Caesar’s Golden Egg Playtika Sold For $4.4 Billion to Chinese Consortium
Caesars Interactive Entertainment’s social casino gaming company Playtika has been sold to a consortium of Chinese companies for $4.4 billion. After weeks of rumors that Caesars would use their golden goose to avoid bankruptcy, it has been confirmed that a consortium that includes Giant, Yunfeng Capital and others are set to purchase Playtika that was founded in 2010 by Robert Antokol and Uri Shahak. It was sold to Caesars in 2011 for around $80m.
In terms of the agreement Playtika will remain in their headquarters in Herzliya with their existing management team in place. CEO and co-founder of Playtika Robert Antokol was naturally delighted at the acquisition and said, ”This transaction is a testament to Playtika’s unique culture and the innovative spirit of our employees who for the past six years have consistently designed, produced and operated some of the most compelling, immersive and creative social games in the world. We are incredibly excited by the commercial opportunities the Consortium will make available to us, particularly in its ability to provide us access to large and rapidly growing emerging markets. This is an amazing milestone for all Playtikans and we truly value how unique this opportunity is to continue executing our vision with such a strong partner.”
Playtika is the top social casino gaming company in the world with over 6 million daily active users in over 190 countries. The social casino market is worth over $3 billion currently and is growing the whole time. Playtika are the top of the leaderboard and have nearly double the market share of their nearest competitor IGT.
A representative for the Chinese consortium gave their side of the deal and said,” Playtika’s growth has been exceptional, and highlights its outstanding team, excellent corporate culture, cutting-edge big data analytics, and its unique ability to transform and grow games. We are looking forward to Playtika continuing to innovate and excel.”
The man with the largest grin on his face id Caesars Interactive Entertainment’s CEO Mitch Garber who can take credit for purchasing a company that has grown to over 44 times the value at which it was purchased and grown from a modest 10 person startup to currently employing around 1300 employees around the globe. Garber said,” Playtika today is a highly profitable growth company with more than 1,300 employees, multiple top grossing titles and millions of daily users. Robert is a true visionary and Israeli business leader who has created not only a great business, but also the most unique corporate culture I have seen in my career.” The transaction will not include Caesars Interactive Entertainments real money assets like WSOP.