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21-07-2005 London Clubs International failed to rule out a merger with rival British casino operator |
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Bill Timmins, Chief Executive of LCI, has refused to rule out a merger with a bigger rival British casino operator such as Rank Group or Stanley Leisure, but said no talks were currently taking place.
Timmins was speaking as his company reported a pre-tax loss of £1.4m after its flagship London casino lost out to a number of high rolling players. The loss, which compared with £2.5m profit last year, was also attributed to the relocation and refurbishment of its venues during the year to March 27. Sales during the period fell 13 per cent to £139.6m. Financial markets have in recent months been awash with speculation that Malaysian conglomerate Genting Berhad may be keen to force through a merger between London Clubs International and Stanley Leisure, the country's largest casino operator. Genting is the biggest investor in both companies, holding a 29.9% stake in LCI and a 20.3% stake in Stanley Leisure. Speculation was further fuelled by Stanley Leisure's decision in May to sell its 624-strong estate of betting shops to William Hill, thereby turning itself into a pure casino operator. |
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