Casino News

WSOP owner buys out London group

2006-11-14 16:28:46

The World Series of Poker (WSOP) owner and operator has bought out a major player in the UK casino market, it has emerged.

Harrah's Entertainment, the world's largest casino operator, had its latest bid of $570 million accepted by the London Clubs establishment, which currently runs seven casinos within the UK, including four in London itself.

Though Harrah's currently owns 83 per cent of the shares in London Clubs International, it is expected to control 100 per cent by the end of the year.

The deal marks the end of a series of offers and rebuffs between the two groups, with Harrah's originally offering $530 million in August.

London Clubs, which also owns casinos in Egypt and South Africa, as well as acting as consultants to a Lebanese complex, will provide Harrah's with a global reach that should strengthen the Las Vegas operators in their bid to establish themselves in newer markets.

And with several lucrative UK casino licence set to be issued by the British government, Harrah's has suddenly found itself in pole position for such ventures.

Away from the deal, Harrah's is currently involved in a legal dispute regarding its WSOP brand and the use of the website WSOP.com, which is currently run by an unaffiliated poker company.


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