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With the two leading companies out of the way, Play boy went on to become the biggest of the high-stakes casinos in Lo ndon. View on timesmachine. According to Stephen Silverstein, Playboy's senior vice presidentfinancial operations, Playboy has been intensively reviewing its various businesses over the last year to determine whether it should get out of some areas and deploy the money in other more promising businesses. Since the British Gaming Board has had under way an investigation of the gambling operations in London, beginning with Ladbroke, at the time the leading casino operator in Britain, and then moving on to the Coral Company. The problems for Playboy began in when it joined in a campaign to expose the gambling irregularities of its chief casino rival, Ladbroke's, which later initiated an investigation against Playboy that helped lead to the ruling today. When the accusations about the London casinos came to light in the newspapers here last spring, Frank DiPrima, a senior vice president at Playboy headquarters in Chicago, removed Victor Lownes, the American chairman of Playboy Clubs of London Ltd. Hefner around Playboy magazine, also owns clubs, resort hot els, Games magazine and book publishing operations. The area that is has been especially interested in expanding into is cable. Daniels, Playboy's president, said that the company had ''moved aggressively and decisively to remedy any and all deficiencies'' at the casinos since allegations were raised. The licenses of the Victoria casino, which is also a major income source, as well as of two other Playboy casinos outside of London that break even, are also being reviewed. The company said it would appeal the decision. Reviewing Its Businesses According to Stephen Silverstein, Playboy's senior vice presidentfinancial operations, Playboy has been intensively reviewing its various businesses over the last year to determine whether it should get out of some areas and deploy the money in other more promising businesses.

A court ruling today lifted the gambling licenses of Playboy's two most profitable London casinos, charging that they had engaged in gambling improprieties. Playboy has been losing money with its two resort hotels, its clubs and its book publishing operations. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions.

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Analysts here said Playboy had hoped that the appointment of Sir John, a former NATO commander and rear admiral, would improve Playboy's public image and persuade the Gaming Board that the company intended to repent for any previous lapses. Derick J. The review has been prompted by the possibility that the company might lose its London licenses. Reviewing Its Businesses. It has been branc hing into programming for cable television. Company to Appeal Decision. Hefner owns 72 perc ent of the company's shares. After helping the police to collect evidence against Ladbroke's, which eventually closed down, most of that company's gambling operations, Playboy also watched as the second-largest company, Coral, went through the same investigations by the police. Playboy runs it as a joint venture with the Elsinore Corporation. The casinos can remain open during the appeal, which is expected to be heard in January or February. TimesMachine is an exclusive benefit for home delivery and digital subscribers. The decision of the South Westminster Magistrates, in a case brought against the two clubs by the British Gaming Board and the London police, followed long testimony about alleged misconduct and favorable treatment by the clubs toward some of their wealthy clients, including giving them illegal credit. Gaming has been Playboy's biggest source of income for years, though the company acknowledged that its reliance on the London casinos was never greater than in the latest fiscal year. Analysts here, however, said that Playboy most likely would lose the appeals, as two British gambling concerns, the Ladbroke Group Ltd. Playboy Enterprises, whi ch was built by Hug h M. To preserve these articles as they originally appeared, The Times does not alter, edit or update them.