Eldorado Resorts has confirmed the completion of its previously announced 25-year sports betting deal with William Hill. Under the terms of the agreement, William Hill US becomes Eldorado’s sports betting operator in jurisdictions where sports wagering is legalized.
As part of the deal, Eldorado has received a 20% equity stake in William Hill US plus 13.4 million ordinary shares of William Hill. The company also has the right to monetize its equity in William Hill US should it undertake a public offering or via a conversion of the equity stake to William Hill shares or cash after five years.
Eldorado Resorts’ Chief Executive Officer, Tom Reeg, quoted in European Gaming said: “Extending our long-term relationship with William Hill partners Eldorado with the world’s leading provider of in-casino, mobile and online sports wagering to launch sports wagering across our current platform of 26 properties at such time as legislation is enacted and regulatory approvals are obtained.
“Based on our long-term experience in Reno, we believe that the addition of sports wagering to our entertainment offerings will drive customer visitation and create a new revenue stream at our properties while enhancing our existing gaming and non-gaming revenue. Our ability to capitalize on the expected expansion of online betting and gaming is further enhanced by the 20-year definitive agreement that we entered into with The Stars Group granting it the option to access our second skins for online sports wagering and our third skins for real money online gaming and poker operations in the United States.”
