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Rank gambling Group shows small improvements

2/25/10 - Full year 2009 results from the Rank Group showed small improvements, although the online gambling division was one of those that underperformed last year. Nevertheless, investors will be pleased to hear that a small dividend is in prospect after some tough times with the UK gambling group.
 
2009 revenues totalled GBP 540 million, up 3.4 percent year-on-year (2008 FY GBP 522.2 million), generating an EBITDA of GBP 58 million, or 4 percent lower than the corresponding period in 2008.
 
The small improvement was mainly due to the performance of the Grosvenor land casino brand, where operating profit rose 19 percent to GBP 30.9 million. Other divisions fared less well, with the online gambling operations reporting revenues down 3 percent to GBP 50.8 million which resulted in a fall in operating profit of 1 percent to GBP 7.5 million.
 
It was not the only division to underperform; operating profit at Mecca Bingo declined 15 percent to GBP 32.3 million, and Top Rank Espana posted a decline of 19 percent to GBP 5.6 million.
 
Rank management reported that current trading is strong with revenue growth up 5 percent thanks to a good start by online bingo and casino operations, which are up 9 percent, and at Grosvenor casinos which are showing an increase of 14 percent.  
 
The company statement noted: “The current year is forecast to be a period of gradual, if fragile, economic recovery in Britain, Rank’s key market."
 
In related news, Rank's directors have suggested that the government consider a flat tax rate of 15 percent for all UK betting and gaming, instead of the current seven diverse tax rates. 
 
The company's 'Responsible Taxation - Fairness, Simplicity, Sustainability' report argues the benefits of a flat rate, which include ensuring a competitive equality with overseas operators in more benevolent tax jurisdictions; increasing UK tax income and creating jobs in the UK; lower administrative costs in regard to tax compliance and collection for operators and the Treasury alike.  
 
Ian Burke, the company's chief executive says: “At the moment the gaming and betting activities of UK consumers are subject to a patchwork quilt of taxation, without any apparent logic or relationship to social policy. It is particularly concerning that the current system of taxation seems to be undermining the aims of the Gambling Act by imposing the highest rates of duty on those venues which provide the greatest degree of supervision and have the lowest rates of underage gambling.” 



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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