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London Clubs sells two assets.
Byline: Nicola Hobday in London
Casino operator London Clubs International plc on Friday, May 2, announced two sales to reduce net debt by pound sterling60 million ($97 million) in a bid to survive until it finishes talks with its main creditor, Bank of Nova Scotia.
LCI agreed to sell its Palm Beach Club casino in Mayfair, London, for pound sterling36.25 million in cash to rival Stanley Leisure plc and will sell and lease back its 50 St. James's club to generate pound sterling25 million. A consortium of property agents called St. James's Capital bought the casino.
London Club will also form a joint venture with Celebrity Gaming Ltd. to reposition …
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