LCI may halve stake in Aladdin
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LCI may halve stake in Aladdin

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London Clubs International's shares have dipped to a year low following the news that the poor start to the year at the Aladdin resort in Las Vegas will mean more money is needed to cover debts. Shares fell 8 per cent to 33.5p following the announcement that LCI may need to source an extra £3m over the next three months to cover losses on the £915m resort. Analysts now widely anticipate that LCI will halve the 40 per cent share in Aladdin it bought last year to the 20 per cent stake it originally wanted. LCI chair Alan Goodenough, who in December called a strategic review following the rising costs in Aladdin, says he still has faith in the project despite its current financial burden. Goodenough is no doubt encouraged by the improvement in figures following a poor start to trading. Occupancy has risen from 78.7 per cent in January to 99 per cent in March, and the daily win per slot machine rate has risen from $78 in February to $97, indicating that more gamers are visiting the slot machine floor, which was incomplete at launch.

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London Clubs International's shares have dipped to a year low following the news that the poor start to the year at the Aladdin resort in Las Vegas will mean more money is needed to cover debts.
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