Apollo in Prime Place for William Hill’s Non-US Playing Belongings
After sealing the £2.9 billion (approx. $4 billion) acquisition of William Hill, US on line casino big Caesars Leisure, Inc. is now trying to offload the non-US property of one among Britain’s oldest bookmakers.
The Telegraph reported that Caesars is ready to place William Hill’s betting retailers within the UK in addition to its on-line playing enterprise up on the market within the coming weeks.
Caesars tabled its provide for the UK gaming and sports activities betting firm final September. The on line casino operator stated again then that after the transaction closes, it could solely give attention to rising William Hill’s US operations and would public sale off the corporate’s UK and worldwide enterprise.
The British agency and the on line casino powerhouse had already been working collectively within the US sports activities betting market as a part of a three way partnership fashioned in 2018.
Apollo in Pole Place to Purchase William Hill’s Non-US Belongings
Sources with inside data of the matter advised The Telegraph that US non-public fairness agency Apollo World Administration and on-line playing operator 888 Holdings are “among the many possible suitors” for William Hill’s non-US operations.
The British operator runs one among UK’s largest chains of betting retailers and likewise operates on-line casinos and betting websites in its home and in quite a few regulated European markets.
Sources stated that Apollo could possibly be in pole place within the upcoming bidding conflict for William Hill’s property. Again in September, the Wall Avenue buyout agency tabled a rival provide to Caesars’ to finally be bested by the on line casino powerhouse.
Nonetheless, sources say that Apollo may now be the successful bidder, because it has been extraordinarily lively on the playing acquisition entrance over the previous yr, has already tried to purchase William Hill, and likewise has deeper pockets than 888. The latter agency is believed to be itself a takeover goal, if reviews from earlier this yr are to be believed.
A Flurry of Acquisitions
Within the months after its failed try at buying the British bookmaker, Apollo has acquired Canadian on line casino operator Nice Canadian Gaming, has invested €500 million to finance Czech lottery operator SAZKA Group’s bid to grab the UK Nationwide Lottery from long-time operator Camelot Group, and has teamed up with VICI Properties to purchase The Venetian Resort Las Vegas from Las Vegas Sands in a $6.25 billion deal.
As well as, Apollo already has an asset that business insiders consider could possibly be paired with William Hill’s worldwide operations.
Late final yr, the buyout agency backed Italian playing firm Gamenet in shopping for IGT’s Italian B2C enterprise. Gamenet paid €950 million in money. In response to The Telegraph, Apollo “could be anticipated to mix William Hill with Gamenet […]
and make value cuts.”
Sources additionally famous that Caesars may additionally try to promote its 9 UK land-based casinos. Following the corporate’s mixture with Eldorado Resorts final summer time, the administration of the enlarged group has targeted its consideration on rising its home enterprise, paying much less and fewer consideration to worldwide markets.
In response to sources, Apollo has the monetary sources and the required expertise to buy and develop the 9 playing institutions. Nonetheless, it’s unclear whether or not it’s concerned with including the properties to its portfolio.
It’s understood that Caesars was near offloading the venues to a Canadian on line casino operator, however talks fell via finally.
Supply: William Hill betting store empire up on the market, The Telegraph, Could 1, 2021