Shedding Hard Rock Could Make Rank Enticing
Published: Sunday, December 03, 2006 Online-Casinos.com
SHEDDING HARD ROCK COULD MAKE RANK MORE ATTRACTIVE
UK bookie groups may soon be vying for Rank
The UK business press was speculating this week on whether major bookie groups like William Hill and Ladbrokes could soon be making a bid for the UK gambling group Rank, or whether they would wait for the group to shed its Hard Rock Cafe components first.
American gambling groups are known to be looking at the potential of acquiring Rank and/or Hard Rock, which is attempting to focus on its casino and bingo operations. Rank chief executive Ian Burke announced earlier this year that advisers were looking at options for Hard Rock (see previous Online-Casinos.com/InfoPowa reports). Buying Hard Rock could be expensive; UK analysts estimate the going rate could be as high as GBP 500 million.
At the end of last week, Rank disclosed that US investment giant Fidelity had built up an 11 percent holding in the company, just days before this week's trading update, which is expected to include news about progress to find a buyer for Hard Rock.
Rank's bingo business, Britain's second-biggest after Gala, is experienced intense competition as the number of casinos expands and Internet gambling sites in the sector grow in popularity. Smoking bans are likely to exacerbate land bingo problems.
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