New structure for Hippodrome casino project at United Leisure Gaming.
Simon and Jerry Thomas have acquired a 100 per cent stake in United Leisure Gaming (ULG), the company planning to convert the London Hippodrome into a new gambling venue.The father and son duo, who sold Beacon Bingo for £80 million three years ago, bought out two stakeholder groups to take full control of the project, Property Week reports.
"My father and I decided that we would like to see through the redevelopment as the sole operator and launch what is destined to become one of Europe's top entertainment venues," Simon Thomas told the publication.
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Refurbishing the Hippodrome is expected to cost £15 million, with completion of the project scheduled for early 2011.
The Times recently suggested that the proposed casino will never see the light of day, as ULG has struggled to attract funding for the redevelopment.
However, Property Week reports that ULG is currently negotiating with the Royal Bank of Scotland, Norwich Union and Barclays over backing for the project.
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