This is about a Canadian who has made $210 million just by putting little money at risk. Mitch Garber is a 52 year old man heading Caesars Entertainment Corp, a highly popular online gaming unit. He was in the worst financial state where his father broke and he used to pay his school costs through donations from people. But, as they say, it takes a moment for luck to turn in favor; Mitch has today become a millionaire by selling his social gaming business.
The Sale of Mitch’s Business
According to the media reports, Mitch made a big decision of selling his company’s social gaming business to a Chinese consortium. The deal was finalized in US$4.4 billion, which is known to be 18 times higher than what the company had actually paid years ago. No doubt, it came as a big hope for the company to recover all its debts and losses. Caesars Entertainment has used this money to complete a debt restructuring and is looking out ways to exit bankruptcy.
In addition, Mitch has mentioned in an interview that his comp is outstanding and the numbers of his tax stub has surprised him even. The W2 tax form of the millionaire has stated the income of around US$180 million, which is just incredible. He added that he always makes it a point to put his money in and surround himself with the best co-investors. He added that he has learnt to be a bit more conservative as compared to his father and has better plans for the future.
Mitch Garber’s Childhood and Education
Mitch did not belong to a well-off family. His father, Steve was a drop out from school and owned a steakhouse named ‘The Rib ‘N Reef’ where Mitch used to deliver the pizzas in Montreal. The family was in great financial trouble and Steve in his early 40s due to depression. Mitch managed to study in McGill University where he got the degree in law and gained expertise in casino work. He joined various casino companies and ended up joining Caesars in the year 2009.
Garber’s Investments and Success
When it comes to his investment, Mitch had invested his own US$1 million in founding of Caesars Interactive Entertainment. He even convinced Caesars’ then-Chief Executive Officer Gary Loveman and Apollo Global Management LLC and TPG, the company’s controlling shareholders to buy Playtika, social-gaming business in Israel.
Finally, it bought it for about US$110 million. After that, Caesars’ business gained a new height, as the company got even more popular with Playtika’s Slotomania and Starburst slot. No doubt, such acquisitions have helped Mitch in building the business. In fact, John DeCree, an analyst with Union Gaming in Las Vegas stated that Caesars has been able to become a colossal social network only developing such a huge base of active users.
The Bottom Line
It is true that Mitch has become incredibly lucky. The sale of Las Vegas based Caesars Entertainment Corp has helped the company enormously in its worst time. It is known that debt restructuring with creditors is still under negotiation and is sure to end with decision in favor of the company only. The good news is that the ‘World Series of Poker’, the remaining business of Mitch Garber is soon going to revive again. Yes, the business is going to merge back with its parent unit. It is very surprising to see how a bankrupt person has been showered with immense luck that has changed his entire life now. For now, all eyes are on Mitch’s future course of actions that will again make him the king of casino world.