Shares in casino group London Clubs fell 8% to 100p after a profit warning. Volatility and low win percentages at its Les Ambassadeurs casino plus refurbishment disruption at two other London sites will result in lower profits for the year to March 2005. Broker Shore Capital has wiped its profit forecast from £12m to £0m. London Clubs operates seven casinos in the UK and the non-London venues in Southend and Brighton are recovering from the impact of new money laundering regulations (where a verification of identity is required for any customer who wishes to make a cash transaction over Û15,000, or £10,300). Two new provincial licences in Blackpool and Nottingham have been secured in addition to the two already obtained for Manchester and Glasgow. The joint venture Fifty experienced significant disruption due to refurbishment, but since completion in March, business levels in gaming and food are apparently 'growing'. The overseas casinos also experienced mixed fortunes. The Cairo venue is level to last year but the Taba operation was sold. The Emerald casino in South Africa, however, is thriving. While the company diversified to outside London to prevent dependence on its higher-end casinos, the delay of the gambling bill and news that only one 'supercasino' region may get approved could be a setback. Shore retains a £14.9m pre-tax profit estimate for 2006. Not a cheap gambling stock. It's time to sell.