LAS VEGAS and RENO, Nev., April 22,
2021 /PRNewswire/ -- Caesars Entertainment, Inc.
(NASDAQ: CZR) ("Caesars" or "the Company") today announced that it
has completed its acquisition of William Hill PLC (LSE: WMH)
("William Hill") for approximately $4.0
billion. The transaction gives Caesars ownership of one of
the world's leading betting and gambling companies and gives the
Company the ability to maximize the opportunity within sports
betting and online gaming in the U.S.
"We are thrilled to complete the acquisition of William Hill,
combining two of the premier operations in the sports betting and
iGaming industries under one roof," said Tom Reeg, CEO of Caesars Entertainment. "We look
forward to announcing future sports partnerships that will drive
long-term growth."
The combined companies currently operate sports betting in 18
jurisdictions in the U.S., an industry-leading 13 of which offer
mobile sports betting. The Company expects to be operational in 20
U.S. jurisdictions by the end of 2021.
The transaction further expands the reach of Caesars Rewards by
providing William Hill members access to the Company's
industry-leading loyalty program, including the ability to earn
tier status that can be used at all of the Company's land-based and
online properties. This combination also enables the Company to
further enhance its services to customers by providing a
single-wallet offering of sports betting and online gaming products
across the enterprise in the future.
As previously disclosed, Caesars intends to sell the non-U.S.
businesses currently owned by William Hill, including the U.K. and
international online divisions and the retail betting shops.
Deutsche Bank, Latham & Watkins, LLP, and Linklaters LLP
represented Caesars Entertainment, Inc. on the transaction.
Barclays Bank PLC, Citigroup Global Markets Limited, PJT Partners,
and Slaughter & May represented William Hill.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest
casino-entertainment company in the U.S. and one of the world's
most diversified gaming-entertainment providers. Since its
beginning in Reno, Nevada, in
1937, Caesars Entertainment has grown through development of new
resorts, expansions and acquisitions. Caesars Entertainment's
resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®
and Eldorado® brand names. Caesars Entertainment offers diversified
amenities and one-of-a-kind destinations, with a focus on building
loyalty and value with its guests through a unique combination of
impeccable service, operational excellence and technology
leadership. Caesars Entertainment is committed to its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. For more information, please visit
www.caesars.com/corporate.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include statements regarding
our strategies, objectives and plans for future development or
acquisitions of properties or operations, as well as expectations,
future operating results and other information that is not
historical information. When used in this press release, the terms
or phrases such as "anticipates," "aiming," "believes," "projects,"
"plans," "intends," "expects," "might," "may," "estimates,"
"could," "should," "would," "will likely continue," and variations
of such words or similar expressions are intended to identify
forward-looking statements. Although our expectations, beliefs and
projections are expressed in good faith and with what we believe is
a reasonable basis, there can be no assurance that these
expectations, beliefs and projections will be realized. There are a
number of risks and uncertainties that could cause our actual
results to differ materially from those expressed in the
forward-looking statements which are included elsewhere in this
press release. These risks and uncertainties include: (a) the
possibility that post-closing regulatory approvals of the
acquisition of William Hill impose conditions or are not obtained;
(b) risks related to the integration of the William Hill business
with the operations of the Company; (c) the possibility that the
anticipated benefits of the acquisition of William Hill are not
realized when expected or at all; (d) potential adverse reactions
or changes to business or employee relationships resulting from the
acquisition of William Hill; (e) risks associated with
increased leverage resulting from debt financing undertaken in
connection with the acquisition of William Hill; (f) competitive
responses to the acquisition of William Hill; (g) the effects of
the COVID-19 public health emergency on the business and operations
of the Company and William Hill; and (h) additional factors
discussed in the sections entitled "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's most recent Annual Reports on Form
10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission. Other unknown or unpredictable
factors may also cause actual results to differ materially from
those projected by the forward-looking statements.
In light of these and other risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release might not occur. These forward-looking statements speak
only as of the date of this press release, even if subsequently
made available on our website or otherwise, and we do not intend to
update publicly any forward-looking statement to reflect events or
circumstances that occur after the date on which the statement is
made, except as may be required by law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/caesars-entertainment-announces-completion-of-william-hill-plc-acquisition-301274863.html
SOURCE Caesars Entertainment, Inc.