Mayfair casino sold to rival

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Friday, May 2, 2003 | 10:06 a.m.

LONDON -- London Clubs International Plc, the U.K.-based owner of casinos in countries including Egypt and South Africa, sold its Palm Beach Club unit to rival Stanley Leisure Plc for 36.25 million pounds ($58.3 million).

Stanley Leisure, Britain's biggest casino owner, tried last year to buy London Clubs, but withdrew in January after the two failed to agree on terms. The Palm Beach Club is in central London's Mayfair district.

London Clubs' is seeking to cut debt after a foray into the U.S. failed. Its Aladdin Gaming LLC unit, which owned a casino resort in Las Vegas, filed for bankruptcy protection.