In 1988, Grand Metropolitan decided to sell its casino division to focus on its core businesses of food, beverages, and retail.
[1] The next year, London Clubs became an independent company, when Grand Metropolitan sold an 80 per cent stake in the chain in a management buy-out for £128 million.
[5] Ultimately, London Clubs was able to satisfy regulators by replacing its top management and arranging for shareholder David Shamoon to sell his stock, and the casinos' licenses were renewed.
[9][10] By 2001, LCI had developed severe financial problems, after its failed venture in the Aladdin Casino on the Las Vegas Strip.
"London Clubs is an important strategic asset for foreign gaming companies wanting to establish a footprint in the UK ahead of deregulation," said Matthew Gerard of Investec Securities.
In July 2021, Caesars sold its EMEA division to the newly formed Metropolitan Gaming, an affiliate of Silver Point Capital, for a reported £15 million.
[17][18] In 2022, Metropolitan sold the Emerald Resort & Casino in South Africa to a group led by Tsogo Sun, to focus its business on the United Kingdom and Egypt.