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In 2005 Britain gained the focus of the gambling and
slot machine industry when they passed the 2005 Gambling Act. This gambling
act changed the way slot machine casinos and gambling operators could do
business—it essentially relaxed some of the once very tight gambling
industry restraints. Now, a year later, London Clubs is receiving attention
from Harrah’s, one of largest players in the slot machine and gambling
industry. Because London Clubs (operator of six gaming and slot machine
sites) is running at a deficit, Harrah’s is looking at a buying into
Britain’s gambling industry with a more than generous offer for the company.
Harrah is stingy with their offer, or maybe they are just chomping at the
bit to begin operations in Britain. Regardless of the reason, Harrah’s
offered London Clubs 60 times the club’s year-end expected earnings. And
despite what it may seem like, Harrah is far from the first outside company
to look into a buyout as a way into Britain’s gambling and slot machine
industry. Previously Genting International acquired 75 percent of Stanley
Leisure’s business.
Considering the potential slot machine revenue out their for whichever
company ends up owning Britain’s future super-casino, it’s understandable
why so many outsiders are making their move. What may not be apparent though
with all of this attention placed on the takeovers and buyouts, there are
hundreds of applications coming in to Britain’s Gambling
Commission—according to the Commission they have never had this many
applications for slot machine casinos in the nearly 40 years since the
gambling act was passed. Because of the high volume of applications, the
commission anticipates that within years Britain could become a mecca of the
gambling and slot machine industry akin to the United States’ Las Vegas and
Atlantic City.
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