Aladdin investor trying to sell British casino

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Monday, Nov. 18, 2002 | 10:57 a.m.

LONDON -- London Clubs International Plc is trying to sell its flagship 50 St James Casino near Buckingham Palace for 50 million pounds ($79 million), the Independent on Sunday reported, without citing anyone.

Deutsche Bank AG is advising on the sale, the newspaper said. London Clubs is trying to reduce its 320 million pounds of debt after lenders extended a loan until June 2004.

London Clubs' foray with a U.S. partner into Las Vegas with its Aladdin resort failed when the hotel-casino filed for bankruptcy protection. The company's annual loss widened to 115.6 million pounds from 51.7 million pounds.