UK markets close in 7 hours 45 minutes
  • FTSE 100

    +33.72 (+0.47%)
  • FTSE 250

    +26.11 (+0.11%)
  • AIM

    -0.62 (-0.05%)

    -0.0021 (-0.18%)

    -0.0006 (-0.05%)

    -1,627.49 (-3.43%)
  • CMC Crypto 200

    -30.59 (-1.99%)
  • S&P 500

    +13.59 (+0.30%)
  • DOW

    -6.26 (-0.02%)

    -0.05 (-0.06%)

    +11.10 (+0.62%)
  • NIKKEI 225

    +96.27 (+0.34%)

    +106.17 (+0.41%)
  • DAX

    +120.54 (+0.78%)
  • CAC 40

    +78.53 (+1.17%)

Caesars (CZR) to Sell William Hill Non-US Assets to 888 Holdings

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

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%.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

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%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report

RCI Hospitality Holdings, Inc. (RICK) : Free Stock Analysis Report

SeaWorld Entertainment, Inc. (SEAS) : Free Stock Analysis Report

Bluegreen Vacations Holding Corporation (BVH) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting