According to a filing with the U.S. Securities and Exchange Commission, Rock Gaming and Caesars Entertainment’s partnership on Monday got more involved when Caesar’s sold an undisclosed percentage of its interactive gaming subsidiary to its partner for $60.8 million. The percentage bought is part of the company that operates the World Series of Poker and recently launched Caesars Casino for Facebook.
Rock also as an option to “up the shares” in the company by 25% or $19.2 million. Rock and Caesars are already partners in the operation of two of Ohio’s four new casinos in Cleveland and Cincinnati. The partners are also seeking a license to develop and operate a video lottery terminal facility in downtown Baltimore with joint venture partners CVPR Gaming Holdings, LLC, and The Stronach Group.
“Rock Gaming is pleased to expand our relationship with the Caesars organization through an investment in Caesars Interactive Entertainment,” the company said in a prepared statement. “Through our existing joint venture to develop full-service urban casinos in Cleveland and Cincinnati… we believe that an investment in CIE is a natural next step to align our interests and talents with Caesars.”
Its noted that Caesar’s is looking ahead at social gaming, a significant part of Caesars Interactive, with Zynga making up 12 percent of Facebook’s revenue, Caesars understands there’s money to be made. The company feels having a strong social online gaming presence is important to have.
Caesars Interactive Entertainment expects to be number one in the casino genre on Facebook and mobile, CEO Mitch Garber tells Inside Social Games at the Game Developers Conference, “Our key differentiators is that we only do one thing — casino style games,” he told us during a meeting at the Game Developers Conference in San Francisco this week. “We think we will win the casino [genre] war with our competitors because we’re going to focus on what we know. We’re not going to do a ‘Ville game.”
Reported by Maggie B.