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 deal covers 23 UK casinos and 3 non-operating licences. The statement explains:
“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.” 
Gala Coral will receive an initial cash amout of £182.5m. Rank will then pay a further £22.5m in stages between completion of the deal and August 2015. These staged payments will be determined by conditions relating to “taxation, pensions and other contingent liabilities”.
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. 

Read more about the UK and global casino industry in Global Betting and Gaming Consultants’ 7th edition of its Global Gambling ReportAgainst The Odds.