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London Clubs recovering from July bombings impact



Printer Friendly VersionPost a CommentTell a Friend about this Article16 December 2005
As reported by: Reuters
Casino group London Clubs International reported a first-half loss on Friday due to the impact of the July bombings, but said trading was recovering strongly.

Its Cairo casinos performed well throughout.

"These operations undoubtedly benefited from the decline in business in London, with some Middle Eastern visitors choosing to visit Cairo, rather than travel to London during July and August," it said in a statement.

It said the biggest impact from the bombings was felt at its flagship Les Ambassadeurs casino near Hyde Park, but the nearby Rendezvous, which has faithful regulars, delivered a record first-half performance.

The problems at Les Ambassadeurs were exacerbated by a lower than normal win rate for the casino and a higher than normal level of customers failing to pay their gambling debts.

The pretax loss of 2.6 million pounds in the six months to September 25 compared to profits of 3.3 million pounds in last year's first half.

"We have seen a recovery at Les Ambassadeurs and continued good trading at the Rendezvous," London Clubs added.

In October, the government relaxed casino membership rules as part of its deregulation of the industry, and from the start of November it loosened restrictions on slot machines.
Article By: Reuters

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