London Clubs to generate £50m for development - 2004-03-05
London Clubs, the casino proprietor that became a takeover target following a disastrous venture into Las Vegas, publicized a £50m rights issue yesterday to help place itself on a stronger financial footing.
The group controls five casinos in London, as well as one in Brighton and one in Southend. Its £38m spending plan will permit it to stock up on new slot machines and launch new casinos. Yesterday's statement stated the group would save £6m to extricate itself from the Aladdin venture and "draw a line under this difficult chapter" in its history.
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