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UK
Casino Times
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News
04 February
2005
Gala Throws In Its Chips On $1bn
US Partnership
Gala
Group has called no more bets on its partership with US
operator Harrah's blaming the government's back down on the
number of new casinos for the break up of the proposed $1bn
joint venture.
Signed back in June 2003,
the partnership is believed to have cost the two companies a
total in the region of £2m. It is one of the first
fatalities of the government's widely regarded about-turn in
scaling back deregulation, but will no doubt not be the
last. For the deal to turn out how the two parties had
envisaged, they would have to have been granted all eight of
the new regional licences, which clearly wasn't going to
happen.
Gala said that despite the
termination of the 50-50 joint venture, it did not signal
the end of its relationship with Harrah's and that it would
maintaina 'strategic alliance' with the US group 'to take
advantage of the opportunities that may arise following
enactment of the Bill.'
Gala chairman John Kelly
said: "We have built up an excellent relationship with
Harrah's over the last two years and we do not intend to let
that go to waste. But the joint venture is no longer the
approprate vehicle for us."
Gary Loveman, Harrah's
president and chief executive, added: "It is now clear that
the UK gaming market will develop in a different way than
that envisaged when we set up the joint venture."
Related pages:
Gala
Group
Harrah's
US
Casino Groups Face UK
Setback
Harrah's
Enters Online Sector
Harrah's
Launches Online Games Site
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