Rank Gala Deal Back On
Rank Gala Deal Back on
Rank are about to announce that the deal is back on the table, it has only been a few short weeks ago that the initial talks has ended and the deal was definitely OFF. Reported price this time is £200 m. Analyst said that previously the sticking points had arisen around the pensions and property that Gala no longer actually owned. The solutions to both problems now seem to be agreed which now paves the way for the Rank Gala deal to proceed.
This would catapult Rank (Grosvenor Casinos) to the Largest Casino Operator in the UK above the present largest Casino operator which is Genting
This Comes at a time when Rank have published their Interim management statement which show the Grosvenor Casino division
Grosvenor Casinos grew total revenue by 8% in the 18 week period with a rise in spend
per visit, up 6% and customer visits, up 2%. Like-for-like revenue rose 6% with spend per
visit up 7% and customer visits in line with last year. Like-for-like customer visits were up
in Grosvenor‟s UK casinos. However, this was offset by a reduction in customer visits to
our Belgian casinos, which continue to be affected by last summer‟s extension to the
For the 45 week period total revenue was up 5% and like-for-like revenue was up by 4%.
Grosvenor has continued to invest in the quality of its casinos estate. Last week
Grosvenor opened a new casino in the G casino format in New Brighton, on the Wirral.
Grosvenor now operates 19 casinos in the G casino format and we have plans to open
three more over the next 18 months.
Rank Gala Coral will the deal happen
let us know your thought Good or Bad for the Casino Industry
Also reported in the investors chronicle (IC)