SOUTHAMPTON construction magnate Patrick Trant and business partner Razmik Gharibian-Saki have cashed in their chips and sold the landmark Harbour House casino on the city waterfront for £5.9m.

The prestige site has been snapped up by major national casino operator Stanley Leisure, which already operates a casino in Terminus House, Southampton.

The deal, described as a "fair reflection of the market price", by Mr Trant, pictured, includes repayment of Harbour House Casino's £563,000 debts.

Formerly the Harbour Masters Offices, Harbour House is a landmark Edwardian Grade II listed baroque-style building from the port's pre-war heyday which was subsequently converted by Trant Construction. A three-storey extension to the historic building houses a casino gaming floor, nightclub and function room as well as back offices. It opened as a casino in December 2003 and has approximately 21,500 square feet of floor space.

The casino sits on Town Quay, which is itself about to be put on the market by docks owner ABP for around £25m.

Mr Trant, who describes himself as "a significant shareholder", in Harbour House Casino, said: "It is a fair result for Harbour House and for Stanley and a fair reflection of the market price.

"Harbour House Limited was an independent casino operator and the first for many years without the backing of a major group to be awarded a license. It was a major milestone nationally but got no recognition locally."

Mr Trant, who is standing for election to the board of Southampton Football Club, said the sale didn't end his interest in the casino business.

"I am still very interested in the current situation and the future after the changes in legislation," he said.

A statement from Stanley said: "This casino, combined with the Stanley Southampton casino, will allow Stanley to cover a broader spectrum of the local market and will immediately enhance Stanley's presence in Southampton."

The buy-out follows Stanley's sale of its retail betting division to William Hill late last year, since when the group has focused on expanding its UK casino business in light of Government deregulation plans. The firm now owns 45 UK outlets.