William Hill Becomes Eldorado's Partner For Digital, Retail Sports Betting

(RTTNews) - William Hill plc (WMH.L) announced that William Hill US and Eldorado Resorts, Inc. (ERI) have entered into a nationwide partnership for digital and land-based sports betting and online gaming in the U.S. William Hill becomes Eldorado's exclusive partner in the provision of digital and land-based sports betting services as well as online gaming. As a result, William Hill's reach now extends to 13 states.

William Hill US retains 80% of the enhanced business. Eldorado receives $50 million of stock in William Hill plc, a 20% stake in William Hill US and a share of profits attributable to its licences. Eldorado will have the opportunity to monetize its equity in William Hill US following a public offering of William Hill US or through a conversion of the 20% equity stake to William Hill plc shares or cash at William Hill's discretion after five years. Eldorado expects its casinos in West Virginia and Mississippi to be ready for sports betting this NFL season.

Eldorado's 20% equity stake in William Hill US includes all of William Hill US' existing businesses in Nevada, New Jersey, Delaware, Iowa, Mississippi, West Virginia, along with The Bahamas and St. Kitts, as well as future Eldorado and non-Eldorado U.S. business.

Eldorado's pending acquisition of Tropicana Entertainment Inc. will further extend its reach to 26 properties in 13 states on completion which is expected in the fourth quarter of 2018.