The Rank Group has completed the acquisition of Gala Casinos, adding a further 19 casinos to its portfolio of gaming properties.
On March 6, the group announced that it had entered into a revised conditional agreement for the acquisition of Gala Casinos from Gala Coral. On Monday, the company revealed that all the conditions set out by the revised agreement had been fulfilled and that it completed the acquisition - believed to be worth £179m.
"I am delighted that we have completed the acquisition of Gala Casinos,” said Ian Burke, chairman and chief executive of Rank. “The addition of 19 casinos creates a market leading position for our Grosvenor Casinos brand, taking us into 11 new markets in the UK.”
For the 18 weeks to May 5, Rank’s continuing revenue increased two per cent, although its like-for-like revenues were down two per cent.
At Grosvenor Casinos, total brand revenue grew one per cent while like-for-like revenues fell by five per cent. The company’s venues were adversely impacted by the recent cold weather, which resulted in a five per cent fall in customer visits and a six per cent fall in like-for-like venues during the 18-week period.
