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British casino operator Metropolitan Gaming Limited has announced the offloading of its stake in South Africa’s Emerald Resort and Casino property to a group led by local hotel, gaming and entertainments giant Tsogo Sun Holdings Limited.
The London-headquartered firm used an official Monday press release to declare that the arrangement for an undisclosed amount has seen it officially depart the land-based casino market of South Africa so as to be better able to concentrate on its ‘core markets’ of Egypt and the United Kingdom. The company moreover pronounced that it will now look to grow its brand in this latter pair of burgeoning territories through a steady program of ‘acquisition and investment.’
Important inheritance:
Metropolitan Gaming Limited was spun off from American casino behemoth Caesars Entertainment Incorporated in 2021 following that firm’s $17.3 billion acquisition by smaller rival Eldorado Resorts Incorporated. The operator now owned by Connecticut-based private equity hedge fund Silver Point Capital LP subsequently assumed responsibility for its former parent’s European and African assets including the 78-room Emerald Resort and Casino, which is located in the southern Johannesburg suburb of Vanderbijlpark.
British bond:
Michael Silberling serves as the Chief Executive Officer for Metropolitan Gaming Limited and he used the press release to disclose that his company now owns eight British casinos including London’s upmarket Empire Casino, The Sportsman Casino, Playboy Club London and recently-acquired Park Lane Club London properties. The experienced executive moreover pronounced that ‘work is already underway’ to refurbish and rebrand this latter venue in hopes of being able to revive its operations ‘later this year.’
Read a statement from Silberling…
“Following the addition of the iconic Park Lane Club London to our portfolio of casinos in the United Kingdom earlier this year, the sale of our interest in Emerald Resort and Casino reflects our focused strategy to invest in and develop the business within our primary markets. We want to thank all our employees at Emerald Resort and Casino past and present for their hard work, professionalism and loyalty particularly during the global coronavirus pandemic.”
Alluring asserting:
Although his company has exited the casino market of South Africa, Silberling nevertheless stated that he is now looking forward to being able to follow the ‘progress and successes’ of the new team behind the Emerald Resort and Casino venue ‘over the years to come.’ The boss finished by proclaiming that his firm additionally runs a trio of Egyptian casinos alongside the United Kingdom’s Alea Nottingham, Manchester235, Rendezvous Brighton and Alea Glasgow properties, which are all tied to its Met Card loyalty program and offer patrons ‘a great experience’ via the provision of ‘a unique combination of impeccable service, exceptional value and operational excellence.’
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