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WSOP Poker Host Harrah's acquires London Clubs International
Fri, Nov 10th, 2006 @ 12:00am
Harrah's, host of the World Series of Poker (WSOP) and the world's largest casino owner and operator, announced that London Club shareholders have accepted Harrah's latest offer of $570 Million to buy a majority holdings of London Clubs International. Harrah's has said it hopes to complete 100% purchase of London Clubs shares by the end of the year.
London Clubs operates 7 casinos in the U.K and has 4 other casinos being developed. They also manage 2 casinos in Egypt, a casino in South Africa, and have a consulting agreement with a casino in Lebanon.
On October 20, a subsidiary of Malaysia's Genting International agreed to sell its nearly 30% stake in London Clubs to Harrah's at the higher price of 1.35 pounds per share, making Harrah's majority acquisition possible. The deal means Harrah's will pay $570 million for London Clubs, an additional $40 million above their original offer.
The UK is licensing and regulating its gaming industry beginning 2007, which includes plans to approve larger Las Vegas-style 'supercasinos'. Before Harrah's purchase, London Clubs was already a strong contender for a UK supercasino license. Harrah's brand, depth and experience can only strengthen their bid.
Analysts viewed the London Clubs deal as way for Harrah's, which operates 39 casinos in 13 states, to expand its international presence.
The company previously announced plans to build casinos in Slovenia and Spain. Harrah's had been unsuccessful gaining a foothold in Asia to date. Harrah's withdrew its joint bid for a casino in Singapore in October. And they are still trying to enter the lucrative Macau market.
But with the pending acquisition of London Clubs, Harrah's will not only add to their international portfolio, but also gain expansion opportunities in the UK market and a platform for further international expansion.
"The strong collection of London Club properties would put Harrah's in a strong position to take advantage of the evolving regulatory framework in the United Kingdom," Harrah's Chairman Gary Loveman said. "The multinational operational experience of the London Club's management strengthens Harrah's existing team, enhancing the success for international expansion opportunities."
See Related Article:
Harrah's Ponders $15.1 Billion Buyout
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