Guoco gets on top rank with British takeoverGuoco Group (0053), controlled by Malaysia's Quek family, said it will spend 205 million (HK$2.55 billion) to buy the third largest casino operator in the United Kingdom.
Guoco's subsidiary, London-listed Rank Group, will acquire Gala Group's 23 land-based operating casinos in the UK - of which four are in London - and their associated licenses, according to Guoco's statement posted on the Hong Kong Stock Exchange.
Rank will finance the all-cash purchase with new three-year bank facilities totaling 175 million together with existing bank facilities.
Rank operates gaming businesses in the UK, Spain and Belgium.
Following completion of the purchase, Rank would be
the largest operator in the British sector with 58 casinos and a further 13 non-operating licenses, the company said.
Gala Casinos' assets are complementary to Rank, Guoco said, with 13 of the casinos to be acquired located in 11 UK cities in which its Grosvenor brand does not currently operate.
Rank reported a net loss after taxation and extraordinary items for the year ended September 24, 2011, of about 8.45 million.
Shares of Guoco fell 1.2 percent on Friday to HK$60.
http://www.thestandard.com.hk/news_deta ... 20514&fc=1
It's all about "how much you made when you were right" & "how little you lost when you were wrong"