Casino News

Rank shares up as another Malaysian group shows interest

2008-01-15 12:16:08

Shares in struggling UK gambling company Rank rose in price by five per cent last week after Malaysian casino company Guoko showed an interest.

Guoko announced that it had a three per cent stake on Friday, leading to the Times newspaper declaring it a "potential predator".

Rank has dominated the news in the UK casino industry over the past year following reports of it struggling after the smoking ban and major players in the gambling industry appearing to be lining up for a takeover bid

As well as Guoko, fellow Malaysian casino group Genting already owns a stake in the company and Harrah's Entertainment, the world's largest casino operator based in Las Vegas, has made a bid for it in the past.

Among Rank's assets are the Grosvenor Casinos chain and Mecca Bingo, which between them have over 130 sites across the UK.