London Clubs International

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London Clubs International
Industry Gaming, hospitality
Founded1981
Headquarters London, England, U.K.
Products Hotels, casinos
Owner Caesars Entertainment
Website caesars.co.uk

London Clubs International (LCI) is a British gambling company that operates twelve casinos in the United Kingdom, Egypt, and South Africa. It is owned by Caesars Entertainment.

Contents

History

London Clubs originated as a chain of casinos owned by the conglomerate Grand Metropolitan. In 1988, Grand Metropolitan decided to sell its casino division to focus on its core businesses of food, beverages, and retail. [1] The next year, London Clubs became an independent company, when Grand Metropolitan sold an 80 percent stake in the chain in a management buy-out for £128 million. [2] Its operations at the time comprised six casinos in London, one in France, and five on Cunard Line cruise ships. [3]

In 1991, British gaming regulators opened an investigation of London Clubs, focusing on alleged violations of casino regulations and questionable backgrounds of some of the company's shareholders. [4] The Gaming Board decided to oppose license renewals for the company's casinos in London. [5] Ultimately, London Clubs was able to satisfy regulators by replacing its top management and arranging for shareholder David Shamoon to sell his stock, and the casinos' licenses were renewed. [6] [7] [8]

LCI became a publicly traded company in 1994 when it was floated on the Unlisted Securities Market. [9] [10]

By 2001, LCI had developed severe financial problems, after its failed venture in the Aladdin Casino on the Las Vegas Strip. A combination of cost overruns, declining tourism, and poor design led to the casino filing bankruptcy in September 2001 and eliminating LCI's equity in the casino. [11]

In 2006, London Clubs International was acquired by Harrah's Entertainment. Before being bought by Harrah's, LCI was in negotiations with Stanley Leisure (England's largest casino operator) about a possible merger, but the latter were outbid by Harrah's. Genting Group, a Malaysian gaming giant, was also interested in LCI. "London Clubs is an important strategic asset for foreign gaming companies wanting to establish a footprint in the UK ahead of deregulation," said Matthew Gerard of Investec Securities. [12] Interest in British casinos had increased in 2006 due to legislation that allowed for larger "Vegas style" casinos.

At the time of purchase, LCI operated casinos in London, Southend, and Brighton, as well as in Egypt and South Africa. [12] It also had licences to build five additional casinos.

LCI is best known for being the host of the World Series of Poker Europe (WSOPE). The World Series of Poker is the most prestigious poker tournament in the world, and the WSOPE was the first time it held an event outside of Las Vegas, Nevada. [13] In 2007, Thomas Bihl became the first person to ever win a WSOP bracelet outside of Vegas. Bihl won the £2,500 World Championship H.O.R.S.E. at the World Series of Poker Europe at LCI. Days later, Annette Obrestad became the youngest player to ever win a WSOP bracelet at 18 years, 364 days, also becoming the first woman to win a World Series Main Event (Unlike Nevada, English gambling laws do not prohibit 18-year-olds from participating). [14] Harrah's Casinos, the owner of the WSOP, considers the WSOP Europe bracelet to be the same in prestige as those awarded every year in Las Vegas.

While no definitive plans have been announced, Pollack[ clarification needed ] indicated in February 2007 that other venues may start holding WSOP events. [13] Egypt and South Africa were mentioned as possible expansion sites because Harrah's owns casinos, via LCI, in those two locations. [15]

In 2010, Harrah's was renamed as Caesars Entertainment. [16] Caesars was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.

Casinos

Egypt

South Africa

United Kingdom

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References

  1. ↑ "GrandMet on a roll but to quit casinos". The Sunday Times. London. 18 December 1988 – via NewsBank.
  2. ↑ Derek Harris (6 May 1989). "GrandMet selling six casinos to buyout team". The Times. London – via NewsBank.
  3. ↑ Clay Harris (6 May 1989). "GrandMet sells 80 per cent casino stake for 128 million pounds". Financial Times. London – via NewsBank.
  4. ↑ "London Clubs: Decision soon". The Observer. London. 29 September 1991 – via Newspapers.com.
  5. ↑ "London Clubs: Faites von jeux". The Observer. London. 15 March 1992 – via Newspapers.com.
  6. ↑ Michael Gillard (9 August 1992). "Deal on cards to save London Clubs". The Observer. London – via Newspapers.com.
  7. ↑ "Yard arrest in Revenue probe". The Observer. London. 30 May 1993 – via Newspapers.com.
  8. ↑ Chris Blackhurst (18 October 1992). "Casino war comes to court". The Independent. Retrieved 20 September 2020.
  9. ↑ Martin Flanagan (12 May 1994). "London Clubs deals a £125m flotation card". The Times. London – via NewsBank.
  10. ↑ "Casino stakes". The Independent. London. 3 June 1994 – via NewsBank.
  11. ↑ Reece, Damian (30 September 2001). "Aladdin failure puts LCI on edge". The Daily Telegraph. London.
  12. 1 2 "Casino giant to buy London Clubs". BBC News.com. BBC News. 31 August 2006. Retrieved 9 February 2009.
  13. 1 2 Warner, Eric. Stay classy, London: Jeffrey Pollack on the World Series of Poker Europe Archived 19 May 2009 at WebCite 27 February 2007. Pokerlisting.com Accessed 7/25/07
  14. ↑ Pokernews.com: £10,000 NLHE, Final Table: Annette Obrestad Makes History
  15. ↑ Bambach, Mike.World Series of Poker ups the ante, expands event to Europe 6-28-07. USA Today. Accessed 7/25/07
  16. ↑ "Harrah's controlling stake in London Clubs International". FinancialWire. 5 November 2006 – via NewsBank.
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