Metropolitan Gaming, a 100% subsidiary of Silver Point Capital, has completed the acquisition of the European and African casino business of Caesars Entertainment, Inc.
The financial terms of the deal were not disclosed, but it was confirmed that Metropolitan finalized last month's agreement before announcing the news this week.
The Metropolitan takes possession of casinos in 11 locations throughout Egypt, East Africa and the United Kingdom, including the Empire Casino on London's Leicester Square.
However, the real leaders of the African market, these operators, which launched a mobile extension of their sites. These mobile betting sites are the most popular platforms for betting and online gambling in the entire African region.
Silver Point said it will provide investment and strategic support for the business and will work with management to develop Metropolitan as a leading brand in the retail and premium gaming market.
"We are delighted to be able to acquire a low historic and high-end casino in the United Kingdom," said Silver Point's managing partner, Edward Moulet. "The Annex fits well with Silver Point's focus on investing in high-end businesses at the appropriate time."
Regarding the agreement, Metropolitan has named Michael Silberling as its new Managing Director of Experienced Casino.
In his new role, Silberling will oversee the capital's business, including the operation and ownership of the newly-renovated casino.
"The world, the world economy and the hospitality industry have been chipped by the Covid-19 pandemic, but I believe this team is well positioned to to lead a strong vydskok of this business with their experience and expertise, as well as a partner who wants to invest," said Sielberling.
"We have the intention to focus on creating jobs and investing in this historic business because we are working with our employees, The regulatory agencies and cooperatives in which we work to create a safe, fun and memorable experience for our customers that has no equal.
The announcement came after Caesars reported a net loss of $352 million for the first half of the fiscal year, despite a 615.7% year-over-year increase in revenues.