Eldorado Wants to Spin Off Sports Betting Biz
Fresh off its deal to acquire Caesar's, Chief Executive Officer Tom Reeg tells Bloomberg News he sees great potential in spinning off that company's sports-betting and online-gambling businesses.
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More specifically, the climate with the online casino and poker tie-ins is about to change now that more states are beginning to get on board.
Reeg sees the Internet casino platforms as having been under utilized.
“They’ve got an internet casino business that is a material business that I think really gets little to no value,” Reeg said on a conference call with investors Tuesday. “I’m starting to think about: Is there a way to structurally put something together that shines a light on that business? More of a pure-play fashion.”
From Bloomberg News:
Caesars has long been a pioneer in the online-gambling business, offering internet poker and other games in states such as New Jersey. Online betting has never been as big a business as the industry anticipated because few jurisdictions jumped on board. But that’s beginning to change with the legalization of sports betting and states such as Pennsylvania approving both.
Caesars, based in Las Vegas, earlier listed shares of its social gaming and internet divisions. The social business, which included free-to-play slot machine like games, sold for $4.4 billion in 2016.
The Caesar's deal has a total cost of $17.3 billion, including debt. Reeg anticipates completion by the first half of 2020.
- Aaron Goldstein, Gambling911.com
