The purchase of Caesars Entertainment’s European and African casino divisions by Metropolitan Gaming has been completed.
Following its £2.9 billion ($3.7 billion) acquisition of William Hill, the US casino operator had been attempting to sell the assets, with a number of scenarios being discussed in recent weeks and months.
Michael Silberling, the newly appointed CEO of Metropolitan Gaming said: “I am excited to join the amazing team at Metropolitan Gaming.
“The world, the global economy, and the hospitality industry have been rocked by the COVID-19 pandemic, but I believe that this team is well positioned to lead a strong rebound of this business, benefitting from their experience and expertise, and a partner that is committed to invest.
“We intend to focus on job creation and investment in this historic business as we partner with our employees, regulators and the communities in which we operate to create a safe, fun and memorable experience for our customers that is second to none.”
Metropolitan Gaming, an investment business completely controlled by Silver Point Capital and its affiliates, owns and runs casinos at 11 locations across the United Kingdom, Egypt, and South Africa, including the Empire Casino in Leicester Square, after the transaction closes on July 16, 2021.
Silver Point will invest in the business and give strategic support, as well as collaborate with management, in order to establish Metropolitan Gaming as a “leading brand in the luxury and premium gaming sectors.”
Silver Point’s founding partner, Edward Mulé, said: “We are very excited about the opportunity to acquire a number of historic and high-end casinos in the United Kingdom.
“The acquisition fits well with Silver Point’s focus on investing in high-quality businesses at opportune times.”