BUSINESS

Rank in talks to acquire Gala Coral casinos

TAGs: Gala Coral, Grosvenor Casinos, Rank

grosvenor casinoTwo of the UK’s largest land-based casino firms are in talks that would see one taking over the other’s premises. Various outlets are reporting that Rank is in talks with rival Gala Coral to take over the beleaguered company’s 24 casinos nationwide. The deal would be worth as much as £250million and comes less than a year after Rank were embroiled in a lengthily takeover debacle that left many at the firm red faced.

The deal would mean Gala’s casino would come under the Grosvenor Casino brand, which consists 35 locations across the country and is in the process of an extensive rebranding that will see them carry the G Casino moniker. According to the Press Association, Rank have confirmed the deal but reiterated that no terms have been finalised and there was no certainty it will take place. Boy does Gala hope the certainty is realised. The firm has net debts of £1.3billion and could be the catalyst for the break up the entire firm.

Any deal that materializes would create the UK’s largest casino chain with Grosvenor casinos overtaking Genting as the country’s biggest. Thanks to its firm footing in Asia, Genting is unlikely to lose any sleep over the prospect of moving down to a second. It also has one casino business development going up in Birmingham and might fins itself back on top of the pile very soon.

As for Gala Coral, the sale will let them focus on the bingo side of the land-based game and the Coral bookmaking business.

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