Harrah's Boosts London Clubs Bid

The company will now pay up to $570 million for the British casino operator.
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Harrah's

(HET)

increased its tender offer for London Clubs International and said the company's largest shareholder has agreed to sell its stake.

Harrah's said Friday it will pay roughly $570 million for the British casino operator, up from its August bid totaling about $530 million.

A unit of Genting International, which owns a 29.6% stake in London clubs, has agreed to the revised price. London Club's board has recommended that all shareholders accept the deal, Harrah's said.

London Clubs International currently operates seven casinos in the U.K. and has an additional four under development. The company also operates two casinos in Egypt, one in South Africa and has a consulting relationship with a casino in Lebanon.