Casino News

Genting buys stake in Rank

2007-12-03 16:09:19

Casino operator Genting - which owns the UK's largest casino company Stanley Leisure, as well as the Genting Highlans Resort in Malaysia - has bought ten per cent of betting company Rank.

The news was reported by the Independent, which said that experts believe it is not the first step towards a takeover of the company.

Harrah's Entertainment had tried to buy Rank last month and some believe that this move could be an attempt to block any future bids from one of the world's largest casino companies.

Rank, which runs bingo businesses among other enterprises, has been experiencing problems in recent months, caused in part by the introduction of the UK's smoking ban.

Genting was established in 1964 and has had dealings with casinos around the world, including a partnership with Macau mogul Stanley Ho - recently in the news for buying the world's largest white truffle for $330,000.