Rank Group has finally completed its deal to buy the majority of Gala Coral’s casino, according to reports over the weekend (12 May 2012).
The two companies had been in discussions earlier in 2012 but had concluded without success in March.
In a press release put out by Gala Coral the company says “it has conditionally agreed to sell Gala Casinos Limited to Rank for a total consideration of £205m”.
“the transaction excludes the casinos in Dundee and Gibraltar, the non-operating licence for the City of Westminster (London), the divisional and central management functions associated with Gala Casinos Limited, the branded online casino activities and the casino freehold properties owned by Gala Propco Three Limited. Under Rank’s ownership, Gala Casinos Limited will remain the tenant of these freehold properties.”
Rank already runs casinos in the UK under the Grosvenor and G Casino brands. With 35 existing UK casinos and 23 operating casinos from the Gala deal, Rank will become the largest casino operator in the UK.