U.S. May Sell Interest in Troubled Casino

The federal government appears on the verge of finally unloading its “bizarre” stake in the much-troubled Bicycle card club in Bell Gardens, lawyers negotiating the deal said Wednesday.

To the relief of federal custodians, the U.S. arm of the Ladbroke Group of Britain has made an offer to add the club to its string of worldwide gambling enterprises, the lawyers said.

“We have a sincere desire in acquiring an interest,” said John Ford, vice president and general counsel for Ladbroke Racing Assn., the U.S. arm of the parent firm, known mainly for its ubiquitous string of betting parlors throughout the British Isles and hotel properties in several countries.

Ford would not divulge the company’s offer or other details.

Ladbroke, with gross sales last year of more than $7 billion, already owns the Golden Gate Fields racetrack in Northern California and a nearby card club, as well as tracks in two other states and off-track betting parlors in Pennsylvania.

The federal government became a part owner and full operator of the Bicycle Club, one of the largest card clubs in California, in 1990 after breaking up a Florida drug and money-laundering ring that helped finance construction of the club.

Since then, controversy has dogged the club in the form of convictions of one of its Asian games managers for strong-arm extortion and loan-sharking, shady election campaign practices and skimming allegations against George Hardie, another part owner.