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(Alliance News) - Rank Group PLC on Thursday said it has reached an agreement to sell its Blankenberge casino in Belgium to Malta-based gambling operator Kindred Group PLC.
The casino was Rank's last one in Belgium, having closed its Middlekerke operation in 2017.
The Maidenhead, England-based casino operator said it is disposing of the casino and the associated digital licence for USD25 million on a debt free basis, to be satisfied in cash.
The proceeds will be used to reduce the Rank's net debt position and for general corporate purposes, the company said.
Rank Chief Executive John O'Reilly said: "Today's announcement of the sale of the Blankenberge casino secures the next chapter for a great venue in Belgium and a team that deliver an excellent customer experience to the local community. As a standalone casino, the business was non-core to Rank's international growth plans and the GBP25 million sale proceeds supports the group's liquidity and future growth initiatives."
The disposal is subject to regulatory approvals by the Belgian Gaming Commission and the Blankenberge City Council, Rank said.
Rank shares were down 3.1% at 87.20 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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