The Rank Group has acquired Gala Casinos from the Gala Coral Group for £205m to become the largest casino operator in the UK.
The acquisition includes 23 casinos in Great Britain, giving the Rank Group a 58-casino portfolio across the country.
Eleven of the casinos will be rebranded as Grosvenor casinos.
Rank intends to finance the acquisition along with its related costs and expenses with a new three-year bank facility totalling £175m together with existing bank facilities.
Chairman and chief executive Ian Burke said: “We are delighted to have agreed terms with Gala Coral.
“By rolling out the G Casino format into the Gala estate and expanding the Grosvenor Casino brand into 11 new cities, we will accelerate the growing awareness of the brand and support the development of a multi-channel gaming business.”
The acquisition, which is expected to be completed in the third quarter of calendar 2012, is conditional upon the approval of Rank shareholders and receipt of UK merger control clearance.
Nick.whitten@estatesgazette.com
