Harrah's announces acquisition of London Clubs

Harrah's Entertainment, Inc. announced Friday it had bought or was receiving approximately 83% of the ordinary shares of London Clubs International in a deal to acquire the Britain-based casino company. Harrah's expects to control 100% of the London Clubs by the end of the year.

Details of the deal haven't been disclosed, but Harrah's had put in a $533 million bid to purchase London Clubs in September.

Harrah's currently owns several casinos across the United States and in Uruguay. It's considered to be one of the world's largest providers of branded casino entertainment and owns and operates the World Series of Poker.

"London Clubs' experienced, multi-national management team strengthens our existing team, enhancing Harrah's international expansion opportunities," said Gary Loveman, Harrah's chairman, CEO and president. "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."

By acquiring London Clubs, Harrah's will had seven casinos in the United Kingdom to its roster as well as two casinos in Egypt and one in South Africa. London Clubs also has a consulting relationship with a casino in Lebanon.

News Added: 13 November, 2006

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