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June 26, 2008
Clarion Gaming is reporting that the stake in UK gambling giant the Rank Group held by Guoco Pty Ltd. of Malaysia has been increased from 13.09% to 14.15%. Rank Group, a major land and online bingo operator, has been the subject of much speculation that it is ripe for a takeover. In September 2007 the company posted a profit warning leading to the speculation. Last March, another Malaysian company, Genting Berhad, denied speculation it was about to offer $959 million for Rank. There has also been possible interest from the UK’s Richardson family which already holds about 11% of Rank. Rank Group has recently seen its land bingo operations hurt by sliding profits due to a national smoking ban and double taxation policy. The company’s Mecca Bingo brand does operate a very successful online bingo hall which has been able to capitalize on the growing market for people who play bingo online. Written by John Witherspoon – Interested in free online bingo? Our great online bingo portal gives all the info you need.
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