British bookmaker William Hill’s American subsidiary completes acquisition of CG Technology
The American subsidiary of British bookmaker William Hill Plc has finally completed the acquisition of local competitor CG Technology and is now on the way to incorporate the acquired business into its own already widespread operations.
The London Stock Exchange-listed bookmaker spent an undisclosed amount of money to acquire American rival CG Technology to provide a boost to its land-based sportsbooks inside half a dozen Las Vegas venues, including the Venetian Las Vegas, the Cosmopolitan Casino, and the Palazzo hotel. Under the terms of the purchase deal, which was first confirmed in November 2019, William Hill also gets operational rights to CG Technology’s Bahamas operations.
However, CG Technology’s license to run the sportsbook at the old Hard Rock Casino is not part of the purchase agreement as the sportsbook at Mohegan Gaming’s potential Virgin Hotels Las Vegas property will be managed by Betfred.
The Nevada Gaming commission Board recently approved the British bookmaker’s expansion plans in the silver State through the purchase of CG Technology’s operations. The American subsidiary of the British bookmaker, William Hill US, is already providing sports betting services at a number of racecourses and other venues across the Silver State.
Joe Asher, Chief Executive Officer (CEO) for William Hill US, told reporters that his company has also started discussions with casino operator Caesars Entertainment Incorporated concerning the possibility of operating the company’s money-spinning sports betting as well as iGaming businesses that are expected to generate aggregated revenues of more than $700 million next year.
Speaking on the topic, Asher added, “We didn’t have a big footprint on the Las Vegas Strip [but] now we’ll have a much bigger presence and some of the top properties. There’s a lot of opportunity in there and we think that we’ve got some really powerful assets in this space. So obviously it’s an ongoing subject of discussion.”
It may be noted here that Caesars Entertainment Incorporated came into existence through the merger of Eldorado Resorts and Caesars Entertainment Corporation. The new entity is the world’s biggest casino operator with a portfolio of 55 gaming properties in nearly one and half dozen states. Following the merger, the British bookmaker gained access to all Caesars Entertainment Incorporated sportsbooks across the United States. Coupled with the CG technology transaction, the British bookmaker saw a further expansion in its presence on the lucrative Las Vegas Strip.