Tag: Caesars

Caesars Getting Serious About Online Gambling

Online gambling is suddenly the hottest segment of the international gambling market. DraftKings (NASDAQ:DKNG)Everi Holdings (NYSE:EVRI), GAN Limited (NASDAQ:GAN), and even Penn National Gaming (NASDAQ:PENN) have been shooting higher for the past six months on hopes that online gambling will be a highly profitable business for them. 

But the traditional gambling industry may still have a few tricks up its sleeve. MGM Resorts (NYSE:MGM) is one of the biggest online gambling companies in the U.S. already, and it is slowly expanding its presence. And Caesars Resorts (NASDAQ:CZR) is only now starting to take online gambling seriously.

This week, it’s Caesars that may be ready to make a big move into the market by buying its online gambling partner William Hill. 

Person betting on soccer on mobile device.

Image source: Getty Images.

Caesars’ big move

The news on Friday was that Caesars and private equity firm Apollo have both submitted cash offers to acquire

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William Hill Said to Get Takeover Proposals From Apollo, Caesars

U.K. gambling group William Hill WIMHY has received takeover approaches from New York private-equity group Apollo Global  (APO) – Get Report and from Caesars,  (CZR) – Get Report a media report says.

Apollo approached William Hill to discuss a deal for the $3 billion market-capitalization company, and discussions are still at an early stage, sources told Bloomberg. 

Caesars has also approached William Hill about a takeover, according to Bloomberg, and both parties have made separate cash proposals for the company. 

Five weeks ago Jefferies analyst James Wheatcroft, in a note reported by Barron’s, wrote that William Hill shares were inexpensive because investors weren’t taking account of the U.K. company’s U.S. sports-betting franchise.

At last check William Hill American depositary receipts were 35% higher at $15.29.

Apollo already has a history in gambling investments following a leveraged buyout of Harrah’s Entertainment in 2008. Harrah’s was subsequently renamed

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