Grosvenor Casino Owner To Acquire Gala Casinos
Rank Plc To Buy UK Casino Group
Rank Group Plc, owner of BlueSq.com and Grosvenor Casinos has announced it is to buy Gala Casinos from the Gala Coral Group for £205 million.
Rank will acquire 23 casinos in the deal.
Gala Coral will keep its casinos in Dundee and Gibraltar and a non-operating licence for the City of Westminster.
In April Rank said it had ended discussions on the possible acquisition of Gala Casino.
The purchase will see Rank’s casino business swell to 58 operating venues and 13 non-operating licences. The company plans to rebrand nine of the Gala casinos to its G Casino brand.
Ian Burke, chairman and chief executive officer of Rank said, “We are delighted to have agreed terms with Gala Coral. This Acquisition will deliver a step change in Rank‘s earnings by capitalising on our proven record of operational excellence in the British casino sector and will be earnings enhancing in the first full year of ownership.
“By rolling out the G Casino format into the Gala estate and expanding the Grosvenor Casino brand into 11 new cities, we will accelerate the growing awareness of the brand and support the development of a multi-channel gaming business.”
The deal is expected to be completed by the third quarter of 2012.
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