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16 May 2005
Hilton Rolls The Dice Again
More
than 25 years after Ladbrokes was forced out of the casino
business over a betting scandal, its owner, Hilton Group,
has regained its licence.
The hotels and bookmaking
giant was granted a gaming licence after group executives
were deemed to be 'fit and proper persons' to again run
casinos.
The application was made
for a planned casino at its Paddington Hilton hotel in west
London. It will be a joint venture with Alan Goodenough, the
industry veteran who used to run London Clubs
International.
Hilton has also gained
planning permission for the casino from Westminster council
and is understood to be on track for local licence
approval.
Winning back its gaming
licence means that the way is now clearer for Hilton's wider
casino ambitions, which include running the UK's first
super-casino - a £200m project in Blackpool.
Hilton sold its casino
interests to Gala Group for £250m in 2000 and
relinquished its casino licence. In 1979, Ladbrokes, before
it was owned by Hilton, had its casino licence revoked after
it was caught trying to tempt heavy gamblers into its casino
by offering them gifts, cancelling their debts and paying
commission to intermediaries who introduced big-time
losers.
Its shares crashed and a
High Court judge branded the company as
'disgraceful'.
Hilton is this week
expected to report a fall in profits for the first four
months of the year. The decline is attributed to Ladbrokes
having a poor run after losing out to punters when a high
number of horseracing favourites won.
The hotels side of the
business is believed to have stood its ground.
Related pages:
Gambling
Boosts Hilton's Profits
Hilton
Hopes High Of UK Casino Return
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