Harrah's Entertainment moves in on UK casino group

2006-10-23 16:45:00

London Clubs has informed shareholders last week that US casino giant Harrah's has made a 135p a share offer to purchase the chain of successful casinos.

The offer has been accepted by London Clubs' largest shareholder, Malaysian gambling company Genting International, which is expected to sway other shareholders' into also accepting.

London Clubs chairman Michael Beckett said: "We are delighted that Harrah's and Genting have agreed terms as it removes the principal uncertainty for other LCI shareholders."

"There is a great fit between these two businesses and the logic for this deal is
compelling for all LCI shareholders."

The move will position Harrah's international unit in a market that could cross-promote its Las Vegas properties as a tourist destination, alongside its casino resorts in Slovenia, Bahamas, Spain and throughout the US.

London Clubs operates six casinos in the UK and has a presence in Egypt and South Africa.

Harrah's owns the iconic Las Vegas casinos Caesars Palace and Bally's and had put in an offer to buy London Clubs in August for 10p less than the current offering.





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