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Tuesday, 15 May 2012 08:01

Online Casino Games Group Rank Purchases Gala Casinos

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Online gaming company the Rank Group has made a conditional agreement to purchase Gala Casinos from the Gala Coral Group.

The Rank Group is set to become the largest casino operator in the UK with the announcement that it has made a conditional agreement to purchase Gala Casinos. The acquisition means that Rank, which offers offline and online casino games and bingo services, will buy out Gala's 23 casinos in the UK, giving a total of 58 operating venues and 13 non-operating licences.

The £205m purchase comes after Rank re-opened negotiations earlier this month after talks broke down on March 29. The Rank Group has been interested in acquiring Gala Casinos for some time, but the company balked at the proposed terms, including property leases and pension liabilities. It is understood that the parties have now come to an agreement.

The Chairman and Chief Executive Officer of Rank, Ian Burke, said: '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.'