The announcement of the completion of several gambling-friendly properties including land-based casinos in South Africa was made by Silver Point Capital LP. These include several purchases in Egypt, South Africa, and the United Kingdom by the recently founded Metropolitan Gaming Limited. Finalization of the purchase agreement sees the Connecticut based company take control of eleven gambling properties.
Assets: London to Vanderbylpark, South Africa
Edward Mule and Robert O’Shea established the Goldman Sachs Group Inc in 2002 and founded Silver Point Capital LP, while currently managing several global assets with an estimated value of around $15 billion. A month ago, Metropolitan Gaming entered a partnership with Lancer Capital Management and at the time revealed that the entity’s assets now stretch to the centre of London. This includes the distinguished The Sportsman Casino, Empire Casino, and London’s Playboy Club. It also stretches to Vanderbylpark in South Africa to include the Emerald Resort and Casino.
Caesars Entertainment Corporation
Caesars Entertainment announced the sale of its Emerald Casino & Resort in 2019 to Peermont Resorts and Casinos, a South African based entertainment and hospitality company. This sale totalled $49 million. Caesars owned 70% while local minority parties owned 30% and it was decided that the now-named Emerald Peermont Casino & Resort would remain under the management of Caesars until the end of 2019.
Metropolitan Acquires Caesars, Africa Casino Business Only Two Years Later
The most recent acquisition takes place after a reported net loss totalling $352m for the first half of the financial year. The impact of Covid lockdowns in South Africa had a huge impact on land-based casinos and other entertainment businesses.
Edward Mule, the founding partner of Silver Point shared the company’s excitement about obtaining the high-end casinos. He also made a point of mentioning that the acquisition perfectly fits with the focus of Silber Point on investing in the highest quality businesses. Michael Silberling was appointed as the new chief executive in relation to the Metropolitan deal.
Silberling commented that the world’s hospitality industry and the global economy was rocked by the pandemic and that he believes that Metropolitan can lead and use their expertise and experience to the benefit of all the businesses they invested in. The main focus of the company is job creation and creating a fun, safe and memorable experience for players.