William Hill US continues to deepen its footprint across the country as it reported strong growth and a net revenue increase of 60 per cent, with launches in IN and Iowa seeing its portfolio stretch to ten states with a market share of 26 per cent. It will also pick up the company's assets at the Atlantis on Paradise Island.
Ulrik Bengtsson, CEO of the William Hill Group, commented on his first trading update: "During my first months as CEO I have been focused on how we can improve our competitiveness whilst ensuring we continue to deliver on our strategic ambitions and I am pleased to confirm we remain on track to meet our full-year expectations".
CG Technology is one of the largest licensed bookmakers in Nevada and operator of seven Nevada sportsbooks at six prime Las Vegas resorts, many of them on the world-famous Strip and all within easy reach of the city's 43 million annual visitors.
As with all changing of the guard in the gambling space, regulators still need to sign off on the acquisitions. "This will allow us to expand our Las Vegas footprint to several marquee resorts", said Joe Asher, CEO of William Hill US. Despite no firm date given, it's easy to imagine that, unless there are any unforeseen bumps in the road, the deal will most likely be consummated sometime during the first or second quarter of next year.
British bookmaker William Hill is set to get even bigger in Nevada where it already runs the majority of sportsbooks through a recently inked deal to acquire the sportsbook assets of CG Technology (formerly Cantor Gaming) in both the Silver State and the Bahamas. This prompted William Hill in July to announce 700 store closures.
William Hill has further disclosed that the acquisition will include CG Technology's wagering assets and properties servicing the Bahamas.
"Gaming trends are improving incrementally as customer behaviour adjusts following the implementation of the GBP2 maximum staking limit", said William Hill. "Therefore, the rights apply to casinos now owned or managed by Caesars if Eldorado's acquisition of Caesars is completed". It operates through Retail, Online, US Existing, US Expansion, and Other segments.
CG Technology has had some issues with the state regulators in Nevada in recent times. It was at the receiving end of fines totaling $8.8m that were issued by the Nevada Gaming Commission from 2014 to 2018.
CG Technology's Sportsbooks are known for their high-definition screens, comfortable seating, and designs unique to each host resort.
This was not quite it, though, because CG Technology was also embroiled in a money laundering scheme back in 2016 when the company was facilitating illegal gambling, according to a federal investigation. Mr. Bussmann noted that those "continued to be out there as a potential liability" and that "people sometimes don't forget things" even if a company is under new management.