MGM was selected by the exhibitions group Earls Court & Olympia as its partner for the redevelopment of the Olympia2 site. Under the terms of the deal MGM will take an 82.5% in the £150 million ($240 million) project and Earls Court & Olympia the remaining 17.5% stake. But the project is still contingent on the UK government relaxing existing gambling restrictions, which ban casinos of more than 10,000 sf.

Andrew Morris, CEO of Earls Court & Olympia Group, says: "While this project depends on government deregulation and on the consent of our planning authority, we intend to seize this chance to create new jobs for local people while building on Olympia's economic contribution to London. Hosting a gaming and entertainment complex alongside an exhibition centre has proven a successful combination in other countries and we want to be at the vanguard of its introduction into the UK."

If successful, the project will be one of the first of a series of major casino developments slated for the UK. Other operators are negotiating on sites in Piccadilly Circus and Leicester Square in London's West End and Resort Casinos are planned as part of the regeneration of Blackpool, Lancashire.