening in 2020. There is still no disclosure on whether CG Technology will remain as the sportsbook operator.
Surprisingly, CG Technology has plans to broaden its operations into another state. They declared earlier this year that they would be providing online and mobile sports betting in New Jersey later this year, thanks to a new partnership with Meadowlands Racetrack.
William Hill grows inside and outside of Nevada
William Hill recently announced their 2018 earnings. The report indicated that they held a 32% stake in Nevada’s sportsbook market. The earnings in Nevada have seen an increase of over 10% for the sixth year in a row.
Since they are already operating more sportsbooks in the state, their earnings and market share should continue to grow in 2019.
William Hill stands as the sole sportsbook operator in the U.S. that functions in all seven states where sports betting is legally permitted. They have the capacity to operate sportsbooks in 17 states, and anticipate that sports betting will be legalized in 15 of these states within the forthcoming two to three years.
William Hill appears to have a promising future in Nevada and the rest of the U.S.
