Caesars Entertainment hopes to complete its $3.7 billion acquisition of sports wagering giant William Hill by March after shareholders of the United Kingdom-based company approved the deal Thursday.
In a statement, Caesars said the resolutions cover the deal, which would expand the casino operator’s sports betting reach across the U.S., were approved “by the requisite majority of shareholders,” with over 86% of the votes cast at the meetings in favor of the transaction.
The transaction was announced in October and Caesars said it was “making progress” toward obtaining approvals of gaming regulators in the U.S. to close the transaction. The deal also needs approval by the English Court.
“We are pleased to have received William Hill shareholder support for our recommended cash offer,” Caesars CEO Tom Reeg said in a statement. “We continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill U.S. into our Caesars sports betting and igaming franchise.”
Through a previous deal, Caesars owns 20% of William Hill US, which operates 12 branded sportsbooks at Caesars’ properties in Nevada, Iowa, and New Jersey. William Hill will rebrand additional Caesars sports betting facilities and launch the Caesars Sports Book by William Hill mobile app in Indiana, Pennsylvania, New Jersey, and Nevada.
Las Vegas-based William Hill US has more than 170 retail locations across 13 states and has a 29% market share of the U.S sports betting business. Most of William Hill’s sportsbooks are not associated with Caesars. The company employs more than 400 people. Joe Asher is the CEO of William Hill US.
Analysts have said the deal could add some $2.5 billion in equity value to Caesars, which currently operates 54 gaming properties in 16 U.S. states.
Shares of Caesars, traded on the Nasdaq, closed at $65.73 on Thursday, up $1.93 or 3.03%.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
