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23 Apr 2009 11:00
23 April 2009
Rank acquires Coventry casino from Isle of Capri
The Rank Group Plc ("Rank" or the "Group") announces that its Grosvenor Casinos business has completed the acquisition of the casino at the Ricoh Arena in Coventry from Isle of Capri for a cash consideration of £650,000.
The casino will be re-launched under Rank's G Casino brand after an investment of £1 million to reconfigure the site. It will become the Group's eighth G Casino within a portfolio of 33 UK clubs.
The announcement comes as 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 Casinos said: "In recent years we have successfully broadened the appeal of our business through the development of the G Casino brand, offering customers a grown-up leisure experience based on entertainment, gaming, fun and hospitality. I am excited at the prospect of bringing G Casino to Coventry as part of the superb Ricoh Arena."
Grosvenor Casinos will take over management of the casino with immediate effect.
The Isle of Capri casino was opened in 2007 as part of the £113 million Ricoh Arena.
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 Plc The Rank Group Plc ('Rank') is a leading European gaming and betting business, based in the UK and listed on the London Stock Exchange (RNK.L). Its principal activities are the operation of bingo clubs and casinos with complementary interactive gaming and bookmaking services.
For more information about The Rank Group, visit 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 only Midlands concerts in the stadium bowl.
For more information about the Ricoh Arena contact Adam Dent on 02476 633636.
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