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Casino News:

  Record increase in revenues at Rank Group

A record enhancement of 3.4% to £600.5 million during the twelve months has been registered at Rank Group, resulting in a rise in its shares that have gone up 9.2 p to £1.34 thereby facilitating a final bonus of 2.5 p in October for the previous eighteen months.

Even the downward trend in the economy has not put any adverse effect upon Rank that has recorded a good fiscal progress for the period ending 30th June and enjoys envious reputation in Britain. The facility intends to focus on the young guys and create a great distance between them and the nightclubs.

Credit for the overall growth of revenues of Rank Group can be attributed much to its Grosvenor Casinos, thirty-seven of them spread over UK. Its online Rank Interactive platform has also been much helpful for the big enhancement. The fiscal statement has exhibited a revenue increase of 4.2% to £255.8 million by Grosvenor Casinos whereas the one registered at Rank Interactive has shown the same to be 20.8% to £77.7 million.

Mecca Bingo in Rank Interactive segment has been recognized as the top player in terms of revenue growth. An iPhone app with extended access to the users of smartphone has recently been brought into the market by Mecca Bingo.

Ian Burke, the Rank Chairman has apprised that their group is planning to acquire twenty three Gala Casinos by end September that will take the group to the highest level in Britain, even greater than Malaysia’s Genting. The chairman added that the Rank would be benefited considerably with the reduction in duty from 20% to 15% during the forthcoming fiscal amendments.

The financial experts are recommending a BUY status for Rank in the context of rise in its shares and its top position in the country. Nick Batram, the Peel Hunt forecaster has expressed that the shares have improved greatly even prior to the Gala Casino agreement.


   2012-08-29






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