Caesars Entertainment Corporation has made a deal with a Chinese consortium to sell its asset called Playtika for $4.4 billion. The consortium led by Shanghai Giant Network Technology has signed an agreement with Caesars Interactive Entertainment to purchase the company that offers such great games as Slotomania and Bingo Blitz.
The first information about the possible purchase appeared in May 2016. It was mentioned that the Chinese investors had intended to buy the World Series of Poker (WSOP) trademark and real-money online gambling poker in Nevada, New Jersey, and Delaware.
However, only Playtika was included in the deal.
The virtual currency available on the Playtika platform cannot be exchanged for real money. The Chinese owners will not change this feature of the social games developer headquartered in Israel. Apart from its Head Office in Israel, there are also representative offices of the company in Argentina, Australia, Belarus, Canada, Japan, Romania, Ukraine, and the United States. Therefore, the company offers its services in Europe, Asia, Australia, and both Americas.
The Chinese investors are pleased to have the opportunity to acquire a new asset with a good reputation. Playtika has been releasing outstanding and spectacular social games since 2011. Hopefully, the cooperation with the consortium from China will only improve its position on the international gambling market.
It should be noted that the ambitious startup of Playteka in 2011 included only ten members of its team. Now the social games developer from Israel has a vast staff of over one thousand individuals. However, the company has a great potential to develop and grow.
It is interesting whether this deal be able to prevent the Chapter 11 bankruptcy of the bankrupt operating unit of Caesars Entertainment Corporation or not. The company should prepare 4 billion dollars for restructuring.