Caesars Entertainment said Monday the company cleared any federal antitrust concerns over the casino operator’s pending $3.7 billion acquisition of United Kingdom-based sports betting giant William Hill.
In a statement, Caesars said also both the Mississippi Gaming Commission and the West Virginia Lottery had signed off on the transaction. Approvals were still required from gaming regulators in Nevada, New Jersey, Mississippi, and Pennsylvania.
Caesars said it hopes to close the transaction by March.
Caesars, which operates more than 50 gaming properties in 16 states, owns 20% of William Hill US, the British company’s American subsidiary through a previous deal.
William Hill US 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.
Last month, William Hill shareholders voted in favor of the merger.
Caesars said the Monday statement it had reached the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Also, the transaction requires the English High Court’s final approval and administrative and post-closing approvals from other U.S. agencies.
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 $73.64 on Monday, down $2.20 or 2.90%.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
