Harrahs Entertainment Eyes Takeover of Two UK Casinos
Harrah's Entertainment eyes takeover of two UK casino operators in an attempt to be enter the British gaming market.
The largest casino operator, Harrah's Entertainment, with a net worth of 6 billion UK Pounds is planning to buy the London Clubs International and Stanley Leisure.
The two companies, London Clubs International and the Stanley Leisure are now having 634 million UK Pound merger talks.
The American firm had appraised the two casino firms, but it is not acknowledge whether Gary Loveman, chief executive of Harrah's Entertainment, will wait till the Stanley and LCI had finished the merger.
Harrah's Entertainment is keen on expanding its casino operations internationally due to the high cost of construction in Las Vegas.
Harrah's Entertainment owns or manages forty casinos in three different countries.
In 2005, it had agreements that will build casino resorts in Madrid and Slovenia.
The UK gaming industry has attracted international casino operators after the gaming laws had become regulated.
The rumors of takeover and enhanced trading after the gambling laws had relaxed have increased the share price of Stanley to 875p this year over the 418p in 2005.
The merger talks between the London Clubs International and the Stanley Leisure expected to be finished by the end of August.