Rank ends Gala casinos negotiations
Chief executive looks to increase operator's land-based casino portfolio by 12 in next three years.
Rank Group has ended talks with Gala Coral over the potential acquisition its land-based casino estate after three months of due diligence.
The two operators entered into discussions at the end of January with a view to Rank paying up to £250m for the 24 UK venues, however today the Mecca Bingo operator explained that “It became clear that the proposed terms of the acquisition would not serve the best interests of Rank’s shareholders”.
Rank’s land-based casino estate, under the G Casino brand, currently sits at 35 although chairman and chief executive Ian Burke (pictured) today pledged to “Concentrate on delivering our organic growth plans, including the delivery of 12 more G casinos by 2015″.
Those plans, if fulfilled, would see the operator overtake Genting in having the most UK land-based casinos.