Rank On the Decline

Rank On the Decline

Written by: Glo Wood on 31/01/2013 21:45
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Snow has struck several area of the UK over the last couple of weeks and it’s the weather that has raised concerns about economy. Could recession be back on the rise with residents opting to remain indoors and avoid the bingo clubs?

"Allowing for the slow start to the second half we remain confident in our prospects for the remainder of the year and in our longer-term growth strategy," Rank Chief Executive Ian Burke said.

Rank’s profit has seen a decline and the company believed that this was due to additional spending in the budget for marketing their sports betting company, Blue Square and higher costs involved in the operation of Mecca Bingo clubs.

Rank has a significant presence in Great Britain with 35 Grosvenor Casinos and over 100 Mecca Bingo clubs.

Rank will be considering the future of Blue Square based on the profit losses. Blue Square currently sponsors minor league soccer.

Income may be on the rise once Rank receives regulatory clearance in a £205 million deal involving the sale of Gala Coral. One report from the Competition Commission indicates that Rank may need to sell six casinos seal the deal.

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