Boyd Gaming has opened preliminary talks over a roughly £225m takeover of London-listed Evoke plc, signalling US interest just as the William Hill owner restructures and prepares to sell its US business to DraftKings.
Boyd Gaming has approached Evoke plc with an indicative proposal valued near £225m, according to The Telegraph. The Las Vegas-based operator’s interest remains at an early stage and has not advanced to a formal offer. Evoke’s board has yet to respond publicly.
The approach comes as Evoke continues to reset performance after a profit warning and leadership changes. Monday’s report lifted Evoke’s share price, though the company still trades below its roughly £300m market capitalisation earlier in the year. Any bidder would need to negotiate the premium and assess the health of Evoke’s remaining assets.
Evoke’s pending sale of its US operations to DraftKings remains central to that calculation. The divestment has not closed, leaving the eventual asset mix and cash flows uncertain for any buyer. Boyd’s interest suggests suitors are tracking how Evoke will look once the US business exits the portfolio.
The company is also pushing through operational adjustments aimed at stabilising earnings across its retail and digital units. Management changes announced earlier this year are part of that effort, although Evoke has provided few public updates since then.
Despite the review, Evoke is committing capital to the UK. Construction continues on a £20m headquarters at 39–45 Farringdon Road in London, a 50,000-square-foot project backed by a pre-let agreement. The development underscores the company’s plan to keep a sizeable corporate presence in the capital, a factor prospective buyers will weigh when modelling future costs.
Regulatory momentum in the UK adds another layer to any deal. Government plans to tighten oversight of bookmakers will increase compliance costs for retail and online operators. For Boyd, which primarily runs casinos in the US, the policy shift would require additional due diligence beyond standard financial metrics.
Neither company has commented on the report. The absence of statements highlights the exploratory nature of the discussions and leaves open whether Boyd will formalise its interest, whether competing bidders emerge, or whether Evoke continues alone after the DraftKings divestiture. The situation underlines the ongoing strategic reset at Evoke and the attention it is drawing from international operators looking at the UK market.
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