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Harrah’s near to finalising LCI deal
By Sarah Todd
Harrah’s is reportedly near to closing its takeover of London Clubs International (LCI) following a deal with Genting, the Malaysian gaming operator and LCI’s principal shareholder.
Harrah’s, which is the world’s largest casino operator and owns casinos Caesars Palace and Bally’s on the Las Vegas strip, originally made a £280m (US$522m, 412 euro) offer for UK-based LCI but is understood to have raised its offer to about £303m (US$570m, 452m euro).
LCI operates seven casinos in the UK with a further four currently under development. It also operates a casino in South Africa and another in Egypt.
Earlier this month, private equity firms Apollo Management and Texas Pacific Group made a takeover bid for Harrah’s, worth US$15.1bn (£8bn, 12bn euro). Harrah’s has established a special committee to review the offer. Details: www.harrahs.com
Harrah’s is reportedly near to closing its takeover of London Clubs International (LCI) following a deal with Genting, the Malaysian gaming operator and LCI’s principal shareholder.
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