American private equity hedge fund Silver Point Capital LP has announced that its recently-created Metropolitan Gaming Limited enterprise has completed its own acquisition of the European and African land-based casino assets of Caesars Entertainment Incorporated.
The Connecticut-based entity used an official Wednesday press release to detail that the subordinate initially finalized the purchase agreement on July 16 to give it control over an impressive portfolio of eleven gambling-friendly properties spread across the United Kingdom, Egypt and South Africa.
Silver Point Capital LP was established by former Goldman Sachs Group Incorporated partners Robert O’Shea and Edward Mule in 2002 and currently manages a wide range of global assets thought to have an aggregate value in the region of $15 billion. The investor launched Metropolitan Gaming Limited last month in partnership with Lancer Capital Management and revealed that the new entity’s holdings now run to central London’s distinguished Empire Casino, The Sportsman Casino and the Playboy Club London as well as the Emerald Resort and Casino in the southern Johannesburg suburb of Vanderbijlpark.
Read a statement from Mule…
“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 Capital LP’s focus on investing in high-quality businesses at opportune times.”
Silver Point Capital LP pronounced that it now intends to work collaboratively with Metropolitan Gaming Limited and provide ‘investment and strategic support’ so as to help develop the fresh enterprise into ‘a leading brand in the luxury and premium gaming sectors’. It disclosed that the transaction has moreover seen the subsidiary take over the running of the United Kingdom’s Alea Nottingham, Manchester 235, Rendezvous Brighton and Alea Glasgow venues in addition to a trio of gambling-friendly ventures in the Egyptian capital city of Cairo.
At the same time as acquiring the properties from Caesars Entertainment Incorporated and Silver Point Capital LP divulged that London-headquartered Metropolitan Gaming Limited has furthermore named veteran casino figure Michael Silberling (pictured) to serve as its first Chief Executive Officer. It asserted that the enterprise’s inaugural boss has over 25 years of industry experience and previously worked as International Properties President for Caesars Entertainment Corporation before moving on to become a senior executive with Affinity Gaming and then Mohegan Gaming and Entertainment.
Silberling’s statement read…
“I am excited to join the amazing team at Metropolitan Gaming Limited. The world, the global economy and the hospitality industry have all been rocked by the coronavirus pandemic but I believe that this team is well positioned to lead a strong rebound of the 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.”