For a decade, Henderson-based M Resort has had its sportsbook in Las Vegas run by CG Technology who have had the 10-year lease contract expired with no renewal expected.
In the wake of the events, Penn National Gaming has shifted operations of the Nevada-based sportsbook to their operator William Hill.
The takeover of William Hill from CG Technology is subject to approval from the regulatory body (Nevada Gaming Control Board) who have in the past approved various William Hill projects in the state.
William Hill market share improving
Over time, Golden Entertainment-owned casinos have had the operator approved to run operations in Nevada. The deal covers various casinos in Reno, Laughlin, and Las Vegas including a new entrant at the Stratosphere in Sin City.
With the anticipated approval from NGCB, William Hill will operate sportsbooks of the following Nevada-based casinos in 2019;
- Eldorado – Reno
- Montbleau – Reno
- Aquarius – Laughlin
- M Resort – Las Vegas
- Arizona Charlie’s Decatur – Las Vegas
- Arizona Charlie’s Boulder – Las Vegas
- Jerry’s Nugget – Las Vegas
- Stratosphere – Las Vegas
May 2019 is the projected month of the commencement of operations by William Hill. Once the takeover is complete, William Hill will have 115 sportsbooks in Nevada to operate. It is projected that at least one more casino will be brought to the fold in the future.
Last year saw the operator sign a deal with Penn National Gaming to operate the sportsbooks in their casinos. Las Vegas-based Tropicana, also owned by Penn National, houses another CG Technology sportsbook.
No comment has been issued on the Tropicana case but it wouldn’t come out as a surprise if William Hill took over the wagering operations in the casino.
CG Technology at more risk
In addition to M Resort, CG Technology stands a great risk of losing more sportsbooks in Sin City. Aside from a possible Tropicana loss, the operator could lose sportsbooks at the Cosmopolitan, Hard Rock, and Palms.
In 2016, Station Casinos purchased Palms. The operator based in Las Vegas operates all the sportsbooks under the Station Casinos brand. On the other hand, Cosmopolitan had their approval granted and have since sued CG Technology in a bid to terminate the lease deal early. For Hard Rock, last year saw the casino sold to a group of investors and Richard Branson. Next year will see the casino renovated to Virgin Hotels Las Vegas with Warner Gaming managing the casino. No details have been released on if the partnership with CG Technology will continue as yet.
However, it is not all gloom and doom for CG Technology. Earlier this year, the operator in a new partnership with Meadowlands Racetrack announced plans of offering online and mobile sports betting services to residents of New Jersey.
Market share and earnings shoot up
William Hill has reported growth with its 2018 earnings report which showed a 32% share of the sportsbook market in Nevada. In the state, William Hill also recorded a 10% plus increase in earnings for the sixth consecutive year.
With its growth in 2019, the share of market and earnings is expected to increase with William Hill operating in all the states that have legalized sports betting. They have gone ahead to operate sportsbooks from 17 states and hope that with other states legalizing sports betting, they will still get a chunk of the markets.