Date: Friday 22 Jun 2012
UK bookie William Hill has been granted non-restricted gaming licences by the the Nevada Gaming Commission, clearing the way for the company to start operating in the USA.
The bookie said that as a result of the Commission's decision, the acquisitions of American Wagering, Brandywine Bookmaking and the racing and sportsbook assets of Sierra Developments, trading as Cal Neva, are now expected to take place on June 27th. The price tag on the acquisitions is around $49m (£31m) in total.
The acquisitions will be funded in cash and are expected to be marginally earnings enhancing (before exceptional transaction and integration costs and the amortisation of intangible assets associated with these acquisitions) in 2013. The group expects to rack-up $8m (£5.1m) of exceptional transaction and integration costs in respect of these acquisitions.
"We are delighted to have been awarded our licence to operate in the State of Nevada," said Ralph Topping, William Hill's Chief Executive.
"This now enables us to establish William Hill's first ever US operation, an important part of our international growth strategy. We will now bring together these three businesses to create a leading position in the Nevada sports betting market, combining our brand and product range with AWI's, Brandywine's and Cal Neva's extensive Nevada footprint, strong local relationships and trusted service," he added.
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