Newly formed Metropolitan Gaming buys Caesars UK and Africa assets
Metropolitan Gaming has completed its acquisition of the European and African casino businesses of Caesars Entertainment.
With the completion of the transaction on July 16 2021, Metropolitan Gaming, an investment company wholly owned by Silver Point Capital (Silver Point) and its affiliates, today owns and operates casinos in 11 locations across the United Kingdom, Egypt and South Africa, including the iconic Empire Casino in Leicester Square.
Silver Point will provide investment and strategic support to the business and work collaboratively with management to develop Metropolitan Gaming as a leading brand in the luxury and premium gaming sectors.
Edward Mulé, Founding Partner of Silver Point, commented: “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.”
“I am excited to join the amazing team at Metropolitan Gaming,” said Michael Silberling, the newly appointed CEO of 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.”
Silver Point Capital is an SEC-regulated investment adviser that was founded in 2002 by Mr. Mulé and Robert O’Shea, both former partners at Goldman Sachs, who together led Goldman’s special situations investing businesses, and established Goldman’s proprietary direct lending business.
One of the affiliates is believed to be Lancer Capital, which is solely owned by Avram Glazer, from the Glazer family, the controversial owner of Manchester United, who bought the club via a leveraged buyout heaping the cost of the deal back onto the club and taking it into debt.
Caesars UK operates three casinos in London, The Empire, The Playboy Casino and the Sportsman. It also runs Manchester 235, Alea Nottingham, Alea Glasgow and Rendezvous Brighton in the UK. The Deal also includes Caesars Cairo, Kings and Queens Casino and Ramsas Casino in Egypt and Emerald Resort in South Africa.
Source: G3 Newswire