RANK, the owner of Mecca Bingo, is on the brink of buying a number of casinos from Gala Coral.The £250 million deal would make Rank Britain’s biggest casino operator merging its 35 Grosvenor Casinos with the 24 outlets owned by Gala, Rank has already announced plans to have 45 Grosvenor outlets by 2015 but the deal could speed up the roll-out of its G Casinos which are aimed at a young informal crowed. The sale of the casinos would allow Gala Coral to concentrate on bingo and bookmarking, as well as strengthen its finances amid a net debt figure of £1,3 billion.
Rank is listed on the London Stock Exchange but is mainly owned by Guoco – the investment vehicle of Malaysian billionaire Quek Leng Chan. A deal could be completed before the company’s interim results on February 9.
In the meantime you can read the Coral Casino review at gamble.co.uk
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