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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 :

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.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

The Railbird Launched By Americas Card Room #acra - Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.

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