Rank agrees £179 million buyout of Gala Casinos

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The Rank Group have announced an agreement to purchase 19 casinos of the 23 from Gala Coral Group for £179 million.

Rank said that Gala Coral’s casinos in Aberdeen, Bristol, Cardiff, Stockton-On-Tees and Gibraltar, its non-operating licences for the City of Westminster, London, and Dundee, its branded online casino activities and all of the central management functions previously associated with Gala Coral’s casino business are not included in the acquisition.

Rank also confirmed that the transfer of the Gala workforce for those casinos totalling 2,200 would be part of the agreement, at present ensuring there is no redundancies; however in the long term that situation is unsure.

The deal is expected to be completed in the second quarter of 2013.

Source: gaming-awards.com

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