Caesars (CZR) to Sell William Hill Non-US Assets to 888 Holdings
Caesars Entertainment (CZR) reaches an agreement to sell the non-US assets of William Hill to 888 Holdings.
Caesars Entertainment, Inc. CZR recently reached an agreement to sell the non-US assets of William Hill to 888 Holdings Plc. The deal, which is valued at nearly £2.2 billion, is anticipated to be completed in first-quarter 2022.
Tom Reeg, CEO of Caesars Entertainment said, “I am delighted that, as we said we would when we announced the offer for William Hill PLC, we have found an owner for the William Hill business outside the US which shares the same objectives, approaches and longer-term ambitions of that business.”
Earlier this year, Caesars completed the acquisition of sportsbook operator, William Hill, for $4 billion. Management announced that together the companies have sports betting operations in 18 jurisdictions in the United States and plans to increase the number to 20 by the end of this year.
So far this year, shares of Caesars have gained 43.5% compared with the Zacks Leisure and Recreation Services industry’s growth of 13.6%.
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Focus on Sports Betting
Caesars continues to focus on partnerships to drive growth. Separately, the company announced that sports betting is live now in Arizona. It also recently announced that it has entered a multi-faceted agreement with the Baltimore Ravens and Caesars Sportsbook for five years. Per the agreement, Caesars Sportsbook will offer Ravens supporters and other sports fans an exclusive sports betting experience with its mobile app and retail sportsbook, which is currently under development at Horseshoe Casino Baltimore.
The company announced a strategic partnership with Genius Sports Limited to boost its NFL-backed sportsbook offerings. Fiesta Bowl Organization is another addition to Caesars’ list of growing sports relationships.
Additionally, Caesars expanded its partnership with the Arizona Diamondbacks, Caesars Superdome and the National Football League. Meanwhile, William Hill has opened its first sportsbook inside the U.S. sports complex at the world-famous Capital One Arena in 2020. On Aug 12, 2021, the company announced a collaboration with an American football team — Houston Texans — making it the team’s official casino partner.
Zacks Rank & Key Picks
Caesars carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Leisure and Recreation Services industry include Bluegreen Vacations Holding Corporation BVH, SeaWorld Entertainment, Inc. SEAS and RCI Hospitality Holdings, Inc. RICK. Bluegreen Vacations and SeaWorld Entertainment sport a Zacks Rank #1 (Strong Buy), while RCI Hospitality carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bluegreen Vacations and SeaWorld Entertainment’s earnings for 2021 are expected to surge 172% and 176.4%, respectively.
RCI Hospitality’s earnings for fiscal 2021 are expected to rise a whopping 523.5%.
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