Business Services Industry
London Clubs International for Sale after Disastrous Las Vegas Investment.
Knight Ridder/Tribune Business News, February, 2001
By Jim Armitage, Evening Standard, London Knight Ridder/Tribune Business News
Feb. 7--Casinos operator London Clubs International is up for sale after being hit by its disastrous investment in the glitzy Las Vegas Aladdin gaming complex.
Advisers to the company have held discussions with venture capital companies in the hope of finding a bidder prepared to take on the struggling group, which has seen its shares nosedive since warning last year of the massive shortfall in revenues from Aladdin.
In December, the group said it had been forced to negotiate a breathing space from its lenders and launched a review to consider either a rights issue to refinance the company or a sale or reduction of its 40 percent stake in the UKpound 950 million...
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