Metropolitan Gaming announced on August 4 that it has completed the acquisition of Caesars Entertainment's European and African casino businesses.
By completing the transaction on July 16, Metropolitan Gaming now owns and operates casinos in 11 locations across the United Kingdom, Egypt and South Africa, including Empire Casino in Leicester Square. The amount of the acquisition remains unknown.
Parent company Silver Point will provide investment and strategic support to the business and will work collaboratively with management to develop Metropolitan Gaming “as a leading brand in the luxury and premium gaming sectors”, according to a press release.
“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," said Edward Mulé, Founding Partner of Silver Point.
Metropolitan Gaming also announced newly appointed CEO Michael Silberling, who commented: “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.”
Regarding future plans, Silberling describes Metropolitan Gaming as focused on job creation and investment as the company partners with employees, regulators and the community “to create a safe, fun and memorable experience” for customers.
Metropolitan Gaming Holdco Limited is a new gaming entity, created on July 12 by the combination of Silver Point Capital and Lancer Capital Management, both U.S. based private equity companies.