Mitch Garber – Caesars Interactive
US business news sources have reported that embattled Caesars Entertainment Corp (CEC) are considering the potential sale of its ‘Caesars Interactive Entertainment’ (CIE) division.
Investment bank Raine Group LLC have been appointed to lead the bid processes, with CEC governance targeting a reported $4 billion for its asset.
Led by former Party Gaming PLC CEO Mitch Garber, CIE has become a leading operator in the social and mobile gaming space with a reported $800 million sales combined with $280 million in earnings for 2015.
Created through a series of corporate acquisitions, CIE operates Playtika social/mobile gaming brands Slotomania, Bingo Blitz and online poker asset WSOP.com alongside CEC digital properties (Caesars’ Bingo and Casino).
To date, CIE assets have operated independently from Caesars Entertainment + $20 billion indebted group operations under syndicated holding company ‘Caesars Acquisition Group’.
Nevertheless, the division is reported to have become a point of contention between Caesars Entertainment and its creditors, who have been critical of the CIE strategic acquisitions prior to the CEC group filing for bankruptcy.
Furthermore, bondholders argue that Caesars Entertainment’s complicated group structure has purposely made CIE valuable assets unattainable in the company’s ongoing restructure.
Reporting on the potential sale of CIE, several business sources have reported that the division could land its high priced $4 billion valuation from US media firms looking to extend their games services or European gambling operators seeking to enter the US market with a set of recognised brands.
Source: SBC News
You must be logged in to post a comment.