Caesars Moves on William Hill Takeover NORTH AMERICA
Las Vegas casino giant Caesars Entertainment has confirmed it is in ‘advanced discussions’ over a £2.9bn takeover of William Hill
Caesars revealed the due diligence has been completed and that a deal could be completed by the second half of 2021
NEVADA SPORTS BETTING
NEVADA – The Las Vegas Monorail Co. has filed for Chapter 11 bankruptcy, according to a statement from President and CEO Curtis Myles. Mr. Myles confirmed that the monorail has been unable to reopen since shutting down in March because of the COVID-19 pandemic.
“As a result, it is in the Las Vegas Monorail Company’s best interest to file for bankruptcy and effectuate a sale of the system assets to a party who intends to keep the system in operation and help ensure that the mobility benefits the Monorail provides continue during conventions, events and throughout the year,” Myles said in the statement. The company’s board of directors authorised the filing, which is part of the company’s sales agreement with the Las Vegas Convention and Visitors Authority. LVCVA President and CEO, Steve Hill, said his agency’s acquisition of the monorail would be beneficial to transportation along the Strip corridor because the monorail company holds a noncompete designation that would prevent future transit systems from operating.
This detail is relevant as the Boring Co., established by entrepreneur Elon Musk, is building a mile-long people-mover system beneath the Las Vegas Convention Center to transport visitors from one end of the Convention Center campus to the other. The system, a twin-tunnel passageway to be used by Tesla vehicles in self-driving mode, would use vehicles on Tesla chassis, with some carrying up to 16 passengers at a time. Weeks away from testing, Boring Co. officials hope to use the people-mover as a demonstration of the technology, and want to build a similar operation to serve the resort corridor, Allegiant Stadium and McCarran International Airport. Wynn Resorts and Genting Resorts World Las Vegas have signed on to have their own Boring Co. tunnels transporting hotel guests from their respective resorts to the Convention Center.
NEVADA – More than one-in-four Clark County residents recently infected with COVID-19 may have contracted or spread the disease at a hotel, motel or resort, revealed state health officials. It’s the first time state officials have announced hard numbers about what role Nevada’s tourism industry could be playing in the state’s outbreak.
In September, officials said 26 per cent of infected county residents who spoke with disease investigators reported visiting a hotel, motel or resort. About 12 per cent reported visiting a “food establishment,” a broad category that includes restaurants, grocery stores and other types of businesses. The data “does not mean the business is associated with the exposure,” Nevada Department of Health and Human deputy administrator Julia Peek said.
P28 NEWSWIRE / INTERACTIVE / MARKET DATA
Caesars Entertainment has confirmed it is in ‘advanced discussions’ over a £2.9bn takeover of William Hill. Having pulled out of the race for a Japanese casino licence to concentrate on its domestic takeover by Eldorado Resorts, Caesars is now keen to buy William Hill. Executives at the bookmaker confirmed it had received approaches from Caesars as well as private equity firm Apollo.
Caesars Entertainment already owns a 20 per cent share in William Hill's US business, which has the exclusive rights to run sports books for the company.
William Hill's board of directors have informed Caesars that its offer ‘is at a price level that they would be minded to recommend’ to shareholders, propelling the offer to the next stage. William Hill US currently operates 124 race and sports book locations across the state of Nevada, along with its mobile sports betting app. It recently completed the acquisition of CG Technology giving it four additional
NASCAR becomes first league partner of AGA’s Have a Game Plan
US
Te American Gaming Association and NASCAR are teaming up to educate NASCAR fans on responsible sports betting through the AGA’s Have a Game Plan. Bet Responsibly. public service campaign. As the campaign’s first professional sports league partner, NASCAR will develop co-branded content that encourages new and seasoned sports bettors to “Know When To Pit" and bet responsibly.
Te partnership announcement coincided with the AGA’s Responsible Gaming Education Week, held annually to showcase the industry’s year- round commitment to responsible gaming initiatives and promote transparency and gaming literacy to customers.
“Legal sports betting allows fans to engage with their favourite drivers and race
sportsbooks, further expanding its footprint on the iconic Las Vegas Strip.
Caesars revealed the due diligence has been completed and that a deal could be completed by the second half of 2021 - subject to approval by shareholders and regulators.
Caesars Entertainment Chief Executive officer, Tom Reeg, added: "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 better serve our customers in the fast growing US sports betting and online market.
"We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment,” commented Mr. Reeg.
teams in new, exciting ways. It is critically important to ensure they are informed about how to do so responsibly,” said Casey Clark, Senior Vice President, Strategic Communications, AGA. “Tis partnership further demonstrates NASCAR’s leadership among professional sports on responsible gaming.”
Over the last year, NASCAR entered into a series of partnerships with major brands to prepare the industry and its fans for the rapidly growing sports betting market.
Sportradar signed on as NASCAR’s integrity partner, BetGenius as its data provider, Penn National Gaming and BetMGM as Authorised Gaming Operators, IMG Arena as its international streaming partner, and EquiLottery and LEAP in the lottery and virtual gaming spaces, respectively.
To help fans become educated on sports betting, NASCAR recently launched
NASCAR.com/betcenter and also works closely with Te Action Network and VSiN.
Nevada
Virgin Hotels Las Vegas, part of Curio Collection by Hilton, has confirmed the property’s grand opening date of January 15, 2021. Richard Bosworth, President and CEO of JC Hospitality, owner of Virgin Hotels Las Vegas, stressed the resilience of the hospitality, gaming and entertainment industry, the city of Las Vegas as a whole and expressed how he looks forward to bringing employees back to work. Te unique property includes the over 1,500 renovated chambers, upgraded entertainment venues, an impressive food and beverage portfolio, unique gaming floor and expanded meeting and convention spaces. Mr. Bosworth also thanked his partners on site for the event, including Michael Sacco, Special Assistant to the CEO of Virgin Hotels; Bobby Reynolds, Senior Vice President of AEG Las Vegas; James Beard Award-winning chef Todd English; Joe Hasson, General Manager of Mohegan Sun Casino at Virgin Hotels Las Vegas; Jenna Morton of MB Steak and Jay Wolf of JC Hospitality.
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