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Rank Receives Permission to Purchase Gala Coral Casinos

Rank Receives Permission to Purchase Gala Coral Casinos

The UK gaming and betting company Rank Group PLC has received permission from the Competition Commission to buy its rival Gala Coral Group’s Gala Casino 1 Limited, owner of 19 casinos and three non-operating licenses for £179 million.

Rank Receives Permission to Purchase Gala Coral Casinos

The Competition Commission has approved the £179 million deal between Rank and Gala

The clearances comes after Global Gaming Ventures Limited received approval to buy Rank’s cold license in Edinburgh, one of the conditions set by the Competition Commission in its February report.

Last May Rank agreed to acquire Gala Casinos, including 23 UK based casinos and three non-operating licenses for £205 million. The deal was then referred to the Competition Commission by the UK Office of Fair Trading over concerns that it may harm competition.

As a result Rank agreed to an amended deal in March which didn’t include four casinos in Aberdeen, Bristol, Cardiff, Stockton-on-Tees and Gibraltar. It also had to sell its Edinburgh cold license to an upfront buyer if it wished to purchase the Gala casino in Edinburgh.

The deal will create the UK’s largest casino operator with 54 operating venues and 12 non-operating licenses. It is also expected that the deal will increase the company’s earnings in the first full financial year.

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Raised close to London’s financial district, Ben has always found the world of business and money fascinating. While completing a degree in business studies Ben started writing for his university newspaper and hasn’t stopped since. Over the last decade Ben has gathered a wealth of experience writing about business and the financial markets and he is pleased to be able to share it with you here.

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