Wire NORTH AMERICA
Nevada Greenlights William Hill Buyout
Caesars Entertainment’s $3.7bn purchase of UK betting brand William Hill has been approved by the Nevada Gaming Commission.
Alternative investment management fund HBK Investments LP has said it will contest the merger.
NEVADA SPORTS BETTING
US - Playtech invests following Graboyes exit GameCo, has announced a new round of financing and strategic investment, just weeks after founder and CEO Blaine Graboyes was removed from the company.
The round was led by new investment from Playtech and gaming investor SpringOwl Asset Management, headed by Jason Ader, with participation from many of GameCo's previous investors.
In 2021, GameCo plans to expand rapidly into digital markets, with a focus on bringing its arcade-style gambling to online casinos worldwide and positioning itself as a leader in esports betting in the US.
The fundraise comes on the heels of the appointment of Adam Rosenberg as GameCo's Chief Executive Officer. Rosenberg replaced Blaine Graboyes, who was denied a gaming licence by the Nevada Gaming Commission in February. Graboyes was accused of driving a small Ohio company he was consulting for into bankruptcy so that he could take abandoned software and systems for GameCo’s use. Commissioners voted 4-1 to deny him a licence. The licence denial effectively banned Graboyes from the gaming industry and he was immediately removed by GameCo’s board of directors after the February 18 decision.
US - Full House confirms Cripple Creek name Full House Resorts has announced the name and branding of its luxury hotel and casino project in Cripple Creek, Colorado, as Chamonix Casino Hotel. Located adjacent to the company’s existing Bronco Billy’s Casino, Chamonix will bring a new level of elegance and comfort to the heart of the historic mining district. Chamonix will feature approximately 300 four-star guest rooms and VIP suites—the first luxury guest rooms in the market.
US - Evolution partners with CBN Lotteries Evolution has been selected by the Canadian Bank Note Company (CBN) to deliver online Live Casino services as part of an enhancement programme to lotteries run or supported by CBN worldwide.
CBN is now taking the lotteries it operates or supports online and will feature Evolution’s online Live Casino games as part of the new digital offering in each jurisdiction subject to local regulations. The Evolution- powered Live Casino will allow lottery players in each country to play a rich mix of online live games on smartphone, tablet and desktop.
Each of the CBN lottery countries will be able to choose from the full portfolio of live games from Evolution’s line-up — including titles such as Crazy Time, Mega Ball and Lightning Roulette from Evolution’s Game Shows category — as well as Evolution’s First Person RNG-based games.
P14 WIRE / PULSE / INSIGHT / REPORTS
Caesars Entertainment’s $3.7bn purchase of British betting brand William Hill has been approved by the Nevada Gaming Commission.
CEO Tom Reeg confirmed to the Nevada Gaming Commission that Caesars only wants to own the U.S. portion of William Hill’s business and will offload the international division once the deal is completed next month.
“We’re a domestic company. Our intention is to sell the international assets,” Mr. Reeg said. "Te opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect. William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to serve our customers in the fast-growing U.S. sports betting and online market.
Caesars attorney A.G. Burnett added that the buy-out wouldn’t cause any antitrust concerns because the company was “buying the remaining 80 per cent of what it owns.”
Gaming Commission Member Steven Cohen highlighted some monopoly concerns though with William Hill responsible for 46.1 per cent of all sports bets placed in Nevada with 64.2 per cent of the locations in Nevada.
Overall William Hill US has more than 170 sports books in 13 states, equating to a 29 per cent market share of the US sports betting business.
Chicago prepares to issue request for city’s first casino resort
Illinois
In early April, the City of Chicago expects to issue its Request for Proposal (RFP) for the introduction of a world- class casino-resort to the City’s landscape. An initiative decades in the making, Chicago’s sole gaming owner’s licence will introduce a new entertainment destination to the heart of one of America’s most dynamic cities.
“Chicago is ready to become the home of a major casino- resort which will enhance our thriving entertainment and cultural scene,” said Chicago
Roger Devlin, Chairman of William Hill, commented: “In terms of our UK and International businesses, we believe they have a strong future ahead and we will work with Caesars to find suitable partners to further the long-term growth prospects of these businesses."
Alternative investment management fund HBK Investments LP has said it will contest the merger.
A spokesperson at William Hill said: "HBK has suggested that the description in the scheme document of a provision of the US joint venture agreement between William Hill and Caesars, under which Caesars is able to add or substitute names to a list of ‘Restricted Acquirers’ of William Hill, should have more specifically described the applicable time periods within which such additions or substitutions could be made.”
"Te board continues to believe that the cash offer by Caesars is in the best interests of all shareholders and, having taken advice from its legal advisers and leading counsel, remains confident that the court will sanction the scheme at the scheme court hearing," the company added.
Te court hearing to complete the deal has been delayed by one day to March 31 in order to allow the court time to hear and consider HBK's representations.
Mayor Lori Lightfoot. “We’re excited to head into discussions with companies and partners who will help us develop the premier gaming and entertainment destination in our city and drive our economy in a transparent and equitable way.”
Te City’s new casino-resort will be integrated into its landscape, playing a crucial role in creating new employment opportunities for residents and driving economic growth for local businesses and the City overall. A catalyst to generate new revenue and boost Chicago’s booming tourism industry, the project also will be able to leverage major developments coming to Chicago O’Hare International Airport in 2028.
US
Golden Nugget Online Gaming saw its Q4 revenue surge by 47.9 per cent over the prior year, reaching $23m. As well as completing its public listing on December 29, Golden Nugget launched its online casino and sportsbook in Michigan on January 22, 2021, in partnership with the Ojibwa casino, and launched a new version of our online sportsbook in New Jersey on March 4. It secured market access in Illinois to offer online sports betting. It secured market access in West Virginia to offer mobile sports and online casino wagering through an agreement with the Greenbriar Hotel Corporation and market access in New York for online casino wagering, subject to legislation, regulatory approval.
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