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23 Apr 2009 11:00
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23Ā April 2009
Rank acquiresĀ CoventryĀ casino from Isle ofĀ Capri
The Rank Group Plc ("Rank" or the "Group")Ā announces that its Grosvenor Casinos businessĀ has completed the acquisition of the casino at the RicohĀ ArenaĀ inĀ CoventryĀ from Isle of CapriĀ for a cash consideration of Ā£650,000.
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The casino will be re-launched under Rank's G Casino brandĀ after an investment of Ā£1Ā millionĀ to reconfigure the site. It will becomeĀ the Group's eighth G Casino withinĀ aĀ portfolio of 33Ā UKĀ clubs.Ā
The announcement comesĀ asĀ Rank revealed a 3% rise in revenue at Grosvenor Casinos for the first 16 weeks of the financial year.
Phil Urban, managing director of Grosvenor CasinosĀ said: "In recent years we haveĀ successfully broadened the appealĀ of our businessĀ through the development of theĀ G Casino brand,Ā offeringĀ customersĀ aĀ grown-upĀ leisure experienceĀ based onĀ entertainment, gaming,Ā fun andĀ hospitality.Ā I am excitedĀ at the prospect of bringing G Casino toĀ CoventryĀ asĀ part of the superb Ricoh Arena."
Grosvenor Casinos will take over management of the casino with immediate effect.
The Isle of Capri casino was openedĀ in 2007 as part ofĀ the Ā£113 millionĀ Ricoh Arena.Ā
Ends
The Rank Group Plc
Dan Waugh, director of investor relations 01628 504053
Financial Dynamics
Ben Foster/Marc Cohen 020 7831 3113
About The Rank Group PlcĀ The Rank Group Plc ('Rank') is a leading European gaming and betting business, based in theĀ UKĀ and listed on the London Stock Exchange (RNK.L). Its principal activities are the operation of bingo clubs andĀ casinos with complementary interactive gaming and bookmaking services.Ā
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For more information about The Rank Group, visitĀ www.rank.com
About the Ricoh Arena
The Ricoh Arena is a multi-purpose award-winning development which opened in 2005. It features state-of-the-art conference, exhibition and banqueting facilities, a boutique hotel, a health and fitness club, a bar and bistro and 2,000 on-site parking spaces. It is the home of Coventry City FC and this summer Take That and Oasis will be performing their onlyĀ MidlandsĀ concerts in the stadium bowl.
For more information about the Ricoh Arena contact Adam Dent on 02476 633636.
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