Harrah’s gains control of LCI

Nov 7, 2006 7:26 AM

Harrah’s Entertainment announced on Friday that it has acquired or received acceptances for approximately 83 percent of the ordinary shares of London Clubs International, giving it controlling interest in the United Kingdom casino operator.

Harrah’s anticipates controlling 100 percent of London Clubs by the end of the year.

London Clubs currently operates seven casinos in the U.K. and has an additional four under development. In addition, LCI operates two casinos in Egypt, one in South Africa and has a consulting relationship with a casino in Lebanon.

"London Clubs’ experienced, multi-national management team strengthens our existing team, enhancing Harrah’s international expansion opportunities," said Gary Loveman, chairman, CEO and president of Harrah’s. "Additionally, the London Clubs properties will strengthen our position in the evolving regulatory framework in the United Kingdom and we are looking forward to working closely with the London Clubs management team."

Based in Las Vegas, Harrah’s is the world’s largest operator of branded casino entertainment through operating subsidiaries. Since its beginning in Reno 68 years ago, Harrah’s has grown through development of new properties, expansions and acquisitions.