Harrah's Entertainment, Inc. has announced that it has acquired or received acceptances for about 83 percent of London Clubs International's ordinary shares and that the company expects to control all of the shares by the end of the year.
The Las-Vegas-based Harrah's Entertainment is one of the two biggest casino operators in the world (the other being MGM Mirage). It began as a small bingo parlor in Reno, Nevada in 1937 and turned into the largest gaming company in the world, with yearly revenues of around $7 billion.
The London Clubs group has owned and operated casinos for over 40 years. It currently operates seven casinos in the United Kingdom, with four others in development, two casinos in Egypt and one in South Africa.
Harrah's Entertainment has recently received a $15.5 billion buy-out offer from Apollo Management LP and Texas Pacific Group, which would be the biggest ever in the casino industry.
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