- »Caesars Entertainment’s Takeover of William Hill Delayed
Caesars Entertainment’s Takeover of William Hill Delayed
The final approval of the dal that could see American casino operator purchase an online sports betting giant has been delayed.
World Casino Directory reports that Caesars Entertainment’s acquisition of William Hill, a $4 billion arrangement agreed upon in September was aiming to have been finalised by the end of March via a hearing before London’s Business and Property Courts.
The deal would give Caesars control over some 1400 land-based betting shops across the United Kingdom, as well as online sports betting domains.
The planned timeline has been scuppered after a brace of American hedge fund investors wrote to William Hill’s board arguing that shareholders did not have enough information when they voted to approve the takeover in November.
HBK Capital Management and GWM Asset Management purportedly together own approximately 11 per cent of the London-listed bookmaker’s issued share capital and have announced that they will now be contested the envisioned merger.
The Financial Times used its own Tuesday report on the matter to explain that GWM Asset Management is claiming that the envisioned merger is “contrary to the spirit of the United Kingdom takeover code” because the board at William Hill failed to disclose “potentially material” details regarding the future prospects of its United States-facing business William Hill US.
It is reported that the investor declared that the current merger deal would give Caesars Entertainment the right to retain this lucrative enterprise shold another party attempt to acquire any other portions of the British bookmaker.
Caesars pulls the pin on Incheon project
A planned casino in South Korea has been scrapped by Caesars Entertainment.
GGR Asia reported in February that the US-based casino brand has disposed of its entire stake in the planned Incheon venue to its former partner, Hong Kong-listed Guangzhou R&F Properties.
The project, which had been known as Caesars Korea Resort Complex, was due to have a foreigner-only casino.
The disposal occurred in late January.
The scheme, also known as Midan City Resort Complex, is being promoted by R&F Korea.
Formerly an entity called RFCZ Korea, which had been a 50-50 joint-venture between what was then known as Caesars Entertainment Corp and China’s Guangzhou R&F had been promoting the scheme.
The RFKR entity officially submitted a request to the South Korean Ministry of Culture, Sports and Tourism in early February this year to postpone the opening of the first phase of the scheme, from March 17 2021 to March 2024, a ministry representative said.
The ministry would require RFKR to find a new partner, one with casino operations experience, according to a government official.
That official said the ministry would give a response before April regarding RFKR’s request for a three-year postponement of the scheme’s opening.
Caesars Entertainment was taken over by Eldorado Resorts in a US$17 billion deal completed in July 2020, with the merged operation renamed Caesars Entertainment Inc, with a US listing under that name.
In June 2019, soon after the merger plan had been announced, a senior executive at Eldorado Resorts had said regarding Caesars’ ambitions for operations in Asia that the opportunity would have to be “stupendous for us to be running in that direction.”
In August 2019, Caesars Entertainment Corp had said it was dropping its pursuit of a Japan casino licence.
The South Korean scheme, located near the country’s capital Seoul, is to be at the site of the nation’s main international air hub.
A webpage for Caesars Korea, now offline, had said the scheme was to include a hotel, serviced apartments and a foreigner-only casino, with more than 720 rooms, suites and villas.