The US casino operator had been looking to offload the assets following its £2.9bn ($3.7bn) acquisition of William Hill, with numerous potential outcomes long mooted during recent weeks and months.
“I am excited to join the amazing team at Metropolitan Gaming,” explained 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.”
Following completion of the transaction on July 16, 2021, Metropolitan Gaming, an investment company wholly owned by Silver Point Capital and its affiliates, owns and operates casinos in 11 locations across the United Kingdom, Egypt and South Africa, including the Empire Casino in Leicester Square.
Silver Point will provide investment and strategic support to the business and work collaboratively with management in a bid to develop Metropolitan Gaming “as a leading brand in the luxury and premium gaming sectors”.
Edward Mulé, founding partner of Silver Point, commented: “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.”