Caesar Palace Owner

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Jun 24, 2019 Caesars Palace and other famous casinos will now be owned by Eldorado Resorts, in a deal the two companies announced on Monday. Here, Caesars Palace is seen hosting a food tasting event in Las. Caesars Palace is one of 43 properties owned by Caesars Entertainment Corporation. The following ownership information is a subset of that available in the Gaming Business Directory published by Casino City Press. For more information about Gaming Business Directory products visit www.CasinoCityPress.com. Caesars Entertainment Corporation (Owner).

Las Vegas casino business Caesars Entertainment has said it is in discussions to purchase British bookmaker William Hill for just under £3billion.

William Hill confirmed on Friday that it had received separate takeover offers from Caesars and private equity firm Apollo Global Management.

Now, Caesars has stated they are in 'advanced discussions' over acquiring the FTSE 250 betting firm with a 272p per-share offer, which reflected their value this morning after they fell 12.6 per cent in early trading.

The company already owns a 20 per cent stake in William Hill's US operations, which have been gradually expanding since the US Supreme Court legalised sports betting two years ago.

William Hill's portfolio includes over 100 retail sites in at least a dozen states, with strong presences in Nevada and Delaware. It signed a deal in February to be the official sportsbook provider for CBS Sports and also has the exclusive rights to manage sports betting under the Caesars label.

Caesars said that the partnership between the two businesses 'needs to be broadened in scope in order to fully maximise the opportunity in the sports betting and gaming sector and provide the best possible customer experience.'

It also stated that it has completed due diligence and would expect any deal to be completed in the second half of 2021.

The entertainment firm is probably best known for running the luxury hotel and casino Caesars Palace in Las Vegas, which is one of the city's most significant landmarks and has hosted music concerts by the likes of Frank Sinatra and Sir Elton John.

It was initially known as Eldorado Resorts until July this year when US regulators approved its purchase of Caesars Entertainment Corporation. Caesars was itself previously called Harrah's Entertainment between 1995 and 2010.

'Caesars isn't buying William Hill for the humble bookies on your local high street,' wrote Russ Mould, an investment analyst at AJ Bell, 'but for its strong base in the emergent US betting space which continues to open up, driven by the legalisation of sports wagering.

'An existing agreement with Eldorado, which recently merged with Caesars, makes the deal a pretty logical one – with the joint venture to be scrapped if the transaction goes through.'

Other casino brands it runs include Horseshoe, Tropicana and Bally's. Eight casinos in the UK are operated by Caesars, whose UK head office is on Baker Street, such as the Empire Casino in London's West End and the Playboy Club in Mayfair.

'The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect,' remarked Tom Reeg, CEO of Caesars.

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'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.

Caesars Properties Map

'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.'

William Hill has been struggling since the start of the coronavirus pandemic due to the cancellation or postponement of major sports events and the closure of its betting shops.

It announced the permanent shutting of 119 stores in August after the group's profits fell by around 85 per cent to £12million in the first half of the year compared to the same period in 2019. In addition, revenues shrank by a third.

However, it vowed to pay back the furlough money it claimed from the UK government, because it said its second-half sales underwent a 'robust recovery.'

Caesars Palace Owner

About 7,000 of its staff were put on furlough after the lockdown forced them to shut its outlets. It also said it would reject the £1,000 per person Job Retention Bonus that companies can claim for bringing furloughed staff back to work.

Caesar Palace Owner