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Rank Agrees To Revised Terms with Coral

Wednesday March 6, 2013 :  RANK AGREES REVISED TERMS WITH GALA CORAL
 
Gets the nod from the Competition Commission but with amendments
 
The conditional agreement for the acquisition of the Gala Coral Group's Gala Casinos Limited (GCL) announced by Rank Group Plc in May 2012 has finally made some progress following the United Kingdom Office of Fair Trading's referral to the Competition Commission for review and its subsequent report.
 
The Competition Commission has given the nod for Rank's purchase of 19 of the 23 casinos originally included in the original agreement, which had since lapsed while under the various reviews by the OFT and the Competition Commission.
 
Under the terms of the new revised conditional agreement with Gala Casino 1 Limited (Gala Casinos), Rank will acquire 19 casinos, along with the three non-operating licences (subject to certain agreements with the Competition Commission) for a total cash consideration of GBP 179 million.
 
The amended acquisition is expected to be completed in the second quarter of 2013 but is conditional on the disposal of its non-operational licence in Edinburgh, Rank having in place third party financing and Gala Coral having received certain lender consents.
 
The sale will cover the transfer of around 2 220 Gala Casino employees to the Rank Group and a transitional services arrangement has been agreed with Gala Coral who will provide certain services for a limited period to facilitate a smooth transfer of the business.
 
Rank will become the largest casino operator in Great Britain by number of casinos following this acquisition.  The company envisages the roll-out of its "G Casino" format to eight Gala casino locations, while the general rebrand to Rank will extend the Grosvenor brand into eleven new cities.
 
Rank's anticipated investment in the acquired estate includes approximately GBP 25 million over two years to roll-out the 'G Casino' format to eight Gala casino locations and to upgrade the Gala Casinos' estate, which includes the implementation of branding and IT systems.
 
Commenting on the transaction, Ian Burke, chairman and chief executive of Rank said:  "This acquisition enables us to capitalise on our proven record of operational excellence in the British casino sector and is expected to be earnings enhancing in the first full year of ownership.  By rolling out the 'G Casino' format into the Gala estate and expanding the Grosvenor Casino brand into 11 new cities, we will accelerate the growing awareness of the brand and support the development of a multi-channel gaming business."
 
"This transaction will crystallise significant value for Gala Coral's shareholders and debt investors. I want to recognise the contribution and commitment of the Gala Casino team, who have been operating the business in extremely difficult circumstances",  added Carl Leaver, Group chief executive officer of Gala Coral in a separate statement.



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Box 24 Launches 3 New Slots - This week sees the addition of 3 New Games at Box24 Casino. Check them out they all seem pretty interesting.

Oink Country Love Slot Launches - Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

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