Harrahs Reportedly Eyeing British Market
One of the world's largest casino operators, Las Vegas-base Harrah's Entertainment Incorporated, is reportedly seeking to expand its market in British soil by taking over two of the country's biggest casino operators. Harrah's is thought to be making an attempt to revive its plans to establish business in Britain after a deal with Gala fell through early in 2005.
The New York listed firm valued at around $11 billion, is allegedly studying a proposal to acquire the two British groups Stanley Leisure and London Clubs International.
The two gaming companies are also in the middle of having their own talks revolving around a merger. It was unclear whether Harrah's is gearing towards acquiring the company before or after the completion of the merger.
The merger between Stanley and LCI could be worth up to 700 million UK Pounds and would create a combined portfolio of 50 casinos around the UK.
Harrah's has so far declined to comment, tagging the talks as "market rumours".
The gaming giant outlined plans to start grabbing its share in the British market in a joint deal with Gala in February 2004, but pulled the plug on the deal following the decision of the government to limit the number of regional casinos allowed in the country.