Firms tied to Caesars gain GCB approval
Licenses endorsed for Bally’s, William Hill
The Nevada Gaming Control
Board has recommended licenses for two of the fastest-growing companies in the gaming industry.
The board on Wednesday recommended approval of licenses that would give Caesars Entertainment Inc. control over the state’s largest chain of race and sportsbooks.
Earlier in the meeting, a unanimous recommendation was made to license Bally’s Corp., formerly known as Twin River Worldwide Holdings.
William Hill U.S., which has more than 120 sportsbook and kiosk locations across the state and is a subsidiary of United Kingdom-based William Hill PLC, would become the centerpiece of Caesars’ sports wagering operation if the board’s unanimous recommendation is adopted by the Nevada Gaming Commission when it meets March 18.
Caesars’ $3.7 billion deal for William Hill, first announced in April and approved by shareholders of both companies, is scheduled to close March 23.
The two companies currently operate as a U.S. joint venture with 20 percent and 80 percent equity
ownership, respectively.
Through the existing joint venture, William Hill runs online sports betting operations through Caesars’ market access in each state and retail sports betting operations in Caesars’ properties as well as those of other casino operators around the United States. Caesars owns and operates 54 domestic properties in 16 states. The company’s resorts operate primarily under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
Control Board Chairman Brin Gibson termed the deal “a straightforward merger” between the two companies.
Board members recommended
unanimous approval on another licensing request that peripherally involved Caesars but was more complicated.
The board recommended a series of licenses that would register Bally’s Corp. as a publicly traded company in the state, operate the Montbleu resort in Stateline at Lake Tahoe and issue favorable suitability findings for several of its executives.
Bally’s moved closer to getting licensed after a two-hour hearing with final approval also scheduled for March 18.
Testimony centered on the company’s planned operation of the Montbleu, which it acquired in a two-property package deal for
$155 million as part of Eldorado Resorts’ bid to divest properties in advance of its acquisition of Caesars.
Bally’s is not affiliated with the Strip casino with the same name, but it does have a connection with the casino’s owner, Caesars — it acquired the Bally’s brand from the company in November.
Bally’s, a Providence, Rhode Island-based regional gaming company, owns and operates gaming and racing facilities across the United States.
Its gaming and racing facilities include slot machines and various casino table games, and restaurant and hotel facilities. As of December, it owned and operated 11 casinos across seven states.