Rank Group Target For US Takeover?
The Rank Group who operate Grosvenor Casinos, Mecca Bingo and also have a digital presence with four online gaming sites are rumoured to be the target of a US company looking to acquire the business.
Rumours started circulating Monday 24th May as the share price in the company rose by nearly 8%, analysts believed that an announcement by Rank was forthcoming on the rumours but nothing materialised.
Over the last year US gaming companies have snapped up UK gambling firms such as William Hill by Caesars Entertainment for £2.9 billion and MGM Resorts has been trying to acquire online gambling company Entain but with little success so far.
However casino insiders close to Rank believe there is little in the latest speculation as Rank are predominantly a land based operator, they do have an online presence but nothing on the same scale as US operators are looking for.
One gaming consultant told the iGaming Post: “I really cannot see this happening, US operators are looking for UK businesses to improve their online sports betting businesses such as Caesars back in the US. As Rank has no such technology or presence in that area why would a US operator look to acquire Rank?”
Caesars Entertainment are themselves looking to offload their casino business in the UK without much luck at present and it is rumoured that Genting would also want to do the same with their UK casino operations but there are no buyers for either.
All focus is on US sports betting and unless any company has that technology and or presence then it is unlikely that Rank would be viewed as a potential asset.
The Rank Group have potential to increase their business in online gaming and that is what John O’Reilly their Chief Executive is charged with doing having come from an online gaming background with William Hill and Ldbrokes Digital.
