British company William Hill has received the green light to purchase CG Technology’s operations in Nevada. On Thursday, the Nevada Gaming Control Board approved Wiliam Hill’s takeover of CGT’s assets in the Silver State.
William Hill CEO Joe Asher said that he was excited with the approval of the acquisition. He added that they have started discussions with Las Vegas Sun for the renovation of the Venetian sportsbook. Asher also said that they are looking to renovate Silverton:
“There are some things we will do a little differently. We just wanted to get the finish line. We’ve invested millions into sportsbooks in this state.”
Significant Presence on the Strip
The approval will allow William Hill to take control of the sportsbooks of The Venetian Las Vegas, Palazzo, Tropicana Las Vegas, Cosmopolitan of Las Vegas, Palms, and Silverton. All casinos are on or near the Las Vegas Strip which is a market where William Hill can grow.
Willam Hill announced the planned takeover last year. As one of the largest sportsbooks in the world, William Hill already has a strong presence in Nevada. Prior to the news of its proposed acquisition of CGT’s assets, William Hill operated 113 race and sportsbooks in the Silver State. However, it lacked a significant presence on the Strip.
The deal effectively removes one competitor from the picture and puts William Hill brand in some of the Strip’s most shiny casino gems. Nevada is currently home to around 200 sports betting locations and the British company continues to grow its presence in the U.S. market.
End of The Road For CGT
Asher was the managing director of CG when it came to Nevada during the mid-2000s. It was then known as Cantor Gaming and was the sports betting branch of the financial company Cantor Fitzgerald. Asher quit in 2007 to form his own sportsbook firm called Brandywine Bookmaking which quickly grew into 16 race and sportsbooks in Las Vegas under the name Lucky’s Race and Sports.
For its part CG has a history of being penalized by the Nevada Gaming Control Board. It has been penalized three times for various violations including allowing out-of-state wagers, accepting bets after the conclusion of events, and paying out too much and too little on some wagers. CG paid a total of $10M across those violations.
ESPN also reported that CG was involved in in an “illegal gambling and money laundering scheme” which cost it another $22.5M in federal penalties. The NGCB had threatened to revoke CGT’s license as recently as last year but it survived the storms. However, this latest development does look like the end of the road for CGT in Las Vegas.