Tough times often bring about good deals, as the UK listed gambling group Rank plc found this week when it acquired a land casino in Coventry, England for GBP 650 000.
The seller was Isle of Capri Casinos in the United States, where the land gambling business is under unprecedented stress due to the impact of the economic recession.
To clinch the deal, Isle of Capri executed a buy-out of the Coventry casino lease obligations for GBP 7.7 million.
M2 says the move is part of Isle's plan to give up its international business and focus on optimising costs of its domestic operations.