Financial Services Industry
Industry: Email Alert RSS FeedLONDON CLUBS INTERNATIONAL (LCI).
Investors Chronicle, July, 2006
Selling its flagship Les Ambassadeurs venue for GBP115m has transformed London Clubs International (LCI). The swanky Mayfair venue may have been a major source of LCI's profits, but the sale has significantly reduced its debt. As a result, it is now in a position to expand its business into the provinces and away from the volatile London high-rollers' market.
And, thanks to casino deregulation, the provincial market is thriving right now. Management claims that attendances have grown significantly in recent months at its two venues in the regions. So, to capitalise on this boom, it is opening a new casino in Manchester in the autumn, with openings in Glasgow, Nottingham and Leeds to follow over the next two years.
But while LCI has a worthwhile...
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