Casino News

Rank 'will not be bought by Genting'

2008-04-03 15:09:30

UK gaming company Rank, which operates the Grosvenor Casinos chain, is not the subject of a takeover bid by Malaysian gambling operator Genting, an insider has claimed.

Speaking to Reuters, the anonymous source said reports this week that Genting is trying to purchase the firm are "wholly inaccurate" - adding that it is also improbable that a buyout will be attempted in the future.

Genting already owns a number of shares in Rank, although it was suggested last year that this move was made only to prevent a potential takeover by Harrah's Entertainment, the world's largest casino operator.

Investment bank CIMB were quoted by Reuters as saying Genting may have problems relating to competition regulations should it buy Rank, due to the corporation already possessing Stanley Leisure, which runs one of the largest casino collections in Britain.

Genting bought Stanley, which operates the Mint, Maxims and Circus brands, in 2005.