GAMING NEWS
63
Metropolitan Gaming In For Long Haul
W
hen the iGamingPost exclusively revealed that US investment firm Silver Point Capital were to buy the total UK casino assets of Caesars Entertainment the belief was that the new owner was to break up the business and sell off several of the outer London properties. However under its management business, Metropolitan Gaming Limited the iGamingPost has learnt it has refused to discuss any sale of its new casino assets and believes it can go it alone and turnaround the former struggling casino estate. Caesars Entertainment moved into the UK market back in 2006 on the back of the UK government Budd Report that recommended the country should build super casinos like Las Vegas. However national media campaigns stopped that from happening and Caesars were left with a portfolio of seven casinos that apart from a few made little or no profit.
With no interested parties to buy the business until this year when Caesars made the decision to pull out of Europe and focus solely on the US following the acquisition on William Hill. At the time when Silver Point purchased the casinos (the final exchange is still pending) it was thought that the investment firm would break up the casinos and sell off the most lucrative locations, but the management now feel they can turnaround the business and eventually sell it for much more than the value they paid for it. At the time the deal was announced, Edward Mulé, Founding Partner of Silver Point, 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.”
“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.” Mr Siberling has an extensive background in gaming with Mohegan Gaming, Affinity Gaming and was even Managing Director for Caesars in the UK under its previous name of Harrah’s Entertainment up until 2008.
INFINITY GAMING
