Ladbrokes closes down London casino
Posted by Bev Freeman on 23 Nov 2009 at 09:11
Bookmaker Ladbrokes has closed its casino in Paddington, West London, resulting in the loss of nearly 100 jobs.
The licence is to be sold to Malaysian tycoon Quek Leng Chan, who is the owner of the Thistle and Guoman hotel chains.
The deal is believed to be subject to authorities allowing Quek's Clermont Leisure firm to move the licence to a new location in the Guoman Hotel at Marble Arch.
First opening in July 2006, the Ladbrokes venue appeared when the company was thinking of applying for more than half of the 17 new casino licences created under gambling deregulation.
The company then decided to put the location up for sale early last year after the government conducted a turnaround on deregulation plans.
The casino in Paddington has been a pricey venture, costing £5 million as part of a joint venture with Alan Goodenough, the former LCI chairman.
Ladbrokes bought out his 65 per cent stake in the firm in 2007 for £11.1 million. The company has since written down its value to the tune of £10.8 million in two tranches.
A £31 million acquisition of the Clermont, the famous Mayfair club, marked the first UK move by Mr Quek three years ago.
Following this Clermont has acquired gaming licences in Middlesbrough, Glasgow, Bradford and Wolverhampton.
