US NYSE online and land-based casino firm Caesars sells EMEA division in a deal offloading 10 land-based casinos. (Image by TheOtherKev from Pixabay)
3 casinos in Africa and 7 UK casinos are all under new ownership after Caesars sells EMEA Division brand rights to an investment firm. Confirmation is now in that Caesars Entertainment sold its EMEA division which operates a string of famous South Africa, UK, and Egyptian casinos. EMEA was a Caesars Entertainment arm used to manage over 10 venues outside of the USA. Now it is in the hands of an investment firm Silver Point Capital which paid a reported figure of £15 million in a deal that sees the firm take over multiple venues in what looks like a buy-to-sell deal. On top of the sell-off, Silver Point also agreed to carry over the EMEA company pension funds.
An insider originally blew the whistle on the sales when providing information that suggested the Emerald Resort and Casino in South Africa was coming under new ownership. Further news came out, also suggesting that Egyptian locations were also part of the deal. The connection was obvious. All these casinos fall under the management of Caesars Entertainment EMEA. Later it was discovered that The Kings, Queens Cairo and Ramses, as well as the Caesars Cairo, were also part of the sell-off to the Silver Point investment firm. it is now rumoured that Silver Point was quick to sell its 3 African venues for undisclosed fees to local operators.
Caesars Cairo, Ramses Cairo and Kings & Queens Casino, and the Emerald Resort and Casino in South Africa. For Ceasars, now these casinos are off the books but rumour has it that there is more unfinished business still in the works for Silver Point Capital. There are 7 UK locations still for sale. 3 are in London – the Playboy, Sportsman and Empire in Leicester Square, while the other 4 are scattered around the UK in major cities Manchester, Glasgow, Nottingham and Brighton.
Silver Point may be willing to listen to offers, if reports are correct, for any venue of the remaining 7 locations. Although, with London property being a good investment, Silver Point Capital is in no hurry to sell and could indeed keep hold of their London trio of casinos and sell off other venues around the country. A sign of the firm’s contentment come reports of Silver Point forming an in-house management team with brand standards for the Caesars casino operations in the UK as a whole. In particular, I have to say that I have visited the Empire in Leicester Square and this is a classy casino with a luxury bar with large windows and a balcony looking out onto the busy Leicester Square in London’s prestigious hot spot – the West End. It is a mecca for tourists and is not only a venue people come to visit for casino play. Many people also come here to wine, dine, and use it as an entertainment venue for socialising and drinking. Plus, the employees at the casino are super friendly and welcoming. I can only assume that Silver Point see this particular venue as an opportunity rather than a buy-to-sell property. That said, if the price is right, these days anything is for sale.
As of yet, there is official confirmation as to whether the acquisition includes Silver Point keeping the ‘Caesars EMEA’ brand name or whether it will change to a new name under the hood of the investment firm. News regarding this mystery is expected soon.
Silver Point Sold South Africa Venue That Remains ‘Temporarily’ Closed
Emerald Resort and Casino in South Africa is now in the hands of a local operator which is a great piece of business by Silver Point as the casino is still closed and facing further losses. For now, South Africa’s casino players are still playing online because at the end of June, the President of South Africa, Cyril Ramaphosa, confirmed that the government would close down all casino venues, nightclubs, restaurants, schools, gyms and all other social gathering establishments because of the fear of the latest Covid variant. The Level 4 crisis lockdown began on 28th June and was originally believed to last until at the least, 11th July. During that time, hotels could offer a reduced capacity, but most of the businesses would have to close. Additionally, there was a ban on the sale of alcohol during that time. Specifically, it was the Indian variation that generated the cause for concern, as the hospitals found 605 cases of the variant.
London Casinos Come Back Into Operation Right After Caesars Sells EMEA Division
While South Africa remains in lockdown across the country, the UK is on the verge of a complete reopening of all entertainment and sports venues. We reported just a few days ago on how freedom day in the UK will see all casinos reopen. For the Silver Point investment firm, this is great news as its 7 venues can open for business. This also seems to be a shrewd piece of business because predictability Ceasars EMEA made some severe losses over the past 18 months while Silver Point gets to open the casino establishments post UK lockdown in time for what many predict to be a mad spending rush by UK citizens. It is strange why Caesars sold the EMEA Division now instead of recouping some losses first, but maybe because the risk of casinos in Africa losing money is not profitable.
Caesars Entertainment Selling its William Hill European & UK Assets
After Caesars Sells EMEA Division brand rights, the company’s scaling down is still not done. Other industry news of interest to Caesars is to do with the asset of the operator William Hill. Caesars Entertainment purchased the entire William Hill brand are in the process of auctioning off the European and UK assets in order to raise funds of around £1.2billion. Reports suggest that selling the assets is problematic as interested companies like Betfred, Flutter Entertainment and Entain, are only interested in the retail aspect, whereas the online operation is the only part of interest for companies like 888 Holdings. All interested parties are trying to negotiate a way to work out a split of the assets. It was initially believed that when Silver Point bought Caesars, they also bought William Hill. However, as we now understand it, this is not or no longer the case.
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