Legal tussle over Les Ambassadeurs

[jetset]

LAND GAMBLING GIANTS CLASH OVER UK CASINO

Plush London casino in bidding tug 'o war

The British founder of Sports Direct, Mike Ashley, is embroiled in a bidding row with Las Vegas gambling mogul Sheldon Adelson, according to reports this week in The Times.

The controversial founder of UK sports retailer Sports Direct is also owner of Newcastle United football club. He faces a legal threat related to his attempt to acquire Les Ambassadeurs, the plush London casino.

Ashley’s estimated GBP 95 million offer is believed to be the top bid, but Las Vegas Sands Inc, the US gaming giant, is claiming it had previously agreed a deal at about GBP 75 million.

Sheldon Adelson, head of Las Vegas Sands is believed to be threatening to sue the casino’s Indonesian owners if they attempt to sell to another bidder. The current owner, Putera Sampoerna, acquired the casino almost two years ago from London Clubs International for GBP 115 million after selling his family’s clove cigarette business to Altria for $5.2 billion.