Caesar Entertainment announced Monday that it will close 1.5 million gaming slots, shuttered gaming cafes, and shutter thousands of gaming slots across Canada in an effort to “combat the rampant gambling in the gaming industry.”
Caesarthe Entertainment also said it will shutter some of its casino locations across the country.
“It’s time for Caesaries to move on,” CEO Paul Dergarabedian said in a statement.
“The gaming industry is in crisis.
We need to do everything we can to bring the industry back to life.”
Casars said it plans to offer gaming slots in online and offline formats in a number of markets, including the United States and Canada.
“Caesars has been in the industry for more than a century and we are proud to be part of it,” Dergarabe said.
“We will be moving our gaming operations to a new and improved online and mobile casino business platform.”
Caingars said its online gaming business will operate on a “global scale.”
“Caingars is proud to serve the gaming community and its residents around the world,” Derargarabhedian said.
Caesarcares online gambling site Caesarex.ca said it was closing 1,513 gaming slot locations and closing the remaining slots in Canada, but it has not yet announced the locations where it will operate.
The gaming industry’s casinos are a lucrative source of revenue for the industry, but they’re also notorious for being highly regulated and difficult to access, especially for those who aren’t in the U.S. Caingar Entertainment will be the latest Canadian company to be hit with the closure of a gaming site.
The closure of Canadian gaming sites is a result of the country’s restrictive gambling laws, which include a ban on gambling on federally-owned property.
Gaming in Canada has been on the decline for decades, with fewer people playing online and fewer gaming slots.
Last year, the Canadian Gaming Association estimated that only 0.6% of players online played at a time when the average number of slots available was 2,000.
Caisars, a subsidiary of casino operator Caesares Group, also operates the CaesAR Gaming Club, CaesArnaut, and Caesas Gaming.
The Caesarts online gambling operation in the United Kingdom has been shuttered after a string of security breaches.
A similar closure occurred in the Netherlands in 2013.
In 2014, the online gambling company was forced to shut down a casino in Italy after it was hacked.
Causars, Caedars Entertainment and Caisar Casinos Group, Inc. were all listed as Canadian-listed companies on the New York Stock Exchange in 2016.