Les Ambassadeurs bets on facelift

LONDON Clubs International, the casino operator that nearly lost its shirt in Las Vegas, is embarking on a £2m facelift for its prestigious Park Lane casino, Les Ambassadeurs.

Work is expected to begin later this year with the interior to be restored to retain many of its 19th century features.

The overhaul of 5-6 Hamilton Place, Park Lane, coincides with Monday's announcement that the Crown Estate has agreed to a new 25-year lease, backdated to April. The 18,500 square foot site was previously held on a long lease due to expire next April.

LCI, which last month returned to the black with a full-year pre-tax profit of £5.26m, said the success of its flagship Les Ambassadeurs would be pivotal to its growth once deregulation of the UK gambling market takes effect.

The betting market here is valued at around £30bn, making it the largest in Europe. But the Government's efforts to reform legislation provides the opportunity for Britain to become a centre for gambling in a global market worth about £600bn.

LCI is betting that deregulation will bring opportunities to attract new high-rollers. 'Everyone recognises that deregulation will bring new competition so it is important the premises and the facilities are pristine to attract new clients,' said chief executive Barry Hardy. 'It will be a fairly substantial redecoration that will involve cleaning tapestries and restoring some listed features.'

LCI will seek expressions of interest from leading interior designers this week. The building is Grade Two-listed so its exterior will not be included in the refurbishment, expected to take at least two years. 'It will be piecemeal because we want to keep the casino open through the process,' said Hardy.

The Crown Estate has backed LCI's plans and said Les Ambassadeurs was an important part of Britain's heritage.

LCI, which operates some of London's plushest casinos, including The Golden Nugget in Shaftesbury Avenue, is in talks with Nova Scotia to refinance on better terms than the current 7% annual interest. Its facilities expire next June.