Metropolitan Gaming

London Clubs originated as a chain of casinos owned by the conglomerate Grand Metropolitan. In 1988, Grand Metropolitan decided to sell its casino division to focus on its core businesses of food, beverages, and retail.{{Cite news |last=Randall |first=Jeff |last2=Brierley |first2=David |date=December 18, 1988 |title=GrandMet on a roll but to quit casinos |url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F92595F0F5FE7C5&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899 |work=The Sunday Times |location=London |via=NewsBank}} The next year, London Clubs became an independent company, when Grand Metropolitan sold an 80 per cent stake in the chain in a management buy-out for £128 million.{{cite news|title=GrandMet selling six casinos to buyout team|work=The Times|location=London|author=Derek Harris|date=May 6, 1989|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F910299D025B2C0&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}} Its operations at the time comprised six casinos in London, one in France, and five on Cunard Line cruise ships.{{cite news|title=GrandMet sells 80 per cent casino stake for 128 million pounds|work=Financial Times|location=London|author=Clay Harris|date=May 6, 1989|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F114745646C0C13C8&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}

In 1991, British gaming regulators opened an investigation of London Clubs, focusing on alleged violations of casino regulations and questionable backgrounds of some of the company's shareholders.{{cite news|title=London Clubs: Decision soon|work=The Observer|location=London|date=September 29, 1991|url=https://www.newspapers.com/clip/59671944/london-clubs-decision-soon/|via=Newspapers.com}} The Gaming Board decided to oppose license renewals for the company's casinos in London.{{cite news|title=London Clubs: Faites von jeux|work=The Observer|location=London|date=March 15, 1992|url=https://www.newspapers.com/clip/59671850/london-clubs-faites-vos-jeux/|via=Newspapers.com}} Ultimately, London Clubs was able to satisfy regulators by replacing its top management and arranging for shareholder David Shamoon to sell his stock, and the casinos' licenses were renewed.{{cite news|title=Deal on cards to save London Clubs|work=The Observer|location=London|author=Michael Gillard|date=August 9, 1992|url=https://www.newspapers.com/clip/59672107/deal-on-cards-to-save-london-clubs/|via=Newspapers.com}}{{cite news|title=Yard arrest in Revenue probe|work=The Observer|location=London|date=May 30, 1993|url=https://www.newspapers.com/clip/59672285/yard-arrest-in-revenue-probe/|via=Newspapers.com}}{{cite news|title=Casino war comes to court|work=The Independent|author=Chris Blackhurst|date=October 18, 1992|url=https://www.independent.co.uk/news/business/casino-war-comes-to-court-money-is-no-object-in-the-battle-to-run-some-of-londons-top-clubs-1558214.html |archive-url=https://ghostarchive.org/archive/20220512/https://www.independent.co.uk/news/business/casino-war-comes-to-court-money-is-no-object-in-the-battle-to-run-some-of-londons-top-clubs-1558214.html |archive-date=12 May 2022 |url-access=subscription |url-status=live|accessdate=2020-09-20}}

LCI became a publicly traded company in 1994 when it was floated on the Unlisted Securities Market.{{cite news|title=London Clubs deals a £125m flotation card|work=The Times|location=London|author=Martin Flanagan|date=May 12, 1994|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F9242145AADF156&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}{{cite news|title=Casino stakes|work=The Independent|location=London|date=June 3, 1994|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F131FE8E0DC18B408&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}

By 2001, LCI had developed severe financial problems, after its failed venture in the Aladdin Casino on the Las Vegas Strip. A combination of cost overruns, declining tourism, and poor design led to the casino filing bankruptcy in September 2001 and eliminating LCI's equity in the casino.{{cite news| url=https://www.telegraph.co.uk/finance/2735723/Aladdin-failure-puts-LCI-on-edge.html | location=London | work=The Daily Telegraph | first=Damian | last=Reece | title=Aladdin failure puts LCI on edge | date=2001-09-30}}

In 2006, London Clubs International was acquired by Harrah's Entertainment. Before being bought by Harrah's, LCI was in negotiations with Stanley Leisure (England's largest casino operator) about a possible merger, but the latter were outbid by Harrah's. Genting Group, a Malaysian gaming giant, was also interested in LCI. "London Clubs is an important strategic asset for foreign gaming companies wanting to establish a footprint in the UK ahead of deregulation," said Matthew Gerard of Investec Securities. Interest in British casinos had increased in 2006 due to legislation that allowed for larger "Vegas style" casinos.

At the time of purchase, LCI operated casinos in London, Southend, and Brighton, as well as in Egypt and South Africa.{{cite news|url=http://news.bbc.co.uk/1/hi/business/5300832.stm|title=Casino giant to buy London Clubs|work=BBC News.com|publisher=BBC News|accessdate =2009-02-09 | date=2006-08-31}} It also had licences to build five additional casinos.

LCI is best known for being the host of the World Series of Poker Europe (WSOPE). The World Series of Poker is the most prestigious poker tournament in the world, and the WSOPE was the first time it held an event outside of Las Vegas, Nevada.Warner, Eric. [http://www.pokerlistings.com/stay-classy-london-jeffrey-pollack-on-the-world-series-of-poker-europe Stay classy, London: Jeffrey Pollack on the World Series of Poker Europe] {{webarchive|url=https://web.archive.org/web/20090530084554/http://www.pokerlistings.com/stay-classy-london-jeffrey-pollack-on-the-world-series-of-poker-europe |date=30 May 2009 }} 27 February 2007. Pokerlisting.com Accessed 7/25/07 In 2007, Thomas Bihl became the first person to ever win a WSOP bracelet outside of Vegas. Bihl won the £2,500 World Championship H.O.R.S.E. at the World Series of Poker Europe at LCI. Days later, Annette Obrestad became the youngest player to ever win a WSOP bracelet at 18 years, 364 days, also becoming the first woman to win a World Series Main Event (Unlike Nevada, English gambling laws do not prohibit 18-year-olds from participating).[http://www.pokernews.com/news/2007/09/wsope-event-3-final-table-annette-obrestad-wins.htm Pokernews.com: £10,000 NLHE, Final Table: Annette Obrestad Makes History] Harrah's Casinos, the owner of the WSOP, considers the WSOP Europe bracelet to be the same in prestige as those awarded every year in Las Vegas.

While no definitive plans have been announced, Pollack{{Clarify|date=March 2009}} indicated in February 2007 that other venues may start holding WSOP events. Egypt and South Africa were mentioned as possible expansion sites because Harrah's owns casinos, via LCI, in those two locations.Bambach, Mike.[https://www.usatoday.com/sports/poker/2007-06-28-poker-europe_N.htm?csp=34 World Series of Poker ups the ante, expands event to Europe] 6-28-07. USA Today. Accessed 7/25/07

In 2010, Harrah's was renamed as Caesars Entertainment.{{cite news|title=Harrah's controlling stake in London Clubs International|newspaper=FinancialWire|date=November 5, 2006|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F1153B4349942D7B8&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}} Caesars was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment. By this time, the former London Clubs were known as Caesars Entertainment EMEA.

In July 2021, Caesars sold its EMEA division to the newly formed Metropolitan Gaming, an affiliate of Silver Point Capital, for a reported £15 million.{{cite news|title=Metropolitan Gaming acquires Caesars' Europe and Africa casino businesses|work=iGamingBusiness|author=Robert Fletcher|date=August 5, 2021|url=https://igamingbusiness.com/metropolitan-gaming-acquires-caesars-europe-and-africa-casino-businesses/|accessdate=2021-12-29}}{{cite news|title=Caesars sells African casinos|work=Gaming for Africa|date=October 28, 2021|url=https://issuu.com/roybannister/docs/gaming_for_africa_-_issue_156_-_opt/30|via=Issuu|accessdate=2021-12-29}}

In 2022, Metropolitan sold the Emerald Resort & Casino in South Africa to a group led by Tsogo Sun, to focus its business on the United Kingdom and Egypt.{{cite report|title=Condensed Unaudited Consolidated Interim Financial Statements|publisher=Tsogo Sun Gaming|date=24 November 2022|url=https://www.tsogosun.com/wp-content/uploads/2022/11/TSG-interim-results-booklet-30-9-2022-PUBLISHED.pdf|page=24}}{{cite news|title=Metropolitan Gaming sells South Africa casino to Tsogo Sun|work=Gaming Intelligence|date=13 September 2022|url=https://www.gamingintelligence.com/products/casino/162895-metropolitan-gaming-sells-south-africa-casino-to-tsogo-sun/|access-date=2023-11-05}}

• {{usurped|1=[https://web.archive.org/web/20160701195209/http://www.caesarscairocasino.com/ London Club Cairo]}}
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• Emerald Resort & Casino — Vanderbijlpark, South Africa — Sold in 2022.

{{reflist}}

• [https://www.metropolitangaming.com/ Official Website]

Category:World Series of Poker

Category:British companies established in 1981

Category:Gambling companies established in 1981

Category:1981 establishments in England

Category:Gambling companies of the United Kingdom

Category:British subsidiaries of foreign companies

Category:2006 mergers and acquisitions